Exhibit 10.4





 





SEVERANCE COMPENSATION AGREEMENT


 


This Severance Compensation
Agreement (this “Agreement”) is made and entered into as of September 19, 2013 (the “Effective Date”) by
and between Debra W. Struhsacker (the “Employee“) and Pershing Gold Corporation, a Nevada corporation (the “Company”).


 


RECITALS


 


WHEREAS, Employee is
the Corporate Vice President of the Company.


 


WHEREAS, the Company
believes that appropriate steps should be taken to assure the Company and its affiliates of Employee’s continued employment
and attention and dedication to duty, and to ensure the availability of Employee’s continued service, notwithstanding the
possibility, threat or occurrence of a change in control.


 


WHEREAS, it is consistent
with the Company‘s employment practices and policies and in the best interests of the Company and its shareholders to treat
fairly its executive employees whose employment terminates without cause (either before or after a change in control) and to establish
up front the terms and conditions of an executive’s separation from employment in such event.


 


WHEREAS, in order to
fulfill the above purposes, the Company and Employee wish to enter into this Agreement, which provides for the payment of severance
benefits to Employee under certain circumstances in exchange for the Employee’s release of claims against the Company and
agreement not to compete with or to solicit the Company’s employees or business opportunities for a period of time post-employment.


 


AGREEMENT


 


NOW, THEREFORE, in
consideration of the mutual promises, covenants and agreements contained herein, the parties agree as follows:


 


1.             Definitions; Construction.


 


1.1           Definition. As used herein, the following words and phrases shall have the following respective meanings unless the
context clearly indicates otherwise.


 


(a)           Annual Bonus Amount.


 


1.           In the event the Date of Termination occurs prior to a Change in Control, the Annual Bonus Amount shall be the average of
the actual regular annual cash bonuses paid or payable to Employee with respect to the two fiscal years of the Company immediately
preceding the fiscal year in which the Date of Termination occurs (or such lesser number of fiscal years as Employee may have been
employed by the Company preceding the fiscal year in which the Date of Termination occurs) (the “Actual Bonus Amount“);
provided, however, that in the event the Date of Termination occurs in 2013, the Annual Bonus Amount shall equal
$100.000.00.


 


2.           In the event the Date of Termination occurs following a Change in Control the Annual Bonus Amount shall be the greater of
(i) the Actual Bonus Amount, or (ii) $100,000.00.


 






     


     


    

 


(b)           Base Salary. The Employee’s highest annual base salary in effect during the two-year period immediately preceding
the Date of Termination.


 


(c)           Board. The Board of Directors of the Company.


 


(d)           Cause.· Any of the following:


 


1.           conviction of a felony or a crime involving fraud or moral turpitude; or


 


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


 


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


 


4.           willful failure to follow lawful instructions of the person or body to which Employee reports; or


 


5.           gross negligence or willful misconduct in the performance of Employee’s assigned duties. Cause shall not include mere
unsatisfactory performance in the achievement of Employee’s job objectives.


 


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


 


(f)            Code. The Internal Revenue Code of 1986, as amended from time to time.


 


(g)           Date of Termination. The date on which the Employee has a Separation from Service from the Company.


 






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


 


(i)            Good Reason. Without the express written consent of Employee, the occurrence of one of the following arising on or
after the date of this Agreement, as determined in a manner consistent with Treasury Regulation Section 1.409A-1(n)(2)(ii):


 


1.           a material reduction or change in Employee’s title or job duties, responsibilities and requirements that is inconsistent
with Employee’s position with the Company and Employee’s prior duties, responsibilities and requirements;


 


2.           a material reduction in the Employee’s Base Salary or bonus opportunity unless a proportionate reduction is made to
the Base Salary or bonus opportunity of all members of the Company‘s senior management ;


 


3.           a change of more than 50 miles in the geographic location at which the Employee primarily performs services for the Company;
or


 


4.           any material breach of this Agreement by the Company.


 


In the case of Employee’s
allegation of Good Reason, (1) Employee shall provide written notice to the Company of the event alleged to constitute Good Reason
within 30 days after the initial occurrence of such event, and (2) the Company shall have the opportunity to remedy the alleged
Good Reason event within 30 days from receipt of notice of such allegation.


