Document:

Exhibit 10.2 

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(this “Agreement”) is made and entered into as of the ____ day of September, 2013 (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 [•] 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 position of [•]. Executive shall serve and perform the duties which may from
time to time be assigned to him by the President and/or 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 [•] 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 [•]. 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.

 

    	 

    	 

    

 

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 incentive compensation
(an “Annual Bonus”) from the Company in an amount 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.

 

(c)          Long-Term
Incentive Award Opportunities. Executive shall be eligible to participate throughout the Term in the Company’s 2004 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.

 

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(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.

 

(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.

 

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(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
and such circumstances have not been fully corrected within thirty (30) days of the notice given in respect thereof: (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.
If Executive has not been eligible to receive an Annual Bonus for three (3) fiscal years at the time of termination of Executive’s
employment, then the average of Annual Bonuses to be determined under clause (B) of this Section 5(a)(iii) shall be based on the
lesser number of fiscal years for which Executive has been eligible to receive an Annual Bonus. If Executive has received an Annual
Bonus for a portion of a fiscal year, then the amount of such Annual Bonus shall be annualized solely for purposes of the determination
made under clause (B) of this Section 5(a)(iii). [Note: Last two sentences may be removed for employees who have received three
years of annual bonuses at time of signature.]

 

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(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 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. If necessary, the average of Annual
Bonuses shall be determined in accordance with the last two sentences of Section 5(a)(iii). [Note: Last sentence may be removed
for employees who have received three years of annual bonuses at time of signature.]

 

(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 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. If necessary, the average of Annual Bonuses shall be determined in accordance with the last two
sentences of Section 5(a)(iii). [Note: Last sentence may be removed for employees who have received three years of annual bonuses
at time of signature.]

 

(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):

 

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(i)         one
and one-half (1.5) times Executive’s Base Salary, payable in accordance with the time period set forth in Section 5(a)(iii);
and

 

(ii)         one
and one-half (1.5) 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”).
If necessary, the average of Annual Bonuses shall be determined in accordance with the last two sentences of Section 5(a)(iii);
[Note: Last sentence to be removed for employees who have received three years of annual bonuses at time of signature.]

 

(iii)        if
Executive (and Executive’s eligible dependants) 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 dependants’) 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 dependants’) 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 dependants) 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 dependants) 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 dependants’) 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 dependants’) 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.

 

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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 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.

 

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.

  

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(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.

 

(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:

 

    	11

    	 

    

 

(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

 

(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.

 

    	12

    	 

    

 

(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.

 

    	13

    	 

    

 

(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.

 

    	14

    	 

    

 

(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.

 

(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).

 

    	15

    	 

    

 

(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.

 

    	16

    	 

    

 

(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

 

(iii)        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.

 

[SIGNATURE PAGE FOLLOWS]

 

    	17

    	 

    

 

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:	[•]
	 	 	 
	 	 
	 	[•]	 

 

    	18

    	 

    

 

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 September __, 2013 (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 arising out of, or related to, his 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, whether
known or unknown to Executive, by reason of facts which have occurred on or prior to the date that Executive has signed this Release.
Such released claims include, without limitation, any and all claims relating to the foregoing under federal, state or local laws
pertaining to employment, including, without limitation, the Age Discrimination in Employment Act, Title VII of the Civil Rights
Act of 1964, as amended, 42 U.S.C. Section 2000e et. seq., the Fair Labor Standards Act, as amended, 29 U.S.C. Section 201 et.
seq., the Americans with Disabilities Act, as amended, 42 U.S.C. Section 12101 et. seq., the Reconstruction Era Civil Rights Act,
as amended, 42 U.S.C. Section 1981 et. seq., the Rehabilitation Act of 1973, as amended, 29 U.S.C. Section 701 et. seq., the Family
and Medical Leave Act of 1992, 29 U.S.C. Section 2601 et. seq., the Older Workers Benefit Protection Act of 1990, the Pregnancy
Discrimination Act, the Equal Pay Act of 1963, the Colorado Civil Rights Act, the Colorado Anti-Discrimination Act and any and
all state or local laws regarding employment discrimination and/or federal, state or local laws of any type or description regarding
employment, including but not limited to any claims arising from or derivative of Executive’s employment with, or termination
from, the Affiliated Entities, as well as any and all such claims under contract or tort law, including, without limitation, any
and all claims for wrongful discharge, breach of implied or express contract, promissory estoppel, breach of any covenant of good
faith and fair dealing, intentional or negligent infliction of emotional distress, defamation, or any claim that the Company has
dealt with Executive unfairly or in bad faith. Executive represents and warrants that he has not sold or otherwise assigned any
claim or any portion of any claim to any third party.

