EXHIBIT 10.1


 


[Form
of CEO Employment Agreement]


 


EMPLOYMENT AGREEMENT


 


THIS EMPLOYMENT AGREEMENT (this “Agreement”)
is made and entered into as of the ____ day of [•] (the “Effective Date”) by and between
Royal Gold, Inc., a Delaware corporation (the “Company”), and [•] (the “Executive”).


 


Recitals


 


A.         The Company desires to continue to
employ Executive as President and Chief Executive Officer of the Company, and Executive desires to continue in such employment
with the Company in said capacity, subject to the at-will employment relationship between the Company and Executive; and


 


B.          Each party desires to set forth in
writing the terms and conditions of their understandings and agreements.


 


NOW, THEREFORE, in consideration
of the foregoing, the mutual covenants and obligations contained herein, and other good and valuable consideration, the receipt
and adequacy of which the Company and Executive hereby acknowledge, the Company and Executive hereby agree as follows:


 


Agreement


 


		1.	Position.



 


(a)        The Company agrees to employ Executive
in the positions of President and Chief Executive Officer. Executive shall serve and perform the duties which may from time to
time be assigned to him by the Board of Directors of the Company (the “Board”). The Board may delegate
its authority to take any action under this Agreement to the Compensation, Nominating and Governance Committee of the Board (the
“Compensation Committee”).


 


(b)        Executive agrees to serve as President
and Chief Executive Officer and agrees that he will devote his best efforts and full business time and attention to the Company.
Executive agrees that he will faithfully and diligently carry out the duties of President and Chief Executive Officer. Executive
further agrees to comply with all Company policies as in effect from time to time and to comply with all laws, rules and regulations,
including, but not limited to, those applicable to the Company.


 


(c)        Executive agrees to travel as necessary
to perform his duties under this Agreement.


 


(d)        Nothing herein shall preclude Executive
from (i) serving as a member of the board of directors of up to two (2) for-profit businesses; (ii) serving as a member of the
board of directors of such other affiliated or non-affiliated entities at the request of the Board; (iii) engaging in charitable
and community activities; (iv) participating in industry and trade organization activities; and (v) managing his and his family’s
personal investments and affairs; provided, that such activities do not (x) materially interfere with the regular performance
of his duties and responsibilities under this Agreement or (y) constitute activities that compete with the business of Company
and/or that violate Executive’s obligations under Sections 8 and/or 9 of this Agreement.


 


(e)        In addition, for so long as Executive
remains President and Chief Executive Officer of the Company, the Board shall nominate him as a member of the Board and shall use
its best efforts to cause his election as a member of the Board.


 


2.            Term. The initial term
of this Agreement shall be one (1) year from the Effective Date (“Initial Term”), unless otherwise
terminated pursuant to Section 4 of this Agreement. This Agreement shall automatically renew for four (4) successive one (1) year
terms unless either party gives written notice of its or his intent not to renew this Agreement at least sixty (60) days prior
to the expiration of the then-current term. Executive’s continued employment after the expiration of the Initial Term shall
be in accordance with and governed by this Agreement, unless modified by the parties to this Agreement in writing. References herein
to the “Term” shall refer both to the Initial Term and any successive term as the context requires. In
the event Executive continues employment after the expiration of the final one (1) year renewal term and the parties do not enter
into a new contract for employment, the nature of such continued employment shall be at-will.


 






     

    	 	 	 



    

  


		3.	Compensation and Benefits.



 


(a)        Base Salary. The Company shall
pay Executive a base salary of $ [•] per year (“Base Salary”). The Base Salary may be increased
annually by an amount as may be approved by the Board or the Compensation Committee, and, upon such increase, the increased amount
shall thereafter be deemed to be the Base Salary for purposes of this Agreement.


 


(b)        Bonus Opportunities. For each fiscal
year during the Term, Executive shall be eligible to be considered to receive discretionary incentive compensation (an “Annual
Bonus”) from the Company in an amount, if any, determined by the Board or the Compensation Committee and in accordance
with the Company’s compensation policies and practices as in effect from time to time. To be eligible for an Annual Bonus,
the Executive must be actively employed by the Company on the last day of the fiscal year.


 


(c)        Long-Term Incentive Award Opportunities.
Executive shall be eligible to participate throughout the Term in the Company’s 2015 Omnibus Long-Term Incentive Plan (the
“LTIP”) or other equity incentive plans as may be in effect from time to time (the “Equity
Incentive Plans”), in accordance with the Company’s compensation policies and practices as in effect from time
to time and the terms and provisions of the LTIP or other Equity Incentive Plan.


 


(d)        Payment. Payment of all compensation
to Executive hereunder shall be made in accordance with applicable law, the terms of this Agreement and applicable Company policies
and practices as in effect from time to time, including normal payroll practices, and shall be subject to all applicable withholdings
and taxes.


 


(e)        Welfare Benefits and Retirement
Plans. During the Term, Executive shall be allowed to participate, on the same basis generally as other similarly situated
executive officers of the Company, in all general employee benefit plans and programs, including improvements or modifications
of the same, which on the Effective Date or thereafter are made available by the Company or its affiliates to all or substantially
all of the Company’s similarly situated executive officers. Such benefits, plans, and programs may include, without limitation,
health, vision care, dental care, medical reimbursement, prescription drug, life insurance, disability protection, and qualified
and non-qualified retirement plans. Except as specifically provided herein, nothing in this Agreement is to be construed or interpreted
to increase or alter in any way the rights, participation, coverage, or benefits under such benefit plans or programs from those
provided to similarly situated executive officers pursuant to the terms and conditions of such benefit plans and programs. The
Company shall be permitted to modify such benefits from time to time consistent with any modifications that impact other similarly
situated executive officers of the Company.


 


(f)        Fringe Benefits. During the
Term, Executive shall be entitled to fringe benefits of the kind and quality which are provided to similarly situated executive
officers of the Company in accordance with the Company’s policies and practices as in effect from time to time.


 


(g)        Vacation. Executive shall be entitled
to paid vacation for up to [•] weeks during each calendar year, and such vacation shall be taken in accordance with,
and otherwise governed by, the Company’s policies and practices as in effect from time to time.


 


(h)        Holidays. Executive shall be entitled
to paid holidays, personal days, and sick days consistent with the Company’s policies and practices as in effect from time
to time.


 


(i)        Reimbursement of Expenses. Promptly
following presentation of expense statements, receipts, vouchers, or such other information and documentation as the Company may
reasonably require, the Company shall reimburse Executive for all business expenses that are reasonable and necessary and incurred
by Executive while performing his duties under this Agreement.