 


(j)            Separation from Service. A “separation from service” within the meaning of Section 409A(a)(2)(A)(i) of
the Code and Treasury Regulation Section 1.409A-1(h).


 


1.2           Construction. Wherever appropriate, the singular shall include the plural, the plural shall include the singular,
and the masculine shall include the feminine.


 


2.             Term.


 


This Agreement shall
be effective as of the Effective Date and shall expire on the third anniversary thereof; provided, however, that
the expiration of this Agreement shall not affect the Employee’s rights to receive any payments or benefits otherwise due
as a result of a Separation from Service occurring prior to the expiration of this Agreement.


 


3.             Entitlement to Benefits.


 


The Employee shall
be entitled to separation benefits as set forth in Section 4 below if the Employee incurs a Separation from Service from the Company
during the term of this Agreement that is (a) initiated by the Company for any reason other than Cause, death, or Disability or
(b) initiated by the Employee for Good Reason and the Date of Termination occurs within 90 days following the expiration of the
cure period afforded the Company to rectify the condition giving rise to Good Reason (a “Qualifying Termination“).
If the Employee incurs a Separation from Service for any other reason, or after the term of this Agreement has expired, the Employee
shall not be entitled to any payments or benefits hereunder.


 






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4.             Separation Benefits.


 


If the Employee incurs
a Qualifying Termination, the benefits to which the Employee shall be entitled shall be determined as follows:


 


4.1           Prior to Change in Control. If the Qualifying Termination occurs prior to a Change in Control, and the Employee executes
the Release in accordance with Section 4.4 below, the Company shall:


 


(a)           Pay to Employee on the sixtieth (60th) day following the Date of Termination a lump-sum severance payment equal
to one and one-half (1.5) times the sum of:


 


1.         the Employee’s Base Salary, plus


 


2.         the Annual Bonus Amount.


 


(b)           In addition, provided Employee timely elects continuation coverage under the Consolidated Omnibus Budget Reconciliation
Act of 1985, as amended (“COBRA”), the Company shall pay for twelve (12) months following the Date of Termination (or
such shorter period as Employee is entitled to COBRA continuation coverage under the terms of the Company’s insurance policies
or plans), the premiums for the coverage elected by Employee.


 


4.2           On or After a Change in Control. If the Qualifying Termination occurs on or within twelve (12) months following a
Change in Control, and the Employee executes the Release in accordance with Section 4.4 below, the Company shall:


 


(a)           Pay to Employee on the sixtieth (60th) day following the Date of Termination a lump-sum severance payment equal to one and
one-half (1.5) times the sum of:


 


1.         the Employee’s Base Salary, plus


 


2.         the Annual Bonus Amount.


 


(b)           In addition, provided Employee timely elects continuation coverage under COBRA, the Company shall pay for eighteen (18)
months following the Date of Termination (or such shorter period as Employee is entitled to COBRA continuation coverage under the
terms of the Company’s insurance policies or plans), the premiums for the coverage elected by Employee.


 


4.3           Additional Benefits. Nothing in this Agreement shall be deemed to relieve the Company of its obligations under applicable
law to pay Employee all salary and other compensation accrued as of the Date of Termination, to reimburse Employee for any business
expenses properly incurred by Employee and reimbursable under the Company’s expense reimbursement policies in effect from
time to time, and to otherwise provide Employee with any benefits to which Employee may be due under the terms and conditions of
any employee benefit plans sponsored by the Company.


 


4.4           Release. As a condition precedent to the payment by the Company of the amounts set forth under the Section 4.1 or
4.2, as applicable, the Employee must execute a release in substantially the form attached hereto as Exhibit A (the “Release”)
within forty-five (45) days following the Date of Termination and not revoke such Release within the subsequent seven (7) day revocation
period (if applicable).


 






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5.             Section 280G.


