Exhibit
10.6


 


RESTRICTED
STOCK AWARD AGREEMENT


 


U.S.
Gold Corp.


2020
Stock INCENTIVE PLAN


 


1.
Grant of Award. Pursuant to the U.S. Gold Corp. 2020 Stock Incentive Plan (the “Plan”) for employees,
officers, consultants, independent contractors, and non-employee Directors of U.S. Gold Corp., a Nevada corporation (the “Company”),
the Company grants to


 


_________________________________


(the
“Participant”)


 


an
Award of Restricted Stock in accordance with Section 6(c) of the Plan. The number of Shares awarded under this Restricted Stock
Award Agreement (the “Agreement”) is _____________________ (__________) Shares (the “Awarded
Shares”). The “Date of Grant” of this Award is ______________, 20___.


 


2.
Subject to Plan. This Agreement is subject to the terms and conditions of the Plan, and the terms of the Plan shall control
to the extent not otherwise inconsistent with the provisions of this Agreement. The capitalized terms used herein that are defined
in the Plan shall have the same meanings assigned to them in the Plan. This Agreement is subject to any rules promulgated pursuant
to the Plan by the Board or the Committee and communicated to the Participant in writing.


 


3.
Vesting. Except as specifically provided in this Agreement and subject to certain restrictions and conditions set forth
in the Plan, the Awarded Shares shall be fully vested on the Date of Grant.


 


4.
Forfeiture of Awarded Shares. Awarded Shares that are not vested in accordance with Section 3 shall be forfeited
on the date of the Participant’s termination of employment with or services to the Company or, if applicable, an Affiliate
(“Termination of Service”). Upon forfeiture, all of the Participant’s rights with respect to the
forfeited Awarded Shares shall cease and terminate, without any further obligations on the part of the Company.


 


5.
Restrictions on Awarded Shares. Subject to the provisions of the Plan and the terms of this Agreement, from the Date of
Grant until the date the Awarded Shares are vested in accordance with Section 3 and are no longer subject to forfeiture
in accordance with Section 4 (the “Restriction Period”), the Participant shall not be permitted
to sell, transfer, pledge, hypothecate, margin, assign, or otherwise encumber any of the Awarded Shares that have not vested.
Except for these limitations, the Committee may, in its sole discretion, remove any or all of the restrictions on such Awarded
Shares whenever it may determine that, by reason of changes in applicable laws or changes in circumstances after the date of this
Agreement, such action is appropriate.


 


6.
Legend. The following legend shall be placed on all certificates issued representing Awarded Shares:


 


On
the face of the certificate:


 


“Transfer
of this stock is restricted in accordance with conditions printed on the reverse of this certificate.”


 




    	 



    	 



    

 


On
the reverse:


 


“The
shares of stock evidenced by this certificate are subject to and transferable only in accordance with that certain U.S. Gold Corp.
2020 Stock Incentive Plan, a copy of which is on file at the principal office of the Company in Elko, NV. No transfer or pledge
of the shares evidenced hereby may be made except in accordance with and subject to the provisions of said Plan. By acceptance
of this certificate, any holder, transferee or pledgee hereof agrees to be bound by all of the provisions of said Plan.”


 


The
following legend shall be inserted on a certificate evidencing Shares issued under the Plan if the Shares were not issued in a
transaction registered under the applicable federal and state securities laws:


 


“Shares
of stock represented by this certificate have been acquired by the holder for investment and not for resale, transfer or distribution,
have been issued pursuant to exemptions from the registration requirements of applicable state and federal securities laws, and
may not be offered for sale, sold or transferred other than pursuant to effective registration under such laws, or in transactions
otherwise in compliance with such laws, and upon evidence satisfactory to the Company of compliance with such laws, as to which
the Company may rely upon an opinion of counsel satisfactory to the Company.”


 


All
Awarded Shares owned by the Participant shall be subject to the terms of this Agreement and shall be represented by a certificate
or certificates bearing the foregoing legend.


 


7.
Delivery of Certificates; Registration of Shares. The Company shall deliver certificates for the Awarded Shares to the
Participant or shall register the Awarded Shares in the Participant’s name, free of restriction under this Agreement, promptly
after, and only after, the Restriction Period has expired without forfeiture pursuant to Section 4.