 




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(j)        Non-exclusivity of Rights. Nothing
in this Agreement shall prevent or limit Executive’s continuing or future participation in any benefit, bonus, incentive
or other plan or program provided by the Company and for which Executive may qualify, nor shall anything herein limit or otherwise
affect such rights as Executive may have under any other agreement with the Company or any of its affiliated companies. Except
as otherwise provided herein, amounts which are vested benefits or which Executive is otherwise entitled to receive under any plan
or program of the Company at or subsequent to the date of termination of employment shall be payable in accordance with such plan
or program.


 


		4.	Termination of Employment.



 


(a)        Termination by Company without Cause.
The Company may terminate Executive’s employment and this Agreement for any reason, with or without prior notice, with such
termination to be effective upon the date provided in a written notice to Executive informing him of the decision to terminate
Executive’s employment in accordance with this Section 4(a) of this Agreement.


 


(b)        Termination by Company for Cause.
The Company may terminate Executive’s employment and this Agreement at any time for Cause. For purposes of this Agreement,
“Cause” for termination of Executive’s employment by the Company shall be deemed to exist if:
(i) in the reasonable judgment of the Board, Executive has committed fraud, theft, embezzlement or misappropriation against
the Company or any of its affiliates; (ii) Executive is found guilty by a court of having committed a felony or any other
crime involving moral turpitude and such conviction is affirmed on appeal or the time for appeal has expired; (iii) in the
reasonable judgment of the Board, Executive has compromised Proprietary and Confidential Information (as defined below) or has
engaged in gross or willful misconduct that causes substantial and material harm to the business and operations of the Company
or any of its affiliates; or (iv) Executive materially breaches this Agreement and fails to cure such breach within ten (10)
days of being informed of such breach in writing by the Company.


 


(c)        Termination by Executive for Good Reason.
Executive may terminate his employment and this Agreement for Good Reason. For purposes of this Agreement, “Good Reason”
means, without Executive’s express written consent, the occurrence of any of the following circumstances if Executive has
given notice of the circumstances within ninety (90) days of the occurrence, such circumstances have not been fully corrected within
thirty (30) days of the notice given in respect thereof, and Executive actually terminates employment within sixty (60) days following
the expiration of such thirty (30) day cure period: (i) any material, adverse change in Executive’s title or responsibilities
with the Company, (ii) any material reduction in Executive’s Base Salary, (iii) receipt of notice that Executive’s
principal workplace will be relocated by more than fifty (50) miles from the job-site immediately prior to the Effective Date,
or (iv) if a Change of Control (as defined below) has occurred, failure to provide for Executive’s participation
in bonus, stock option, restricted stock, incentive awards and other compensation plans which provide opportunities to receive
compensation that are not less than (x) the opportunities provided by the Company to similarly situated executive officers
of the Company and (y) the opportunities under any such plans in which the Executive was participating immediately prior to
the date on which a Change of Control occurs.


 


(d)        Termination by Executive without
Good Reason. Executive may terminate his employment and this Agreement for reasons other than Good Reason upon transmittal
of at least sixty (60) days’ written notice to the Company in accordance with this Agreement.


 


(e)        Disability. The Company may
terminate Executive’s employment and this Agreement at any time Executive shall have sustained a Disability (as defined below)
as determined by the Board, by giving Executive written notice of its intention to terminate Executive’s employment, and
Executive’s employment with the Company shall terminate effective on the ninetieth (90th) day after receipt of
such notice (the “Disability Effective Date”), unless the Executive has returned to work full-time and
is able to perform the essential functions of his position, with or without reasonable accommodation, by such date. For purposes
of this Agreement, “Disability” means Executive is unable due to a physical or mental condition to perform
the essential functions of his position with or without reasonable accommodation for a period of three (3) consecutive months or
based on the written certification of a licensed physician selected by the Board and approved by Executive (which approval shall
not be unreasonably withheld, delayed or conditioned) of the likely continuation of such condition for such period.


 


(f)        Death. This Agreement and Executive’s
employment shall terminate automatically upon Executive’s death.


 




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5.            Obligations upon Termination.
Other than as specifically set forth or referenced in this Agreement, Executive shall not be entitled to any benefits on or after
termination of employment or this Agreement.


 


(a)        Termination by Company without Cause;
by Executive for Good Reason; or by Company for Failure to Renew. If (i) the Company terminates Executive’s employment
or this Agreement without Cause during the Term, (ii) Executive terminates his employment or this Agreement for Good Reason during
the Term, or (iii) Executive’s employment is terminated upon the Company’s election not to renew the term for one
(1) of the four (4) successive one (1) year renewal terms pursuant to Section 2 hereof, and any such termination does not occur
within ninety (90) days prior to or within two (2) years after the occurrence of a Change of Control, then the Company shall pay
to Executive, and Executive shall be entitled to receive, the following:


 


(i)        the unpaid portion of Executive’s
Base Salary as of the date of termination of Executive’s employment, pro-rated through the date of termination, and a payment
for any vacation Executive has accrued but not used through the date of termination payable in accordance with Section 3(d);


 


(ii)        promptly following submission by
Executive of supporting documentation, any costs and expenses paid or incurred by Executive which would have been payable under
Section 3(i) if Executive’s employment had not terminated (Section 5(a)(i) and (ii), together, the “Accrued Obligations”);
and


 


(iii)        provided that on or prior to the
sixtieth (60th) day following the termination of Executive’s employment, Executive executes a release of claims,
which will consist in substance of the language attached as Exhibit A (the “Release Document”), and all
revocation periods applicable to the Release Document have expired on or prior to such sixtieth (60th) day, a payment
of (A) one (1) times Executive’s Base Salary plus (B) one (1) times the average of the Annual Bonuses paid to Executive for
the three (3) full fiscal years ending immediately prior to the date of termination of Executive’s employment (the “Severance
Payment”), payable within sixty (60) business days of the date of termination of Executive’s employment, with
the exact timing of payment determined in the Company’s sole discretion, provided that if the Executive is terminated within
sixty (60) days prior to the end of a calendar year, payment will be made in the subsequent calendar year.


 


(b)        Termination by the Company for Cause;
by Executive other than for Good Reason; by Executive for Failure to Renew; or by Either Party Upon the Expiration of the Final
One (1) Year Renewal Period Referenced in Section 2. If (i) Executive’s employment is terminated for Cause, (ii) Executive
terminates his employment other than for Good Reason, (iii) Executive terminates his employment upon his election not to renew
the term for one (1) of the four (4) successive one (1) year renewal terms pursuant to Section 2 hereof, or (iv) either party terminates
the employment relationship after the expiration of the final one (1) year renewal period referenced in Section 2, then this Agreement
shall terminate without further obligations by the Company to Executive under this Agreement, and the Company shall pay Executive,
and Executive shall be entitled to receive, the Accrued Obligations.