 


Notwithstanding any
other provision of this Agreement, in the event that it shall be determined that the aggregate payments or distributions by the
Company to or for the benefit of Employee, whether paid or payable or distributed or distributable pursuant to the terms of this
Agreement or otherwise (the “Payments”), constitute “excess parachute payments” (as such term is defined
under Section 2800 of the Code or any successor provision, and the regulations promulgated thereunder (collectively, “Section
2800“)) that would be subject to the excise tax imposed by Section 4999 of the Code or any successor provision (collectively,
“Section 4999”) or any interest or penalties with respect to such excise tax (the total excise tax, together with any
interest and penalties, are hereinafter collectively referred to as the “Excise Tax”)), then the Payments shall be
either (a) delivered in full, or (b) delivered to such lesser extent that would result in no portion of the Payments being subject
to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state or local income and employment
taxes and the Excise Tax, results in the receipt by Employee, on an after-tax basis, of the greatest amount of benefits, notwithstanding
that all or some portion of such benefits may be subject to the Excise Tax. In the event that the Payments are to be reduced pursuant
to this Section 5, such Payments shall be reduced such that the reduction of compensation to be provided to Employee as a result
of this Section 5 is minimized. In applying this principle, the reduction shall be made in a manner consistent with the requirements
of Section 409A and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts
shall be reduced on a pro rata basis (but not below zero). All calculations required pursuant to this Section 13 shall be performed
in good faith by nationally recognized registered public accountants or tax counsel selected by the Company.


 


6.             Confidential Material and Participant Obligations.


 


6.1           Confidential Material. The Employee shall not, directly or indirectly, either during the term of employment or thereafter,
disclose to anyone (except in the regular course of the Company’s business or as required by law), or use in any manner,
any information acquired by the Employee during employment by the Company with respect to any clients or customers of the Company
or any confidential, proprietary or secret aspect of the Company’s operations or affairs unless such information has become
public knowledge other than by reason of actions, direct or indirect, of the Employee. Information subject to the provisions of
this paragraph will include, without limitation:


 


(a)         Names, addresses and other information regarding investors in the Company’s or its affiliates’ gold exploration
or mining programs;


 


(b)         Lists of or information about personnel seeking employment with or who are currently employed by the Company or its affiliates;


 


(c)         Maps, logs, due diligence investigations, exploration prospects, geological information, mining reports and any other information
regarding past, planned or possible future leasing, exploration, mining, acquisition or other operations that the Company or its
affiliates have completed or are investigating or have investigated for possible inclusion in future activities; and


 






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(d)         Any other information or contacts relating to the Company’s or its affiliates’ exploration, mining, development,
fund-raising, purchasing, engineering, marketing, merchandising and selling activities.


 


6.2           Return of Confidential Material. All maps, logs, data, drawings and other records and written and digital material
prepared or compiled by the Employee or furnished to the Employee during the term of employment will be the sole and exclusive
property of the Company, and none of such material may be retained by the Employee upon termination of employment. The aforementioned
materials include materials on the Employee’s personal computer. The Employee shall return to the Company or destroy all
such materials on or prior to the Date of Termination. Notwithstanding the foregoing, the Employee will be under no obligation
to return or destroy public information.


 


6.3           Non-Compete. The Employee shall not directly, either during the term of employment or for a period of one (1) year
thereafter, engage in any Competitive Business (as defined below) within Pershing County; provided, however, that
the ownership of less than five percent (5%) of the outstanding capital stock of a corporation whose shares are traded on a national
securities exchange or on the over-the-counter market shall not be deemed engaging in a Competitive Business. “Competitive
Business” shall mean typical gold exploration and mining activities, including mineral leasing, exploration, mining, or any
other business activities, that are in direct conflict with the business or interests of the Company’s or an affiliates business
operations as its business exist on the Date of Termination.


 


6.4           No Solicitation. The Employee shall not, directly or indirectly, either during the term of employment or for a period
of one (1) year thereafter, (i) solicit, directly or indirectly, the services of any person who was a full-time employee of the
Company, its subsidiaries, divisions or affiliates, or otherwise induce such employee to terminate or reduce such employment, or
(ii) solicit the business of any person who was a client or customer of the Company, its subsidiaries, divisions or affiliates,
in each case at any time during the last year of the term of employment. For purposes of this Agreement, the term “person”
includes natural persons, corporations, business trusts, associations, sole proprietorships, unincorporated organizations, partnerships,
joint ventures, limited liability companies or partnerships, and governments, or any agencies, instrumentalities or political subdivisions
thereof.