 

    	19

    	 

    

 

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 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.

 

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.

 

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).

 

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:	[•]

 

    	20Exhibit 4.1

 

COMMON STOCK PURCHASE WARRANT

 

DATARAM CORPORATION

 

 

 

	Warrant Shares:  _____________	Issue Date:  September 18, 2013

 

 

 

THIS COMMON STOCK
PURCHASE WARRANT (the "Warrant") certifies that, for value received, or its assigns (the "Holder")
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the six-month anniversary of the Issue Date (the " Initial Exercise Date ") and on or prior to the close
of business on the five-year anniversary of the Initial Exercise Date (the "Termination Date") but not thereafter,
to subscribe for and purchase from Dataram Corporation, a New Jersey corporation (the "Company"),
up to shares (as subject to adjustment hereunder, the "Warrant Shares") of Common Stock. The purchase price of
one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that
certain Securities Purchase Agreement (the "Purchase Agreement"), dated September 18, 2013, among the Company
and the purchasers signatory thereto.

Section
2. Exercise.

a)
Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or
after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency
of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the
books of the Company) of a duly executed facsimile copy of the Notice of Exercise Form annexed hereto. Within three (3) Trading
Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified
in the applicable Notice of Exercise by wire transfer or cashier's check drawn on a United States bank unless the cashless exercise
procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. Notwithstanding anything herein to
the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased
all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender
this Warrant to the Company for cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered
to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares

    	 

    	 

    

available
hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to
the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant
Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within
one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and
agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder,
the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face
hereof.

b)
Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $3.50, subject to adjustment
hereunder (the " Exercise Price").

c)
Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or
the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, or if the Company exercises
its call rights under Section 2(f) hereof, then this Warrant may only be exercised, in whole or in part, at such time by means
of a "cashless exercise" in which the Holder shall be entitled to receive a certificate for the number of Warrant Shares
equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	(A) =	the VWAP on the Trading Day immediately preceding the date on which Holder elects to exercise this Warrant by means of a "cashless exercise," as set forth in the applicable Notice of Exercise;
	 	 
	(B) =	the Exercise Price of this Warrant, as adjusted hereunder; and
	 	 
	(X) =	the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

"VWAP"
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the OTC Bulletin Board is not a Trading Market,
the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board,
(c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are
then reported in the "Pink Sheets" published by Pink OTC Markets, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other
cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the
Holders of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses
of which shall be paid by the Company.

    	2

    	 

    

d)
Mechanics of Exercise.

i.
Delivery of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the Transfer
Agent to the Holder by crediting the account of the Holder's prime broker with The Depository Trust Company through its Deposit
or Withdrawal at Custodian system ("DWAC") if the Company is then a participant in such system and either (A)
there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by
Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery to the address specified
by the Holder in the Notice of Exercise by the date that is three (3) Trading Days after the latest of (A) the delivery to the
Company of the Notice of Exercise, (B) surrender of this Warrant (if required) and (C) payment of the aggregate Exercise Price
as set forth above (including by cashless exercise, if permitted) (such date, the "Warrant Share Delivery Date").
The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall
be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised, with
payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and alltaxes required to be paid by the
Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been paid. If the Company fails for any
reason to deliver to the Holder certificates evidencing the Warrant Shares subject to a Notice of Exercise by the Warrant Share
Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant
Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per
Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each
Trading Day after such Warrant Share Delivery Date until such certificates are delivered or Holder rescinds such exercise.

ii.
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at
the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates
representing Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased
Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

iii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder a certificate or the
certificates representing the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will
have the right to rescind such exercise.