 


(c)        Death. If Executive’s
employment is terminated by reason of Executive’s death, then this Agreement shall terminate without further obligations
by the Company to Executive’s legal representatives under this Agreement other than those obligations under the terms of
a Company plan or program that take effect at the date of Executive’s death, and upon valid execution of a Release Document
by an authorized executor of Executive’s estate, the Company shall pay Executive’s estate, and Executive’s estate
shall be entitled to receive, (i) the Accrued Obligations, plus (ii) one (1) times the average of the Annual Bonuses paid to Executive
for the three (3) full fiscal years ending immediately prior to the date of termination of Executive’s employment, pro-rated
from the first day of the fiscal year through the effective date of the termination of Executive’s employment.


 


(d)        Disability. If Executive’s
employment is terminated by reason of Executive’s Disability, then this Agreement shall terminate without further obligations
by the Company to Executive under this Agreement except for obligations which expressly continue after termination of employment
due to Disability, and upon valid execution of a Release Document, the Company shall pay Executive, and Executive shall be entitled
to receive, (i) the Accrued Obligations, plus (ii) one (1) times the average of the Annual Bonuses paid to Executive for the three
(3) full fiscal years ending immediately prior to the date of termination of Executive’s employment, pro-rated from the first
day of the fiscal year through the effective date of the termination of Executive’s employment. In addition, Executive shall
be entitled to receive any disability benefits payable in accordance with the Company’s plans, programs and policies as in
effect from time to time.


 




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(e)        Change of Control. If (i) the
Company terminates Executive’s employment or this Agreement without Cause during the Term, (ii) Executive terminates his
employment or this Agreement for Good Reason during the Term, or (iii) Executive’s employment is terminated upon the Company’s
election not to renew the term for one (1) of the four (4) successive one (1) year renewal terms pursuant to Section 2 hereof,
and any such termination occurs within ninety (90) days prior to or within two (2) years after the occurrence of a Change of Control,
then, in addition to the Accrued Obligations, the Company shall pay to the Executive, and Executive shall be entitled to receive,
the following, provided Executive executes and does not revoke the Release Document within the time set forth in Section 5(a)(iii):


 


(i)        two and one-half (2.5) times Executive’s
Base Salary, payable in accordance with the time period set forth in Section 5(a)(iii); and


 


(ii)       two and one-half (2.5) times the
average of the Annual Bonuses paid to Executive for the three (3) full fiscal years ending immediately prior to the date of termination
of Executive’s employment, payable in accordance with the time period set forth in Section 5(a)(iii) (collectively, clauses
(i) and (ii) of this Section 5(e) the “Change of Control Severance Payment”).


 


(iii)      if Executive (and Executive’s
eligible dependents) timely elect participation in the Company’s group health insurance plan pursuant to the Consolidated
Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) or any Colorado statute that provides
for the continuation of benefits under such plan (“Colorado Continuation Statute”), the Company will
pay the normal monthly employer’s cost of coverage under the Company’s group health insurance plan for full-time employees
toward such COBRA coverage or Colorado Continuation Statute coverage for twelve (12) months following the date of termination of
Executive’s employment. Executive acknowledges and agrees that Executive is responsible for paying the balance of any costs
not paid by the Company under this Agreement which are associated with Executive’s (and Executive’s eligible dependents’)
participation in the Company’s health insurance plan and that Executive’s failure to pay such costs may result in the
termination of Executive’s (and Executive’s eligible dependents’) participation in such plan. The Company’s
obligations under this Section 5(e)(iii) will cease on the date on which Executive becomes eligible for health insurance coverage
under another employer’s group health insurance plan, and, within five (5) business days of Executive becoming eligible for
health insurance coverage under another employer’s group health insurance plan, Executive shall inform the Company of such
fact in writing; and


 


(iv)      the Company will arrange to provide
for Executive (and Executive’s eligible dependents) benefits provided under any vision care, dental care, medical reimbursement,
prescription drug, life insurance and disability protection group insurance plans maintained by the Company for full-time employees
for twelve (12) months following the date of termination of Executive’s employment. If and to the extent that the Company
cannot provide coverage to Executive (and Executive’s eligible dependents) under any such vision care, dental care, medical
reimbursement, prescription drug, life insurance and disability protection group insurance plans (i) solely due to the fact that
Executive is no longer an employee or officer of the Company or (ii) as a result of the amendment or termination of any vision
care, dental care, medical reimbursement, prescription drug, life insurance and disability protection group insurance plan, the
Company will then pay or provide for the payment of such vision care, dental care, medical reimbursement, prescription drug, life
insurance and disability protection group insurance plan during the twelve (12) months following the date of termination of Executive’s
employment. Executive acknowledges and agrees that Executive is responsible for paying the balance of any costs not paid by the
Company under this Agreement which are associated with Executive’s (and Executive’s eligible dependents’) participation
in any vision care, dental care, medical reimbursement, prescription drug, life insurance and disability protection group insurance
plan and that Executive’s failure to pay such costs may result in the termination of Executive’s (and Executive’s
eligible dependents’) participation in such plan. The Company’s obligations under this Section 5(e)(iv) will cease
on the date on which Executive becomes eligible for any vision care, dental care, medical reimbursement, prescription drug, life
insurance and disability protection group insurance plan (but only with respect to the particular coverage(s) available), and,
within five (5) business days of Executive becoming eligible for any insurance coverage(s) under another employer’s group
insurance plan, Executive shall inform the Company of such fact in writing.


 




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For purposes of this Agreement, “Change of Control”
means any of the following: (i) the dissolution or liquidation of the Company or a merger, consolidation, or reorganization
of the Company with one (1) or more other entities in which the Company is not the surviving entity, (ii) a sale of substantially
all of the assets of the Company to another person or entity, (iii) any transaction (including without limitation a merger
or reorganization in which the Company is the surviving entity) which results in any person or entity (other than persons who are
stockholders or affiliates immediately prior to the transaction) owning fifty percent (50%) or more of the combined voting power
of all classes of stock of the Company, or (iv) during any period of two (2) consecutive years, members who at the beginning of
such period constituted the Board shall have ceased for any reason to constitute a majority thereof, unless the election, or nomination
for election, by the Company’s equity holders of each director shall have been approved by the vote of at least a majority
of the directors then still in office and who were directors at the beginning of such period (so long as such director was not
nominated by a person who has expressed an intent to effect a Change of Control or engage in a proxy or other control contest).


 


(f)        Resignation from Boards of Directors.  If
Executive is a director of the Company or any of its affiliates and his employment is terminated for any reason, Executive shall,
if requested by the Company, immediately resign as a director of the Company and/or any affiliate and any committees of such boards
of directors. If such resignation is not received within ten (10) business days after Executive receives written notice from the
Company requesting the resignations, Executive shall forfeit any right to receive any payments pursuant to this Agreement.