 


6.5           Remedies. The Employee acknowledges and agrees that the Company’s remedy at law for a breach or a threatened
breach of the provisions herein would be inadequate, and in recognition of this fact, in the event of a breach or threatened breach
by the Employee of any of the provisions of this Agreement, it is agreed that the Company will be entitled to equitable relief
in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable
remedy which may then be available, without posting bond or other security. The Employee acknowledges that the granting of a temporary
injunction, a temporary restraining order or other permanent injunction merely prohibiting the Employee from engaging in any business
activities would not be an adequate remedy upon breach or threatened breach of this Agreement, and consequently agrees upon any
such breach or threatened breach to the granting of injunctive relief prohibiting the Employee from engaging in any activities
prohibited by this Agreement. No remedy herein conferred is intended to be exclusive of any other remedy, and each and every such
remedy will be cumulative and will be in addition to any other remedy given hereunder now or hereinafter existing at law or in
equity or by statute or otherwise. In addition, in the event of any breach or suspected breach of the provisions of this Section
6, the Company shall have the right to suspend immediately any payments or benefits that may otherwise be due Employee pursuant
to this Agreement.


 






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7.             Successor to Company.


 


This Agreement shall
bind any successor of the Company, its assets or its businesses (whether direct or indirect, by purchase, merger, consolidation
or otherwise), in the same manner and to the same extent that the Company would be obligated under this Agreement if no succession
had taken place. In the case of any transaction in which a successor would not by the foregoing provision or by operation of law
be bound by this Agreement, the Company shall require such successor expressly and unconditionally to assume and agree to perform
the Company’s obligations under this Agreement, in the same manner and to the same extent that the Company would be required
to perform if no such succession had taken place. The term “Company,” as used in this Agreement shall mean the Company
as hereinbefore defined and any successor or assignee to the business or assets which by reason hereof becomes bound by this Agreement.


 


8.             Miscellaneous.


 


8.1           Full Settlement. Except as otherwise specifically provided herein, the Company’s obligation to make the payments
provided for under this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim,
recoupment, defense or other claim, right or action which the Company may have against the Employee. In no event shall the Employee
be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Employee under
any of the provisions of this Agreement and such amounts shall not be reduced whether or not the Employee obtains other employment.


 


8.2           Employment Status. This Agreement does not constitute a contract of employment or impose on the Employee or the Company
any obligation for the Employee to remain an employee or change the status of the Employee’s employment or the policies of
the Company regarding termination of employment.


 


8.3           Unfunded Agreement Status. All payments pursuant to the Agreement shall be made from the general funds of the Company
and no special or separate fund shall be established or other segregation of assets made to assure payment. The Employee shall
not have under any circumstances any interest in any particular property or assets of the Company as a result of this Agreement.
Notwithstanding the foregoing, the Company may (but shall not be obligated to) create one or more grantor trusts, the assets of
which are subject to the claims of the Company’s creditors, to assist it in accumulating funds to pay its obligations under
this Agreement.


 


8.4           Section 409A.


 


(a)        General. The payments and benefits provided hereunder are intended to be exempt from or compliant with the requirements
of Section 409A of the Code. Notwithstanding any provision of this Agreement to the contrary, in the event that the Company reasonably
determines that any payments or benefits hereunder are not either exempt from or compliant with the requirements of Section 409A
of the Code, the Company shall have the right to adopt such amendments to this Agreement or adopt such other policies and procedures
(including amendments, policies and procedures with retroactive effect), or take any other actions, that are necessary or appropriate
(i) to preserve the intended tax treatment of the payments and benefits provided hereunder, to preserve the economic benefits with
respect to such payments and benefits, and/or (ii) to exempt such payments and benefits from Section 409A of the Code or to comply
with the requirements of Section 409A of the Code and thereby avoid the application of penalty taxes or interest thereunder: provided,
however, that this Section 8.4(a) does not, and shall not be construed so as to, create any obligation on the part of the Company
to adopt any such amendments, policies or procedures or to take any other such actions or to indemnify the Employee for any failure
to do so, Employee shall, at the request of the Company, take any action (or refrain from taking any action) required to comply
with any correction procedure promulgated pursuant to Section 409A of the Code.