 


8.
Rights of a Stockholder. Except as provided in Section 4 and Section 5 above, the Participant shall have,
with respect to his Awarded Shares, all of the rights of a stockholder of the Company, including the right to vote the Shares
and the right to receive any dividends thereon.


 


9.
Voting. The Participant, as record holder of the Awarded Shares, has the exclusive right to vote, or consent with respect
to, such Awarded Shares until such time as the Awarded Shares are transferred in accordance with this Agreement; provided,
however, that this Section 9 shall not create any voting right where the holders of such Awarded Shares otherwise
have no such right.


 


10.
Adjustment to Number of Awarded Shares. The number of Awarded Shares shall be subject to adjustment in accordance with
Section 4(c) of the Plan.


 


11.
Specific Performance. The parties acknowledge that remedies at law will be inadequate remedies for a breach of this Agreement
and consequently agree that this Agreement shall be enforceable by specific performance. The remedy of specific performance shall
be cumulative of all of the rights and remedies at law or in equity of the parties under this Agreement.


 




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12.
Participant’s Representations. Notwithstanding any of the provisions hereof, the Participant hereby agrees that he
will not acquire any Awarded Shares, and that the Company will not be obligated to issue any Awarded Shares to the Participant
hereunder, if the issuance of such Shares shall constitute a violation by the Participant or the Company of any provision of any
law or regulation of any governmental authority. Any determination in this connection by the Company shall be final, binding,
and conclusive. The rights and obligations of the Company and the rights and obligations of the Participant are subject to all
applicable laws, rules, and regulations.


 


13.
Investment Representation. Unless the Awarded Shares are issued in a transaction registered under applicable federal and
state securities laws, by his execution hereof, the Participant represents and warrants to the Company that all Shares which may
be purchased and/or received hereunder will be acquired by the Participant for investment purposes for his own account and not
with any intent for resale or distribution in violation of federal or state securities laws. Unless the Shares are issued to him
in a transaction registered under the applicable federal and state securities laws, all certificates issued with respect to the
Shares shall bear an appropriate restrictive investment legend and shall be held indefinitely, unless they are subsequently registered
under the applicable federal and state securities laws or the Participant obtains an opinion of counsel, in form and substance
satisfactory to the Company and its counsel, that such registration is not required.


 


14.
Participant’s Acknowledgments. The Participant acknowledges that a copy of the Plan has been made available for his
review by the Company and represents that he is familiar with the terms and provisions thereof, and hereby accepts this Award
subject to all the terms and provisions thereof. The Participant hereby agrees to accept as binding, conclusive, and final all
decisions or interpretations of the Committee or the Board, as appropriate, upon any questions arising under the Plan or this
Agreement.


 


15.
Law Governing. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of
Nevada (excluding any conflict of laws rule or principle of Nevada law that might refer the governance, construction, or interpretation
of this Agreement to the laws of another state).


 


16.
No Right to Continue Service or Employment. Nothing herein shall be construed to confer upon the Participant the right
to continue in the employ or to provide services to the Company or any Affiliate, whether as an employee, officer, consultant,
independent contractor, or Director, or to interfere with or restrict in any way the right of the Company or any Affiliate to
discharge the Participant as an Eligible Person at any time.


 


17.
Legal Construction. In the event that any one or more of the terms, provisions, or agreements that are contained in this
Agreement shall be held by a court of competent jurisdiction to be invalid, illegal, or unenforceable in any respect for any reason,
the invalid, illegal, or unenforceable term, provision, or agreement shall not affect any other term, provision, or agreement
that is contained in this Agreement, and this Agreement shall be construed in all respects as if the invalid, illegal, or unenforceable
term, provision, or agreement had never been contained herein.


 


18.
Covenants and Agreements as Independent Agreements. Each of the covenants and agreements that are set forth in this Agreement
shall be construed as a covenant and agreement independent of any other provision of this Agreement. The existence of any claim
or cause of action of the Participant against the Company, whether predicated on this Agreement or otherwise, shall not constitute
a defense to the enforcement by the Company of the covenants and agreements that are set forth in this Agreement.


 




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19.
Entire Agreement. This Agreement together with the Plan supersede any and all other prior understandings and agreements,
either oral or in writing, between the parties with respect to the subject matter hereof and constitute the sole and only agreements
between the parties with respect to the said subject matter. All prior negotiations and agreements between the parties with respect
to the subject matter hereof are merged into this Agreement. Each party to this Agreement acknowledges that no representations,
inducements, promises, or agreements, orally or otherwise, have been made by any party or by anyone acting on behalf of any party,
which are not embodied in this Agreement or the Plan and that any agreement, statement, or promise that is not contained in this
Agreement or the Plan shall not be valid or binding or of any force or effect.