 


(g)        Release. Notwithstanding any other
provision in this Agreement to the contrary, as a condition precedent to receiving any Severance Payment or Change of Control
Severance Payment, Executive agrees to execute (and not revoke) the Release Document on or before the sixtieth (60th)
business day following the date of termination of Executive’s employment so that all revocation periods will have expired
on or before the sixtieth (60th) day following the date of termination of Executive’s employment. If Executive
fails to execute and deliver the Release Document, or revokes the Release Document, Executive agrees that he shall not be entitled
to receive the Severance Payment or Change of Control Severance Payment, as applicable.


 


6.            Limitations Under Code Section
409A. Notwithstanding anything to the contrary in this Agreement, in the event that, as a result of Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”) (and any related regulations or other pronouncements),
any of the payments that Executive is entitled to under the terms of this Agreement or any other plan involving deferred compensation
(as defined under Section 409A of the Code) may not be made at the time contemplated by the terms thereof without causing Executive
to be subject to constructive receipt at a date prior to actual payment and/or an income tax penalty and interest and the timing
of payment is the sole cause of such adverse tax consequences, the Company will make such payment on the first day permissible
under Section 409A of the Code without Executive incurring such adverse tax consequences. In particular, with respect to any lump
sum payment otherwise required hereunder, in the event of any delay in the payment date as a result of Section 409A(a)(2)(A)(i)
and (B)(i) of the Code, the Company will adjust the payments to reflect the deferred payment date by crediting interest thereon
at the prime rate in effect at the time such amount first becomes payable, as quoted by the Company’s principal bank. In
the event that Executive is deemed to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the
Code, any payments to Executive hereunder that are subject to the provisions of Section 409A of the Code shall not be made
prior to the first day after the six-month anniversary of Executive’s date of termination. It is intended that each installment
of the payments and benefits provided under this Agreement shall be treated as a separate “payment” for purposes of
Section 409A of the Code. No payments that are subject to Section 409A of the Code shall be made to Executive upon Executive’s
termination of employment from the Company under this Agreement unless such termination of employment is a “separation from
service” within the meaning of Section 409A of the Code. In addition, other provisions of this Agreement or any other
such plan notwithstanding, the Company shall have no right to accelerate any such payment or to make any such payment as the result
of any specific event except to the extent permitted under Section 409A of the Code. The Company shall not be obligated to reimburse
Executive for any tax penalty or interest or provide a gross-up in connection with any tax liability of Executive under Section
409A of the Code.


 




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		7.	Excise Tax-Related Provisions.



 


(a)        Notwithstanding anything in this Agreement
to the contrary, if any payment or benefit Executive would receive from the Company pursuant to a Change of Control or otherwise
(“Payment”) would (i) constitute a “parachute payment” within the meaning of Section
280G of the Code, and (ii) but for this Section 7(a), be subject to the excise tax imposed by Section 4999 of the Code (the
“Excise Tax”), then such Payment shall be equal to the Reduced Amount (as defined below). For the avoidance
of doubt, a Payment shall not be considered a parachute payment for purposes of this paragraph if such Payment is approved by the
shareholders of the Company in accordance with the procedures set forth in Section 280G(b)(5)(A)(ii) and (B) of the Code and the
regulations thereunder, and at the time of such shareholder approval, no stock of the successor corporation is readily tradable
on an established securities market or otherwise (within the meaning of Section 280G(b)(5)(A)(ii)(I) of the Code). The “Reduced
Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment
being subject to the Excise Tax, or (y) the Payment or a portion thereof after payment of the applicable Excise Tax, whichever
amount after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax payable
by Executive (all computed at the highest applicable marginal rate), results in Executive’s receipt, on an after-tax basis,
of the greatest amount of the Payment to Executive. If a reduction in payments or benefits constituting “parachute payments”
is necessary so that the Payment equals the Reduced Amount, to the extent required by Section 409A of the Code, reduction shall
occur in the following order: by first reducing or eliminating the portion of the Payments which are payable in cash (with the
payments to be made furthest in the future being reduced first), then by reducing or eliminating any accelerated vesting of stock
options or stock appreciation rights, then by reducing or eliminating any accelerated vesting of restricted stock or stock units
and then by reducing or eliminating any other remaining Payments.


 


(b)        All determinations under this Section
7 shall be made by a nationally recognized public accounting or consulting firm selected by the Company and subject to the approval
of Executive, which approval shall not be unreasonably withheld, conditioned or delayed. Such determination shall be binding upon
Executive and the Company. The Company shall bear all expenses with respect to the determinations by such accounting or consulting
firm required to be made hereunder.


 


(c)        The accounting or consulting firm engaged
to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the Company
and Executive within fifteen (15) calendar days after the date on which Executive’s right to a Payment is triggered (if requested
at that time by the Company or Executive) or such other time as requested by the Company or Executive.


 


		8.	Ownership and Protection of Intellectual Property
and Confidential Information.



 


(a)        All information, ideas, concepts, improvements,
discoveries, and inventions, whether patentable or not, which are conceived, made, developed or acquired by Executive, individually
or in conjunction with others, during Executive’s employment by the Company or any of its affiliates (whether during business
hours or otherwise and whether on the Company’s premises or otherwise) which relate to the business, products or services
of the Company or its affiliates (including, without limitation, all such information relating to corporate opportunities; geological,
metallurgical, and other technical data and information, including operations, reserve information and exploration data; research,
financial and sales data; pricing and trading terms; evaluations; opinions; interpretations; acquisition prospects; the identity
of customers or their requirements; the identity of key contacts within the customer’s organizations or within the organization
of acquisition prospects; or marketing and merchandising techniques, prospective names, and marks), and all correspondence, memoranda,
notes, records, data or information, analyses, or other documents (including, without limitation, any computer-generated, computer-stored
or electronically-stored materials) of any type embodying any of such items, shall be the sole and exclusive property of the Company
or its affiliates, as the case may be.


 