    	3

    	 

    

iv.
Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Exercise. In addition to any other rights
available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder a certificate or the certificates
representing the Warrant Shares pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the
Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder's brokerage firm otherwise
purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated
receiving upon such exercise (a "Buy-In"), then the Company shall (A) pay in cash to the Holder the amount, if any, by
which (x) the Holder's total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased
exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the
Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation
was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant
Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder
the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery
obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In
with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation
of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The
Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon
request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder's right to pursue any other remedies
available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive
relief with respect to the Company's failure to timely deliver certificates representing shares of Common Stock upon exercise of
the Warrant as required pursuant to the terms hereof

v.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon
the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such
exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal
to such fraction multiplied by the Exercise Price or round up to the next whole share.

vi.
Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder
for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and
expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names
as may be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be
issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment
Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient
to reimburse it for any transfer tax incidental thereto. The Company shall pay allTransfer Agent fees required for same-day
processing of any Notice of Exercise.

 

    	4

    	 

    

vii.
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely
exercise of this Warrant, pursuant to the terms hereof.

e)
Holder's Exercise Limitations. The Company shall not affect any exercise of this Warrant, and a Holder shall not
have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect
to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder's Affiliates,
and any other Persons acting as a group together with the Holder or any of the Holder's Affiliates), would beneficially own in
excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares
of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable
upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of
Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned
by the Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any other
securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion
or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates. Except as set
forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that
the Company is not representing to the Holder that such calculation is in compliance with Section 13 (d) of the Exchange Act and
the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation
contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities
owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion
of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder's determination of whether this Warrant
is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this
Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to
verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above
shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number
of outstanding shares of Common Stock as reflected in (A) the Company's most recent periodic or annual report filed with the

    	5

    	 

    

Commission,
as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or
the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder,
the Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then
outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion
or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates since the date as of which such
number of outstanding shares of Common Stock was reported. The "Beneficial Ownership Limitation" shall be 4.99%
of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock
issuable upon exercise of this Warrant. The Holder, upon not less than 61 days' prior notice to the Company, may increase or decrease
the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event
exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply.
Any such increase or decrease will not be effective until the 61st day after such notice is delivered to the Company. The provisions
of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section
2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership
Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation.
The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

f)
Call Provision. Subject to the provisions of Section 2(e) and this Section 2(f), if, after the date that is the 12
month anniversary of the Initial Exercise Date, (i) the VWAP for each of 20 consecutive Trading Days (the "Measurement
Period," which 20 consecutive Trading Day period shall not have commenced until after the Initial Exercise Date) exceeds
$10.00 (subject to adjustment for forward and reverse stock splits, recapitalizations, stock dividends and the like after the Initial
Exercise Date), and (ii) the Holder is not in possession of any information that constitutes, or might constitute, material non-public
information which was provided by the Company, then the Company may, within 1 Trading Day of the end of such Measurement Period,
call for cancellation of all or any portion of this Warrant for which a Notice of Exercise has not yet been delivered (such right,
a "Call") for consideration equal to $.001 per Share. To exercise this right, the Company must deliver to the
Holder an irrevocable written notice (a "Call Notice"), indicating therein the portion of unexercised portion
of this Warrant to which such notice applies. If the conditions set forth below for such Call are satisfied from the period from
the date of the Call Notice through and including the Call Date (as defined below), then any portion of this Warrant subject to
such Call Notice for which a Notice of Exercise shall not have been received by the Call Date will be cancelled at 6:30 p.m. (New
York City time) on the tenth Trading Day after the date the Call Notice is received by the Holder (such date and time, the "Call
Date"). Any

    	6

    	 