 






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(b)        Exceptions to Apply. The Company shall apply the exceptions provided in Treasury Regulation Section 1.409A-1(b)(4),
Treasury Regulation Section 1.409A-1(b)(9) and all other applicable exceptions or provisions of Section 409A of the Code to the
payments and benefits provided under this Agreement so that, to the maximum extent possible such payments and benefits are not
“nonqualified deterred compensation” subject to Section 409A of the Code. All payments and benefits provided under
this Agreement shall be deemed to be separate payments (and any payments made in installments shall be deemed a series of separate
payments) and a separately identifiable or designated amount for purposes of Section 409A of the Code.


 


(c)        Taxable Reimbursements. To the extent that any payments or reimbursements provided to the Employee are deemed to
constitute “nonqualified deferred compensation” subject to Section 409A of the Code, such amounts shall be paid or
reimbursed reasonably promptly, but not later than December 31 of the year following the year in which the expense was incurred.
The amount of any payments or expense reimbursements that constitute compensation in one year shall not affect the amount of payments
or expense reimbursements constituting compensation that are eligible for payment or reimbursement in any subsequent year, and
the Employee’s right to such payments or reimbursement of any such expenses shall not be subject to liquidation or exchange
for any other benefit.


 


(d)        Specified Employee. Notwithstanding anything to the contrary in this Agreement, no compensation or benefits that
are “nonqualified deferred compensation” subject to Section 409A of the Code shall be paid to Employee during the 6-month
period following his Separation from Service to the extent that the Company determines that the Employee is a “specified
employee” and that paying such amounts at the time or times indicated in this Agreement would be a prohibited distribution
under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is delayed as a result of the previous sentence,
then on the first business day following the end of such 6-month period (or such earlier date upon which such amount can be paid
under Section 409A of the Code without being subject to such additional taxes, including as a result of the Employee’s death),
the Company shall pay to the Employee a lump-sum amount equal to the cumulative amount that would have otherwise been payable to
the Employee during such 6-month period.


 


8.5           Validity and Severability. The invalidity or unenforceability of any provision of the Agreement shall not affect
the validity or enforceability of any other provision of the Agreement, which shall remain in full force and effect, and any prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.


 


8.6           Governing Law. The validity, interpretation, construction and performance of the Agreement shall in all respects
be governed by the laws of Nevada, without reference to principles of conflict of law, except to the extent pre-empted by federal
law.


 






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8.7           Withholding. All payments to the Employee made in accordance with the provisions of this Agreement shall be subject
to applicable withholding of local state, federal and foreign taxes and other deductions required or permitted to be made by law,
as determined in the sole discretion of the Company.


 


8.8           Clawback. Employee agrees to be bound by the provisions of any recoupment or “clawback” policy that the
Company may adopt from time to time that by its terms is applicable to Employee, or by any recoupment or “clawback”
that is otherwise required by law or the listing standards of any exchange on which the Company’s common stock is then traded,
including the “clawback” required by Section 954 of the Dodd-Frank Act.


 


8.9           Indemnification.


 


(a)        Corporate Acts. In Employee’s capacity as a director, manager, officer, or employee of the Company or serving
or having served any other entity as a director, manager, officer, or employee at the Company’s request, Employee shall be
indemnified and held harmless by the Company to the fullest extent allowed by law, the Company’s Certificate of Incorporation
and Bylaws, from and against any and all losses, claims, damages, liabilities, expenses (including legal fees and expenses), judgments,
fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal,
administrative or investigative, in which Employee may be involved, or threatened to be involved, as a party or otherwise by reason
of Employee’s status, which relate to or arise out of the Company, their assets, business or affairs, if in each of the foregoing
cases, (i) Employee acted in good faith and in a manner Employee believed to be in the best interests of the Company, and, with
respect to any criminal proceeding, had no reasonable cause to believe Employee’s conduct was unlawful, and (ii) Employee’s
conduct did not constitute gross negligence or willful or wanton misconduct. The Company shall advance all reasonable expenses
incurred by Employee in connection with the investigation, defense, settlement or appeal of any civil or criminal action or proceeding
referenced in this Section, including but not necessarily limited to, reasonable fees of legal counsel, expert witnesses or other
litigation-related expenses.