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(b)        Executive acknowledges that the Company’s
business is highly competitive and that the Company has developed and owns valuable information which is confidential, unique and
specific to the Company and its affiliates (“Proprietary and Confidential Information”) and which includes,
without limitation, financial information; geological, metallurgical, and other technical data and information, including operations,
reserve information and exploration data; marketing plans; business and implementation plans; engineering plans and processes;
models and templates; prospect lists; technical information concerning products, services and processes; names and other information
(such as credit and financial data) concerning customers and business affiliates; and other trade secrets, concepts, ideas, plans,
strategies, analyses, surveys and proprietary information related to the past, present or anticipated business of the Company and
its affiliates. Executive further acknowledges that protection of such Proprietary and Confidential Information against unauthorized
disclosure and use is of critical importance to the Company and its affiliates in maintaining their competitive position. Executive
hereby agrees that he shall not, at any time during or after his employment by the Company, disclose to others, permit to be disclosed,
use, permit to be used, copy or permit to be copied, any such Proprietary and Confidential Information (whether or not developed
by Executive and whether or not received as an employee) without the prior written consent of the General Counsel of the Company.
Executive further agrees to maintain in confidence any proprietary and confidential information of third parties received or of
which he has knowledge as a result of his employment. The prohibitions of this Section 8(b) shall not apply, however, to information
in the public domain (but only if the same becomes part of the public domain through means other than a disclosure prohibited hereunder).
The above notwithstanding, a disclosure shall not be unauthorized if (i) it is required by law or by a court of competent
jurisdiction or (ii) it is in connection with any judicial, arbitration, dispute resolution or other legal proceeding in which
Executive’s legal rights and obligations as an employee or under this Agreement are at issue; provided, however,
that Executive shall, to the extent practicable and lawful in any such events, give prior notice to the Company of his intent to
disclose any such Proprietary and Confidential Information in such context so as to allow the Company or its affiliates an opportunity
(which Executive shall not oppose) to obtain such protective orders or similar relief with respect thereto as may be deemed appropriate.
Notwithstanding the foregoing, a disclosure shall not be unauthorized and shall not require prior notification to the Company where
such disclosure is made to any governmental agency or entity, including but not limited to the Department of Justice, the Securities
and Exchange Commission, the Congress, and any agency Inspector General, in connection with reporting possible violations of federal
law or regulation or making any other disclosures that are protected under the whistleblower provisions of federal law or regulation.


 


(c)        All written materials, records, data
and information, analyses, and other documents (including, without limitation, any computer-generated, computer-stored or electronically-stored
data and other materials), and all copies thereof, made, composed or received by Executive solely or jointly with others, and which
are in Executive’s possession, custody or control and which are related in any manner to the past, present or anticipated
business of the Company or any of its affiliates (collectively, the “Company Documents”) shall be and
remain the property of the Company, or its affiliates, as the case may be. Upon termination of Executive’s employment with
the Company, for any reason, Executive promptly shall deliver the Company Documents, and all copies thereof, to the Company.


 


		9.	Covenant Not to Compete and Other Restrictive Covenants.



 


(a)        Other than the performance of his responsibilities
pursuant to this Agreement carried out in the best interests of the Company, during his employment and for a period of twelve (12)
months after the date of termination of employment, Executive shall restrict his activities as follows:


 


(i)        Executive shall not, directly or
indirectly, for himself or others, own, manage, operate, control, be employed by (whether in an executive, managerial, supervisory
or other capacity), consult with, assist or otherwise engage or participate in or allow his skill, knowledge, experience or reputation
to be used in connection with, the ownership, management, operation or control of, any company or other business enterprise engaged
in the Subject Business (as defined below) within any of the Subject Areas (as defined below); provided, however,
that nothing contained herein shall prohibit Executive from making passive investments as long as Executive does not beneficially
own more than one percent (1%) of the equity interests of a business enterprise listed on a national securities exchange or publicly
traded on a nationally recognized over-the-counter market engaged in the Subject Business within any of the Subject Areas. For
purposes of this paragraph, “beneficially own” shall have the same meaning ascribed to that term in Rule 13d-3 under
the Securities Exchange Act of 1934, as amended; 


 


(ii)       Executive shall not solicit, divert
or entice away the business of any current counterparty of the Company or its affiliates, or any prospective counterparty who on
the date of termination of Executive’s employment is engaged in discussions or negotiations to enter into a business relationship
with the Company or its affiliates, or otherwise disrupt any previously established relationship existing between such person or
entity and the Company or its affiliates;


 


(iii)      Executive shall not solicit, induce,
influence or attempt to influence any supplier, lessor, lessee, licensor, partner, joint venturer, potential acquiree or any other
person who has a business relationship with the Company or its affiliates, or who on the date of termination of Executive’s
employment is engaged in discussions or negotiations to enter into a business relationship with the Company or its affiliates,
to discontinue or reduce or limit the extent of or refrain from entering into a relationship with the Company or its affiliates;
and


 




    	 	8	 



    	 	 	 



    

 


 


(iv)     Without the consent of the Company,
Executive shall not make contact with any of the employees or consultants of the Company or its affiliates with whom he had contact
during the course of his employment with the Company for the purpose of soliciting such employee or consultant for hire, whether
as an employee or independent contractor, or otherwise disrupting such employee’s or consultant’s relationship with
the Company or its affiliates.


 


For purpose of this Agreement, (x) “Subject Areas”
mean the continents of North America, Central and South America, Africa, Europe and Australia, and (y) “Subject Business”
means the business of creating, financing, acquiring, investing in and managing precious metals royalties, precious metals streams
and similar interests involving mineral properties.


 


(b)        Acknowledgements.


 


(i)        Executive acknowledges that (x) the
compensation provided to Executive during the Term, (y) the agreement to provide the Severance Payment or Change of Control Severance
Payment to Executive in connection with certain terminations of Executive’s employment, and (z) the specialized training
and the Proprietary and Confidential Information provided to Executive pursuant to his employment with the Company give rise to
the Company’s interest in restraining Executive from competing with the Company, that the noncompetition and nonsolicitation
covenants are designed to enforce such consideration, that the Company’s business is worldwide in geographic scope and that
any limitations as to time, geographic scope and scope of activity to be restrained as defined herein are reasonable and do not
impose a greater restraint than is necessary to protect the goodwill or other business interest of the Company. Executive further
acknowledges that as an executive of a publicly traded company he falls within the exceptions to C.R.S 8-2-113(2) contained in
both C.R.S 8-2-113(2)(b), which exempts contracts for the protection of trade secrets, and C.R.S 8-2-113(2)(d), which exempts executive
and management personnel, officers and employees who constitute professional staff to executive and management personnel, from
the prohibitions of non-compete provisions under Colorado law.


 


(ii)       Executive and the Company hereby
agree to reasonably allocate an amount of the Change of Control Severance Payment to the non-competition covenant set forth in
this Section 9, which amount will be established by the parties in good faith negotiations, relying upon third party advisers to
the extent reasonably determined by the parties, at the time a Change of Control transaction is reasonably likely or at such earlier
time as is determined by the parties in good faith.


 


(c)        Survival of Covenants. Sections
8 and 9 shall survive the expiration or termination of this Agreement for any reason. Executive agrees not to challenge the enforceability
or scope of Sections 8 and 9. Executive further agrees to notify all future persons or businesses with which he becomes affiliated
or employed, of the restrictions set forth in Sections 8 and 9, prior to the commencement of any such affiliation or employment.


 


10.          Severability and Reformation.
If any one or more of the terms, provisions, covenants or restrictions of this Agreement shall be determined by a court of competent
jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions shall remain
in full force and effect, and the invalid, void or unenforceable provisions shall be deemed severable. Moreover, if any one or
more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical
scope, activity or subject, it shall be reformed by limiting and reducing it to the minimum extent necessary, so as to be enforceable
to the extent compatible with the applicable law as it shall then appear.