 


20.
Parties Bound. The terms, provisions, and agreements that are contained in this Agreement shall apply to, be binding upon,
and inure to the benefit of the parties and their respective heirs, executors, administrators, legal representatives, and permitted
successors and assigns, subject to the limitation on assignment expressly set forth herein. No person shall be permitted to acquire
any Awarded Shares without first executing and delivering an agreement in the form satisfactory to the Company making such person
or entity subject to the restrictions on transfer contained herein.


 


21.
Modification. No change or modification of this Agreement shall be valid or binding upon the parties unless the change
or modification is in writing and signed by the parties hereto. Notwithstanding the preceding sentence, the Company may amend
the Plan to the extent permitted by the Plan.


 


22.
Headings. The headings that are used in this Agreement are used for reference and convenience purposes only and do not
constitute substantive matters to be considered in construing the terms and provisions of this Agreement.


 


23.
Gender and Number. Words of any gender used in this Agreement shall be held and construed to include any other gender,
and words in the singular number shall be held to include the plural, and vice versa, unless the context requires otherwise.


 


24.
Notice. Any notice required or permitted to be delivered hereunder shall be deemed to be delivered only when actually received
by the Company or by the Participant, as the case may be, at the addresses set forth below, or at such other addresses as they
have theretofore specified by written notice delivered in accordance herewith:


 


a.
Notice to the Company shall be addressed and delivered as follows:


 


	 	U.S.
    Gold Corp. 
	 	1910
    E. Idaho Street, Suite 102-Box 604
	 	Elko,
    Nevada 89801
	 	Attn:____________________
	 	Fax:_____________________


 


b.
Notice to the Participant shall be addressed and delivered as set forth on the signature page.


 




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25.
Tax Requirements. The Participant is hereby advised to consult immediately with his own tax advisor regarding the tax
consequences of this Agreement, the method and timing for filing an election to include this Agreement in income under Section
83(b) of the Code, and the tax consequences of such election. By execution of this Agreement, the Participant agrees that if the
Participant makes such an election, the Participant shall provide the Company with written notice of such election in accordance
with the regulations promulgated under Section 83(b) of the Code. The Company or, if applicable, any Affiliate (for purposes
of this Section 25, the term “Company” shall be deemed to include any applicable Affiliate),
shall have the right to deduct from all amounts paid in cash or other form in connection with the Plan, any federal, state, local,
or other taxes required by law to be withheld in connection with this Award. The Company may, in its sole discretion, also require
the Participant receiving Shares issued under the Plan to pay the Company the amount of any taxes that the Company is required
to withhold in connection with the Participant’s income arising with respect to this Award. Such payments shall be required
to be made when requested by the Company and may be required to be made prior to the delivery of any certificate representing
Shares. Such payment may be made by the Participant: (a) electing to have the Company withhold a portion of the Shares otherwise
to be delivered upon receipt of (or the lapse of restrictions relating to) such Awarded Shares with a Fair Market Value equal
to the amount of such taxes required to be withheld (subject to any limitations required by the Financial Accounting Standards
Board’s ASC Topic 718 to avoid adverse accounting treatment); (b) delivering to the Company, Shares other than Shares issuable
upon receipt of (or the lapse of restrictions relating to) such Awarded Shares with a Fair Market Value equal to the amount of
such required tax withholdings; or (c) delivering cash to the Company in an amount that equals the required tax withholding obligations
of the Company. Notwithstanding the foregoing, the Company may, in its sole discretion, withhold any such taxes from any other
cash remuneration otherwise paid by the Company to the Participant.


 


[Remainder
of Page Intentionally Left Blank;


Signature
Page Follows.]


 




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IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and the Participant, to
evidence his consent and approval of all the terms hereof, has duly executed this Agreement, as of the date specified in Section
1 hereof.


 


	 	COMPANY:
	 	 
	 	U.S.
    Gold Corp.
	 	 
	 	By:	
	 	Name:	
	 	Title:	                   


 


	 	PARTICIPANT:
	 	 
	 	 
	 	Signature	 
	 	Name:	 
	 	Address:	 
	 	 	                        




 




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