    

unexercised
portion of this Warrant to which the Call Notice does not pertain will be unaffected by such Call Notice. In furtherance thereof,
the Company covenants and agrees that it will honor all Notices of Exercise with respect to Warrant Shares subject to a Call Notice
that are tendered through 6:30 p.m. (New York City time) on the Call Date. The parties agree that any Notice of Exercise delivered
following a Call Notice which calls less than all the Warrants shall first reduce to zero the number of Warrant Shares subject
to such Call Notice prior to reducing the remaining Warrant Shares available for purchase under this Warrant. For example, if (A)
this Warrant then permits the Holder to acquire 100 Warrant Shares, (B) a Call Notice pertains to 75 Warrant Shares, and (C) prior
to 6:30 p.m. (New York City time) on the Call Date the Holder tenders a Notice of Exercise in respect of 50 Warrant Shares, then
(x) on the Call Date the right under this Warrant to acquire 25 Warrant Shares will be automatically cancelled, (y) the Company,
in the time and manner required under this Warrant, will have issued and delivered to the Holder 50 Warrant Shares in respect of
the exercises following receipt of the Call Notice, and (z) the Holder may, until the Termination Date, exercise this Warrant for
25 Warrant Shares (subject to adjustment as herein provided and subject to subsequent Call Notices). Subject again to the provisions
of this Section 2(f), the Company may deliver subsequent Call Notices for any portion of this Warrant for which the Holder shall
not have delivered a Notice of Exercise. Notwithstanding anything to the contrary set forth in this Warrant, the Company may not
deliver a Call Notice or require the cancellation of this Warrant (and any such Call Notice shall be void), unless, from the beginning
of the Measurement Period through the Call Date, (1) the Company shall have honored in accordance with the terms of this Warrant
all Notices of Exercise delivered by 6:30 p.m. (New York City time) on the Call Date, and (2) the Registration Statement shall
be effective as to all Warrant Shares and the prospectus thereunder available for use by the Company for the sale of all such Warrant
Shares to the Holder or Rule 144 shall be available for the immediate resale by any non-Affiliate holder who avails itself of cashless
exercise, and (3) the Common Stock shall be listed or quoted for trading on the Trading Market, and (4) there is a sufficient number
of authorized shares of Common Stock for issuance of all Securities under the Transaction Documents, and (5) the issuance of the
shares shall not cause a breach of any provision of Section 2(e) herein. The Company's right to call the Warrants under this Section
2(f) shall be exercised ratably among the Holders based on each Holder's initial purchase of Warrants.

Section
3. Certain Adjustments.

a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the

    	7

    	 

    

Company, then
in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common
Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number
of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant
shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment
made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders
entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of
a subdivision, combination or re-classification.

b)
[RESERVED]

c)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Common Stock or Common Stock Equivalents or rights to purchase stock, warrants, securities or other
property pro rata to the record holders of any class of shares of Common Stock (the " Purchase Rights"), then
the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which
the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of
this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation)
immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such
record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or
sale of such Purchase Rights (provided, however, to the extent that the Holder's right to participate in any such Purchase Right
would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate
in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right
to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its
right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

d)
Pro Rata Distributions. If the Company, at any time while this Warrant is outstanding, shall distribute to all holders
of Common Stock (and not to the Holder) evidences of its indebtedness or assets (including cash and cash dividends) or rights or
warrants to subscribe for or purchase any security, then in each such case the Exercise Price shall be adjusted by multiplying
the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders entitled to receive such
distribution by a fraction of which the denominator shall be the VWAP determined as of the record date mentioned above, and of
which the numerator shall be such VWAP on such record date less the then per share fair market value at such record date of the
portion of such assets or evidence of indebtedness so distributed applicable to one outstanding share of the Common Stock

    	8

    	 

    

as determined
by the Board of Directors in good faith. In either case the adjustments shall be described in a statement provided to the Holder
of the portion of assets or evidences of indebtedness so distributed or such subscription rights applicable to one share of Common
Stock. Such adjustment shall be made whenever any such distribution is made and shall become effective immediately after the record
date mentioned above.

e)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly,
in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the
outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more
related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other
Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held
by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to,
such stock or share purchase agreement or other business combination) (each a "Fundamental Transaction"), then,
upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder
(without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the
successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the
"Alternate Consideration") receivable as a result of such Fundamental Transaction by a holder of the number of
shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard
to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise
Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the

    	9

    	 

    