 


11.          Indemnification. The
Company and Executive have executed and delivered an Indemnification Agreement dated [•] (the “Indemnification
Agreement”). To the extent any provision set forth in the Indemnification Agreement is in conflict with any provision
set forth in this Agreement, the provision set forth in the Indemnification Agreement shall govern. Further, Executive shall be
entitled to coverage under the Directors and Officers Liability Insurance program to the same extent as other similarly situated
executive officers of the Company.


 


		12.	Miscellaneous.



 


(a)        Entire Agreement. This Agreement
sets forth the entire agreement between the parties hereto and fully supersedes any and all prior agreements or understandings,
written or oral, between the parties hereto pertaining to the subject matter hereof.


 




    	 	9	 



    	 	 	 



    

 


 


(b)        Notices. Whenever under
this Agreement it becomes necessary to give notice, such notice shall be in writing, signed by the party or parties giving or making
the same, and shall be served on the person or persons for whom it is intended or who should be advised or notified, by (i) personal
delivery, (ii) Federal Express or other similar overnight service or (iii) certified or registered mail, return receipt requested,
postage prepaid and addressed to such party at the address set forth below or at such other address as may be designated by such
party by like notice:


 


	 	If to the Company:	 
	 	 	 
	 	Royal Gold, Inc.	 
	 	1660 Wynkoop Street, Suite 1000	 
	 	Denver, CO 80202	 
	 	Attention: Vice President, General Counsel and Secretary	 
	 	 	 
	 	If to Executive:	 
	 	 	 
	 	[•]	 


 


In the case of personal delivery, such notice or advice shall
be effective on the date of delivery, in the case of Federal Express or other similar overnight service, such notice or advice
shall be effective on the next business day, and, in the cases of certified or registered mail, such notice or advice shall be
effective three (3) business days after deposit into the mails for delivery by the U.S. Post Office.


 


(c)        Governing Law and Venue. This
Agreement is governed by and is to be construed, administered, and enforced in accordance with the laws of the State of Colorado,
without regard to conflicts of law principles. If under the governing law, any portion of this Agreement is at any time deemed
to be in conflict with any applicable statute, rule, regulation, ordinance, or other principle of law, such portion shall be deemed
to be modified or altered to the extent necessary to conform thereto or, if that is not possible, to be omitted from this Agreement.
Any action or arbitration in regard to this Agreement or arising out of its terms and conditions, pursuant to Sections 12(n) and
12(o), shall be instituted and litigated only in the City and County of Denver, Colorado.


 


(d)        Assignment. This Agreement and
Executive’s rights and obligations hereunder may not be assigned by Executive. Any purported assignment or delegation by
Executive in violation of the foregoing shall be null and void ab initio and of no force and effect. The Company may assign
this Agreement and its rights, together with its obligations hereunder, to an affiliate of the Company or to a person or entity
which is a successor in interest to substantially all of the business operations of the Company. Upon such assignment, the rights
and obligations of the Company hereunder shall become the rights and obligations of such affiliate, successor, person or entity.


 


(e)        Counterparts. This Agreement
may be executed in counterparts, each of which shall take effect as an original, and all of which shall evidence one and the same
Agreement.


 


(f)        Amendment. This Agreement may
be amended only in writing signed by Executive and by a duly authorized representative of the Company (other than Executive).


 


(g)        Construction. The headings and
captions of this Agreement are provided for convenience only and are intended to have no effect in construing or interpreting
this Agreement. The language in all parts of this Agreement shall be in all cases construed in accordance to its fair meaning
and not strictly for or against the Company or Executive.


 


(h)        Non-Waiver. The failure by either
party to insist upon the performance of any one or more terms, covenants or conditions of this Agreement shall not be construed
as a waiver or relinquishment of any right granted hereunder or of any future performance of any such term, covenant or condition,
and the obligation of either party with respect hereto shall continue in full force and effect, unless such waiver shall be in
writing signed by the Company (other than by Executive) and Executive.


 




    	 	10	 



    	 	 	 



    

 


 


(i)         Use of Name, Likeness and Biography.
The Company shall have the right (but not the obligation) to use, publish and broadcast, and to authorize others to do so, the
name, approved likeness and approved biographical material of Executive to advertise, publicize and promote the business of Company
and its affiliates, but not for the purposes of direct endorsement without Executive’s consent. This right shall terminate
upon the termination of this Agreement. An “approved likeness” and “approved biographical material” shall
be, respectively, any photograph or other depiction of Executive, or any biographical information or life story concerning the
professional career of Executive, as approved by Executive from time to time.


 


(j)         Right to Insure. The Company
shall have the right to secure, in its own name or otherwise, and at its own expense, life, health, accident or other insurance
covering Executive, and Executive shall have no right, title or interest in and to such insurance. Executive shall assist Company
in procuring such insurance by submitting to reasonable examinations and by signing such applications and other reasonable instruments
as may be required by the insurance carriers to which application is made for any such insurance.


 


(k)        Assistance in Litigation. Executive
shall reasonably cooperate with the Company in the defense or prosecution of any claims or actions now in existence or that may
be brought in the future against or on behalf of the Company that relate to events or occurrences that transpired while Executive
was employed by the Company. Executive’s cooperation in connection with such claims or actions shall include, but not be
limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company
at mutually convenient times. Executive also shall cooperate fully with the Company in connection with any investigation or review
by any federal, state, or local regulatory authority as any such investigation or review relates to events or occurrences that
transpired while Executive was employed by the Company. The Company shall pay Executive a reasonable hourly rate for Executive’s
cooperation pursuant to this Section 12(k).


 


(l)         No Inconsistent Obligations.
Executive represents and warrants that to his knowledge he has no obligations, legal, in contract, or otherwise, inconsistent with
the terms of this Agreement or with his continued employment with the Company to perform the duties described herein. Executive
shall not disclose to the Company, or use, or induce the Company to use, any confidential, proprietary, or trade secret information
of others. Executive represents and warrants that to his knowledge he has returned all property and confidential information belonging
to all prior employers, if he is obligated to do so.


 


(m)       Binding Agreement. This Agreement
shall inure to the benefit of and be binding upon Executive, his heirs and personal representatives, and the Company and its successors.