 


(b)        Directors & Officers Insurance. During the Employee’s term of employment and thereafter for six years after
the Employee’s employment terminates, Employee shall be entitled to coverage under the Company’s directors and officers
liability insurance policy and any other insurance policy providing coverage to directors or officers of the Company, subject to
the terms of such policies, in effect at any time in the future to no lesser extent than any other officers or directors of the
Company.


 


8.10         Survival of Provisions. Notwithstanding anything herein to the contrary, the provisions of Sections 4, 5, 6, 7 and
8 of this Agreement shall survive the expiration of this Agreement and the termination of the employment Term for any reason.


 


 






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IN WITNESS WHEREOF,
the parties hereto have executed this Severance Compensation Agreement as of the date first above written.


 





	 	PERSHING GOLD CORPORATION
	 	 	 
	 	 	 
	 	By:  	/s/ Stephen Alfers	 
	 	Name: 	Stephen Alfers	 
	 	Title:  	Chief Executive Officer, President and Chairman	 
	 	 	 
	 	DEBRA W. STRUHSACKER	 
	 	 	 
	 	/s/ Debra W. Struhsacker	 




 









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EXHIBIT A


 


GENERAL RELEASE OF CLAIMS


 


This General Release
(this “Release”) is entered into as of this _____ day of ________________, 20___, by and between Pershing Gold Corporation
(the “Company”) and (the “Employee”) (collectively, the “Parties”).


 


WHEREAS, the Employee
is a party to that certain Severance Compensation Agreement, dated September 9, 2013 (the “Agreement”), governing the
terms and conditions applicable to the Employee’s termination of employment under certain circumstances;


 


WHEREAS, pursuant to
the terms of the Agreement, the Company has agreed to provide the Employee certain benefits and payments under the term and conditions
specified therein, provided that the Employee has executed and not revoked a general release of claims in favor of the Company;


 


WHEREAS, the Employee’s
employment with the Company is being terminated effective ______________, 20___; and


 


WHEREAS, the Parties
wish to terminate their relationship amicably and to resolve, fully and finally, all actual and potential claims and disputes relating
to the Employee’s employment with and termination from the Company and all other relationships between the Employee and the
Company, up to and including the date of execution of this Release.


 


NOW, THEREFORE, in
consideration of these recitals above and the promises and mutual covenants contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are expressly acknowledged, the Parties, intending to be legally bound, agree as follows:


 


		1.	Termination of Employee. The Employee’s employment with the Company shall terminate
on ____________, 20___ (the “Termination Date”).



 


		2.	Severance Benefits. Pursuant to the terms of the Agreement, and in consideration of the
Employee’s release of claims and the other covenants and agreements contained herein and therein, and provided that the Employee
has signed this Release and delivered it to the Company and has not exercised any revocation rights as provided in Section 6 below,
the Company shall provide the severance benefits described in Section 4 of the Agreement (the “Benefits“) in the time
and manner provided therein; provided, however, that the Company’s obligations will be excused if the Employee
breaches any of the provisions of the Agreement, including, without limitation, Section 6 thereof. The Employee acknowledges and
agrees that the Benefits constitute consideration beyond that which, but for the mutual covenants set forth in this Release and
the covenants contained in the Agreement, the Company otherwise would not be obligated to provide, nor would the Employee otherwise
be entitled to receive.



 


		3.	Effective Date. Provided that it has not been revoked pursuant to Section 6 hereof, this
Release will become effective on the eighth (8th) day after the date of its execution by the Employee (the “Effective Date”).