Alternate
Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any
successor entity in a Fundamental Transaction in which the Company is not the survivor (the "Successor Entity")
to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance
with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder
and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder,
deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such
Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this
Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an
exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative
value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such
number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance
to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction
Documents referring to the "Company" shall refer instead to the Successor Entity), and may exercise every right and power
of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with
the same effect as if such Successor Entity had been named as the Company herein.

f)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a
share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding
as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

g)
Notice to Holder.

i.
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3,
the Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting
adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

    	10

    	 

    

ii.
Notice to Allow-Exercise-by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required
in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale
or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock
is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder
at its last address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable
record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose
of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders
of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined
or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective
or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their
shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger,
sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof
shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided
hereunder constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company
shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled
to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

Section
4. Transfer of Warrant.

a)
Transferability. Subject to compliance with any applicable securities laws, this Warrant and all rights hereunder
(including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant
at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially
in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes
payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver
a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified
in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned,
and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new
holder for the purchase of Warrant Shares without having a new Warrant issued.

    	11

    	 

    

b)
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid
office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable
pursuant thereto.

c)
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that
purpose (the "Warrant Register"), in the name of the record Holder hereof from time to time. The Company may deem
and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual notice to the contrary.

Section
5. Miscellaneous.

a)
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends
or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i).

b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to
the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock
certificate, if mutilated, the Company willmake and deliver a new Warrant or stock certificate of like tenor and dated as of
such cancellation, in lieu of such Warrant or stock certificate.

c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of
any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised
on the next succeeding Business Day.

    	12

    	 

    

d)
Authorized Shares. The Company covenants that, during the period the Warrant is outstanding, it will reserve
from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon
the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute
full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary
certificates for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such
reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of
any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company
covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will,
upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be
duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company
in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

Except and to the
extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its
certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale
of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant,
but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be
necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the
generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor
upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant
and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

Before taking any
action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise
Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any
public regulatory body or bodies having jurisdiction thereof.

e)
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant
shall be determined in accordance with the provisions of the Purchase Agreement.

f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not
registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal
securities laws.

    	13

    	 

    

g)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the
part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder's rights, powers or remedies. Without
limiting any other provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply
with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such
amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder.

h)
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the
Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

i)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise
this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to
any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability
is asserted by the Company or by creditors of the Company.

j)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

k)
Successors-and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors
and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time
of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

l)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the
Company and the Holder.

m)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

    	14

    	 

    

n)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose,
be deemed a part of this Warrant.

 

 

 

*****************************

 

(Signature Page Follows)

 

 

    	15

    	 

    

IN WITNESS WHEREOF,
the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

DATARAM CORPORATION

 

 

 

By: ____________________________

Name:    John H. Freeman

Title:      Chief Executive
Officer

 

 

    	16

    	 

    

NOTICE OF EXERCISE

TO: DATARAM CORPORATION

 

(1) The
undersigned hereby elects to purchase __________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes,
if any.

 

(2) Payment shall take the
form of (check applicable box):

[ ] in lawful money of
the United States; or

[ ] [if permitted] the
cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to
exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
set forth in subsection 2(c).

 

(3) Please issue a certificate or certificates
representing said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

______________________________

 

 

The Warrant Shares shall be delivered to the following DWAC Account
Number or by physical delivery of a certificate to:

 

______________________________

 

______________________________

 

______________________________

 

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity: ___________________________________________________

Signature of Authorized Signatory of Investing Entity:
___________________________

Name of Authorized Signatory: _______________________________________________

Title of Authorized Signatory: ________________________________________________

Date: __________________________________________________________________

 

    	17

    	 

    

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

 

FOR VALUE RECEIVED, [          ]
all of or [          ] shares of the foregoing Warrant and all rights
evidenced thereby are hereby assigned to

 

__________________________________________ whose address is

 

________________________________________________.

 

 

 

 

________________________________________________

 

Dated:_____________, ____

 

	Holder's Signature:	 
	 	 
	Holder's Address:	 
	 	 
	 	 

 

 

Signature Guaranteed: _____________________________

 

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the
Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers
of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign
the foregoing Warrant.

 

    	18

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