 


(n)        Remedies. The parties recognize
and affirm that in the event of a breach of Sections 8 and 9 of this Agreement, money damages would be inadequate and the Company
would not have an adequate remedy at law. Accordingly, the parties agree that in the event of a breach or a threatened breach of
Sections 8 and 9, the Company may, in addition and supplementary to other rights and remedies existing in its favor, apply to any
court of law or equity of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce
or prevent any violations of the provisions hereof (without posting a bond or other security). In addition, Executive agrees that
in the event a court of competent jurisdiction finds that Executive violated Section 9, the time periods set forth in Section 9
shall be tolled for any period during which breach or violation has occurred or been ongoing. In the event that Executive breaches
his obligations under Sections 8 and/or 9, Executive shall forfeit his right to receive any unpaid portion of the Change of Control
Severance Payment, the Severance Payment, and any future benefits and/or payments due to Executive under Section 5(e)(iii) and/or
(iv), except to the extent required by law and the Company may offset any other payments that are otherwise due to Executive.


 


(o)        Arbitration. Other than disputes
under Section 8 and/or 9 of this Agreement, the parties agree that any controversy or claim arising out of or relating to this
Agreement, or the breach thereof, shall be resolved by arbitration in accordance with the Employment Dispute Resolution Rules of
the American Arbitration Association. The arbitration shall take place in Denver, Colorado. All disputes shall be resolved by one
(1) arbitrator chosen by agreement of the parties in accordance with the National Rules for the Resolution of Employment Disputes.
The arbitrator shall have the authority to award the same remedies, damages, and costs that a court could award. The arbitrator
shall issue a reasoned award explaining the decision, the reasons for the decision, and any damages awarded. The arbitrator’s
decision shall be final and binding. The judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction
thereof. The arbitration proceedings, any record of the same, and the award shall be considered Proprietary and Confidential Information
under this Agreement. This provision and any decision and award hereunder can be enforced under the Federal Arbitration Act.


 




    	 	11	 



    	 	 	 



    

 


 


(p)        Voluntary Agreement. Each party
to this Agreement has read and fully understands the terms and provisions hereof, has had an opportunity to review this Agreement
with legal counsel, has executed this Agreement based upon such party’s own judgment and advice of counsel (if any), and
knowingly, voluntarily, and without duress, agrees to all of the terms set forth in this Agreement. The parties have participated
jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this
Agreement shall be construed as if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or
disfavoring any party because of authorship of any provision of this Agreement. Except as expressly set forth in this Agreement,
neither the parties nor their affiliates, advisors and/or their attorneys have made any representation or warranty, express or
implied, at law or in equity with respect to the subject matter contained herein. Without limiting the generality of the previous
sentence, the Company, its affiliates, advisors, and/or attorneys have made no representation or warranty to Executive concerning
the state or federal tax consequences to Executive regarding the transactions contemplated by this Agreement, other than any determination
that may be made pursuant to Section 7(b).


 


(q)        Jury Trial Waiver.  THE
PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING TO WHICH THEY ARE PARTIES INVOLVING, DIRECTLY OR INDIRECTLY, ANY
MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT.


 


(r)         Survival. The rights and obligations
of the Company and Executive contained in Sections 8, 9 and 12(s) of this Agreement shall survive the termination of the Agreement.
Following termination of Executive’s employment and this Agreement, each party shall have the right to enforce all rights,
and shall be bound by all obligations, of such party that are continuing rights and obligations under this Agreement.


 


(s)        Non-disparagement. Executive
shall not make any disparaging, derogatory or detrimental comments about the Company or any of its affiliates or any of their directors,
officers, employees, partners, members, managers or shareholders, or any investor or other person or entity having a business relationship
with the Company or any of its affiliates. The Company, each of its affiliates and the directors and officers of the Company and
its affiliates shall not make any disparaging, derogatory or detrimental comments about Executive.


 


(t)        Certain Definitions. For purposes
of this Agreement:


 


(i)        an “affiliate” of any
person means another person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is
under common control with, such first person, and includes subsidiaries;


 


(ii)       a “business day” means
the period from 9:00 am to 5:00 pm on any weekday that is not a banking holiday in the State of Colorado; and


 


(ii)       a “subsidiary” of any
person means another person, an amount of the voting securities, other voting ownership or voting partnership interests of which
is sufficient to elect at least a majority of its board of directors or other governing body (or, if there are no such voting interests
or no board of directors or other governing body, fifty percent (50%) or more of the equity interests of which) is owned directly
or indirectly by such first person.


 


IN WITNESS WHEREOF, the Company and Executive
have executed this Agreement, effective as of the day and year first above written.


  


	 	ROYAL GOLD, INC.
	 	 
	 	By:	 
	 	Name:	[•]
	 	Title:	[•]
	 	 
	 	 
	 	[•]  


 




    	 	12	 



    	 	 	 



    

 


 


EXHIBIT A


 


RELEASE


 


For and in consideration of the payments
and other benefits due to [•] (the “Executive”) pursuant to the Employment Agreement dated
as of [•] (the “Employment Agreement”), by and between Royal Gold, Inc., a Delaware corporation
(the “Company”) and Executive, and for other good and valuable consideration, Executive hereby agrees,
for Executive, Executive’s spouse and child or children (if any), Executive’s heirs, beneficiaries, devisees, executors,
administrators, attorneys, personal representatives, successors and assigns, to forever release, discharge and covenant not to
sue the Company, or any of its divisions, affiliates, subsidiaries, parents, branches, predecessors, successors, assigns, and,
with respect to such entities, their officers, directors, trustees, employees, agents, shareholders, administrators, general or
limited partners, representatives, attorneys, insurers and fiduciaries, past, present and future (the “Released Parties”)
from any and all claims of any kind, in law and in equity, whether known or unknown, suspected or unsuspected, disclosed or undisclosed,
and including attorney’s fees, that are based in whole or in part on acts or omissions occurring on or before the date Executive
signs this Release and which arise out of, or relate to, Executive’s employment with the Company, its affiliates and subsidiaries
(collectively, with the Company, the “Affiliated Entities”) or Executive’s separation from employment
with the Affiliated Entities, which Executive now has or may have against the Released Parties (the “Released Claims”).
The Released Claims include, without limitation, claims arising under:


 


(i)       Antidiscrimination laws, such as
Title VII of the Civil Rights Act of 1964, as amended, and Executive Order 11246 (which prohibit discrimination and harassment
based on race, color, national origin, religion, or sex and retaliation for making a claim of discrimination or harassment based
on any such characteristic); Section 1981 of the Civil Rights Act of 1866 (which prohibits discrimination or harassment based on
race or color and retaliation for making a claim of discrimination or harassment based on any such characteristic); the Americans
with Disabilities Act and Sections 503 and 504 of the Rehabilitation Act of 1973 (which prohibit discrimination or harassment based
upon disability, retaliation for making a claim of such discrimination or harassment, and the failure to provide a reasonable accommodation
for a known disability in response to a request for accommodation); the Age Discrimination in Employment Act (which prohibits discrimination
or harassment based on age and retaliation for making a claim of discrimination or harassment under the act); the Equal Pay Act
(which prohibits paying men and women unequal pay for equal work); the Colorado Anti-Discrimination Act (which prohibits discrimination
or harassment on the basis of age (40 years of age or older), race, creed, color, sex, sexual orientation, gender identity, national
origin, religion, ancestry, or physical or mental disability and prohibits retaliation for reporting or making a claim of discrimination
or harassment based on any such characteristic); or any other local, state or federal statute, regulation, common law or decision
concerning discrimination, harassment, or retaliation on these or any other grounds or otherwise governing the employment relationship;