 


		4.	Effect of Revocation. The Employee acknowledges and agrees that if the Employee revokes
this Release pursuant to Section 6 hereof, the Employee will have no right to receive the Benefits.



 






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		5.	General Release. In consideration of the Company’s obligations, the Employee hereby
releases, acquits and forever discharges the Company and each of its subsidiaries and affiliates and each of their respective officers,
employees, directors, successors and assigns (collectively, the “Released Parties”) from any and all claims, actions
or causes of action in any way related to his employment with the Company or the termination thereof, whether arising from tort,
statute or contract, including, but not limited to, claims of defamation, claims arising under the Employee Retirement Income Security
Act of 1974, as amended, the Age Discrimination in Employment Act of 1967, as amended by the Older Workers Benefit Protection Act
of 1990, Title VII of the Civil Rights Act of 1964, as amended, the Americans with Disabilities Act, the Family and Medical Leave
Act, the discrimination and wage payment laws of any state, and any other federal, state or local statutes or ordinances of the
United States, it being the Employee’s intention and the intention of the Company to make this release as broad and as general
as the law permits. The Employee understands that this Release does not waive any rights or claims that may arise after his execution
of it and does not apply to claims arising under the terms of the Agreement with respect to payments the Employee may be owed pursuant
to the terms thereof.



 


		6.	Review and Revocation Period. The Employee acknowledges that the Company has advised the
Employee that the Employee may consult with an attorney of the Employee’s own choosing (and at the Employee’s expense)
prior to signing this Release and that the Employee has been given at least forty-five (45) days during which to consider the provisions
of this Release, although the Employee may sign and return it sooner. The Employee further acknowledges that the Employee has been
advised by the Company that after executing this Release, the Employee will have seven (7) days to revoke this Release, and that
this Release shall not become effective or enforceable until such seven (7) day revocation period has expired. The Employee acknowledges
and agrees that if the Employee wishes to revoke this Release, the Employee must do so in writing, and that such revocation must
be signed by the Employee and received by the Chairman of the Board of the Company (the “Board”) (or the Chair of the
Compensation Committee) no later than 5:00 p.m. Mountain Time on the seventh (7th) day after the Employee has executed this Release.
The Employee further acknowledges and agrees that, in the event that the Employee revokes this Release, the Employee will have
no right to receive any benefits hereunder, including the Benefits. The Employee represents that the Employee has read this Release
and understands its terms and enters into this Release freely, voluntarily and without coercion.



 


		7.	Confidentiality, Non-Compete and Non-Solicitation. The Employee reaffirms Employee’s
commitments in Section 6 of the Agreement.



 


		8.	Cooperation in Litigation. At the Company’s reasonable request the Employee shall
use good faith efforts to cooperate with the Company, its affiliates, and each of its and their respective attorneys or other legal
representatives (“Attorneys”) in connection with any claim, litigation or judicial or arbitral proceeding which is
material to the Company or its affiliates and is now pending or may hereinafter be brought against the Released Parties by any
third party; provided, that, the Employee’s cooperation is essential to the Company’s case. The Employee’s duty
of cooperation will include, but not be limited to: (a) meeting with the Company’s and/or its affiliates’ Attorneys
by telephone or in person at mutually convenient times and places in order to state truthfully the Employee’s knowledge of
matters at issue and recollection of events; (b) appearing at the Company’s, its affiliates’ and/or their Attorneys
request (and, to the extent possible, at a time convenient to the Employee that does not conflict with the needs or requirements
of the Employee’s then-current employer) as a witness at depositions or trials, without necessity of a subpoena, in order
to state truthfully the Employee’s knowledge of matters at issue; and (c) signing at the Company’s, its affiliates’
and/or their Attorneys ’ request declarations or affidavits that truthfully state matters of which the Employee has knowledge.
The Company shall reimburse the Employee for the reasonable expenses incurred by him in the course of his cooperation hereunder
and shall pay to the Employee per diem compensation in an amount equal to the daily prorated portion of the Employee’s base
salary immediately prior to the Termination Date. The obligations set forth in this Section 8 shall survive any termination or
revocation of this Release.