 


(ii)       Other employment laws, such as the
Federal Worker Adjustment and Retraining Notification Act of 1988 (known as WARN laws, which require that advance notice be given
for certain workforce reductions); the Executive Retirement Income Security Act of 1974 (which, among other things, protects employee
benefits); the Fair Labor Standards Act of 1938 (which regulates wage and hour matters); the Family and Medical Leave Act of 1993
(which requires employers to provide leaves of absence under certain circumstances); and any other federal, state, or local statute,
regulation, common law or decision relating to employment, wage laws, veterans’ reemployment rights laws or laws regulating
any other aspect of employment;


 


(iii)       All federal, state, local, or common
law claims alleging that Executive did not receive payment for, or otherwise related to, salary, bonuses, commissions, stock, stock
options, or any other ownership interests in the Company, vacation pay, fringe benefits, expense reimbursements, separation pay,
or any other form of compensation;


 


(iv)       Other laws of general application,
such as any federal, state, local or common laws enforcing express or implied employment or other contracts or covenants; any other
federal, state or local or common laws providing relief for alleged wrongful discharge, physical or personal injury, breach of
contract, intentional or negligent infliction of emotional distress, fraud, negligent misrepresentation, defamation, invasion of
privacy, violation of public policy, breach of the covenant of good faith and fair dealing, and similar or related claims; common
law claims under any tort, contract or other theory now or hereafter recognized, and any other federal, state, or local statute,
regulation, common law or decision otherwise regulating employment or the termination of employment; and


 




    	 	13	 



    	 	 	 



    

 


 


(v)       Any and all other claims related
to, or arising out of Executive’s employment with the Company and/or the Affiliated Entities or the termination of that employment.


 


By signing this agreement, Executive does
not release or waive any judicially or statutorily mandated right to participate by testifying truthfully in any state or federal
administrative proceeding before the EEOC or similar state agency, acknowledging that Executive has no right to recover any monetary
benefits or compensation in connection with such proceedings or any other claim that is non-waivable by law. Executive hereby warrants
and represents that Executive is not aware of, nor has Executive been subject to, any employment practices that would form a basis
for a claim before the EEOC or similar state agency. This release does not waive rights or claims that may arise after the date
the agreement is executed by Executive, and it does not waive rights or claims that may not, as a matter of law, be waived.


 


Executive understands and agrees that by
signing this Release Executive is giving up the right to bring any legal claim against the Released Parties concerning, directly
or indirectly, Executive’s employment relationship with Company and/or the Affiliates, including Executive’s separation
from employment. Executive has had the opportunity to specifically consult with counsel with respect to the agreements, representations,
and declarations set forth in this paragraph. Executive agrees that this legal release is intended to be interpreted in the broadest
possible manner in favor of the Company and the other Released Parties, to include all actual or potential legal claims that Executive
may have against the Released Parties, except as specifically provided otherwise in this Release. Executive hereby warrants that
Executive has no lawsuits, claims or actions pending in Executive’s name or on behalf of any other person or entity, against
the Company and/or the Affiliates or any other Release Party. Executive covenants never to institute any action or other proceeding
based in whole or part upon any Released Claim. Executive represents and warrants that Executive has not sold or otherwise assigned
any claim or any portion of any Released Claim to any third party.


 


Executive
has read this Release carefully, acknowledges that Executive has been given at least [twenty-one (21) OR forty-five (45)] days
to consider all of its terms and has been advised to consult with an attorney and any other advisors of Executive’s choice
prior to executing this Release. Executive acknowledges that Executive has been advised by the Company that he should carefully
read and fully understand the provision of this Release before signing it, fully understands that by signing below Executive is
voluntarily giving up any right which Executive may have to sue or bring any claims against the Released Parties, including any
rights and claims under the Age Discrimination in Employment Act. Executive also understands that Executive has a period of seven
(7) days after signing this Release within which to revoke his agreement by written notice delivered to the Company in accordance
with the Employment Agreement, and that neither the Company nor any other person is obligated to make any payments or provide any
other benefits to Executive pursuant to the Employment Agreement until eight (8) days have passed since Executive’s signing
of this Release without Executive’s signature having been revoked, other than any accrued obligations or other benefits payable
pursuant to the terms of the Company’s normal payroll practices or employee benefit plans. Finally, Executive has not been
forced or pressured in any manner whatsoever to sign this Release, and Executive agrees to all of its terms voluntarily. 
In the event Executive chooses to revoke this Release
within seven (7) calendar days after the day Executive signs it, this Release shall be void, all actions taken pursuant to this
Release shall be reversed, and neither this Release nor the fact of or circumstances surrounding its execution shall be admissible
for any purpose whatsoever in any proceeding between the parties to the Release, except in connection with a claim or defense involving
the validity or effective rescission of this Release.


 


Notwithstanding anything else herein to
the contrary, this Release shall not affect: (i) the Company’s obligations under any compensation or employee benefit plan,
program or arrangement (including, without limitation, obligations to Executive under the Employment Agreement, any stock option,
stock award or agreements or obligations under any pension, deferred compensation or retention plan) provided by the Affiliated
Entities where Executive’s compensation or benefits are intended to continue or Executive is to be provided with compensation
or benefits, in accordance with the express written terms of such plan, program or arrangement, beyond the date of Executive’s
termination; (ii) rights to indemnification Executive may have under the Employment Agreement or a separate agreement entered into
with the Company; or (iii) rights Executive may have as a shareholder.


 




    	 	14	 



    	 	 	 



    

 


 


Executive agrees that Executive shall not
make any disparaging, derogatory or detrimental comments about the Company or any of the Affiliated Entities or any of their directors,
officers, employees, partners, members, managers or shareholders, or any investor or other person or entity having a business relationship
with the Company or any of the Affiliated Entities. Executive also acknowledges that the terms of this Release constitute Proprietary
and Confidential Information (as defined in the Employment Agreement).


 


The parties understand and agree that this
Release shall not be construed as an admission of liability on the part of any person or entity, liability being expressly denied.


 


This Release is final and binding and may
not be changed or modified except in a writing signed by both parties. This Release is governed by and is to be construed, administered,
and enforced in accordance with the laws of the State of Colorado, without regard to conflicts of law principles.


  


	 	 
	 	[•]
	 	 
	 	ROYAL GOLD, INC.
	 	 	 
	 	By:	 
	 	Name:	[•]
	 	Title:	[•]


 




    	 	15