 






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		9.	Non-Admission of Liability. Nothing in this Release will be construed as an admission of
liability by the Employee or the Released Parties; rather, the Employee and the Released Parties are resolving all matters arising
out of the employer-employee relationship between the Employee and the Company and all other relationships between the Employee
and the Released Parties.



 


		10.	Nondisparagement. The Employee agrees not to make negative comments or otherwise disparage
the Company or its officers, directors, employees, shareholders or agents, in any manner likely to be harmful to them or their
business, business reputation or personal reputation. The Company agrees that the members of the Board and officers of the Company
as of the date hereof will not, while employed by the Company or serving as a director of the Company, as the case may be, make
negative comments about the Employee or otherwise disparage the Employee in any manner that is likely to be harmful to the Employee’s
business or personal reputation. The foregoing shall not be violated by truthful statements in response to legal process or required
governmental testimony or filings, and the foregoing limitation on the Company’s directors and officers will not be violated
by statements that they in good faith believe are necessary or appropriate to make in connection with performing their duties for
or on behalf of the Company.



 


		11.	Binding Effect. This Release will be binding upon the Parties and their respective heirs,
administrators, representatives, executors, successors and assigns, and will inure to the benefit of the Parties and their respective
heirs, administrators, representatives, executors, successors and assigns.



 


		12.	Governing Law. This Release will be governed by and construed and enforced in accordance
with the laws of the State of Nevada applicable to agreements negotiated, entered into and wholly to be performed therein, without
regard to its conflicts of law or choice of law provisions which would result in the application of the law of any other jurisdiction.



 


		13.	Severability. Each of the respective rights and obligations of the Parties hereunder will
be deemed independent and may be enforced independently irrespective of any of the other rights and obligations set forth herein.
If any provision of this Release should be held illegal or invalid, such illegality or invalidity will not affect in any way other
provisions hereof, all of which will continue, nevertheless, in full force and effect.



 


		14.	Counterpart. This Release may be signed in counterparts. Each counterpart will be deemed
to be an original but together all such counterparts will be deemed a single agreement.



 






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		15.	Entire Agreement; Modification. This Release constitutes the entire understanding between
the Parties with respect to the subject matter hereof and may not be modified without the express written consent of both Parties.
This Release supersedes all prior written and/or oral and all contemporaneous oral agreements, understandings and negotiations
regarding its subject matter. This Release may not be modified or canceled in any manner except by a writing signed by both Parties.



 


		16.	Acceptance. The Employee may confirm acceptance of the terms and conditions of this Release
by signing and returning two (2) original copies of this Release to the Chairman of the Board, no later than 5:00 p.m. Mountain
Time forty five (45) days after the Employee’s Termination Date.



 


THE EMPLOYEE ACKNOWLEDGES AND REPRESENTS
THAT THE EMPLOYEE HAS FULLY AND CAREFULLY READ THIS RELEASE PRIOR TO SIGNING IT AND UNDERSTANDS ITS TERMS. THE EMPLOYEE FURTHER
ACKNOWLEDGES AND AGREES THAT THE EMPLOYEE HAS BEEN, OR HAS HAD THE OPPORTUNITY TO BE, ADVISED BY INDEPENDENT LEGAL COUNSEL OF THE
EMPLOYEE’S OWN CHOICE AS TO THE LEGAL EFFECT AND MEANING OF EACH OF THE TERMS AND CONDITIONS OF THIS RELEASE, AND IS ENTERING
INTO THIS RELEASE FREELY AND VOLUNTARILY AND NOT IN RELIANCE ON ANY PROMISES OR REPRESENTATIONS OTHER THAN AS SET FORTH IN THIS
RELEASE.


 


 






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IN WITNESS WHEREOF,
the Company and the Employee have duly executed this Release as of the date first above written,


 


 





	 	PERSHING GOLD CORPORATION
	 	 
	 	 
	 	By: ___________________________________
	 	Name:  Stephen Alfers
	 	Title:    Chief Executive Officer, President and Chairman
	 	 
	 	DEBRA W. STRUHSACKER
	 	 
	 	______________________________________


 


 






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