Document:

Exhibit 10.3

SUPPORT
AGREEMENT

AGREEMENT made as of March
22, 2007, between US Gold Corporation, a corporation existing under the laws of
Colorado (“US Gold”), US Gold Alberta ULC, a
corporation existing under the laws of Alberta (“Alberta ULC”)
and US Gold Canadian Acquisition Corporation, a corporation existing under the
laws of Alberta (“Canadian Exchange Co.”).

WHEREAS US Gold, together
with Canadian Exchange Co. has offered, by way of a public take-over bid, to
acquire all of the outstanding common shares of each of White Knight Resources
Ltd., Nevada Pacific Gold Ltd., and Tone Resources Ltd. in consideration for
exchangeable shares (“Exchangeable Shares”)
of Canadian Exchange Co.;

AND WHEREAS holders of
Exchangeable Shares will be entitled to require Canadian Exchange Co. to redeem
such Exchangeable Shares and upon such redemption each Exchangeable Share shall
be exchanged by Canadian Exchange Co. for one share common stock of US Gold (“US Gold Common Stock”);

AND WHEREAS US Gold
intends to grant to and in favour of Non-Affiliated Holders (as hereinafter
defined) from time to time of Exchangeable Shares the right to require US Gold
or, at the option of US Gold, Alberta ULC, to purchase from each Non-Affiliated
Holder all or any part of the Exchangeable Shares held by the Non-Affiliated
Holder;

AND WHEREAS the parties
desire to make appropriate provision and to establish a procedure whereby US
Gold will take certain actions and make certain payments and deliveries
necessary to ensure that Canadian Exchange Co. and Alberta ULC will be able to
make certain payments and to deliver or cause to be delivered shares of US Gold
Common Stock in satisfaction of the obligations of Canadian Exchange Co. and/or
Alberta ULC under the Share Provisions (as hereinafter defined) and this
agreement;

NOW THEREFORE, in
consideration of the respective covenants and agreements provided in this
agreement and for other good and valuable consideration (the receipt and
sufficiency of which are hereby acknowledged),the parties agree as follows:

ARTICLE 1

DEFINITIONS AND INTERPRETATION

1.1                                                                               Defined Terms

In this agreement, each
initially capitalized term and the terms used and not otherwise defined herein
shall have the meaning ascribed thereto in the rights, privileges, restrictions
and conditions (collectively, the “Share Provisions”)
attaching to the Exchangeable Shares as set out in the articles of Canadian
Exchange Co. and the following terms shall have the following meanings:

“Effective
Date” means the earliest date on which Canadian Exchange Co. first
takes up shares of White Knight Resources Ltd., Coral Gold Resources Ltd.,
Nevada Pacific Gold Ltd. or Tone Resources Ltd. under the offers to purchase
pursuant to the take-over bids referred to in the Recitals hereto.

“including”
means “including without limitation” and “includes” means
“includes without limitation”.

“Non-Affiliated
Holders” means the registered holders of Exchangeable Shares other
than US Gold and its Subsidiaries.

“Special
Voting Share” means the one share of special voting preference stock
par value US$1.00, issued by US Gold to and deposited with the Trustee, which
entitles the holder of record to a number of votes at meetings of holders of US
Gold Common Stock equal to the number of Exchangeable Shares outstanding from
time to time that are held by Non-Affiliated Holders.

“Trustee”
means Computershare Trust Company of Canada and, subject to the provisions of
the Voting and Exchange Trust Agreement, includes any successor trustee or
permitted assigns.

1.2                                                                               Interpretation
Not Affected By Headings

The division of this
agreement into articles, sections and other portions and the insertion of
headings are for convenience of reference only and do not affect the
construction or interpretation of this agreement. Unless otherwise specified,
references to an “Article” or “Section” refer to the specified Article or Section of this
agreement.

1.3                                                                               Number, Gender, etc.

In this agreement, unless
the context otherwise requires words 
importing the singular number include the plural and vice versa. Words
importing any gender shall include all genders and words importing persons
include individuals, corporations, partnerships, companies, associations,
trusts, unincorporated organizations, governmental bodies and other legal or
business entities of any kind.

1.4                                                                               Date for any Action

If any date on which any
action is required to be taken under this agreement is not a Business Day, such
action shall be required to be taken on the next succeeding Business Day.

1.5                                                                               Payments

All payments to be made
hereunder will be made without interest and less any tax required by Canadian
law to be deducted and withheld.

ARTICLE 2

COVENANTS OF US GOLD AND CANADIAN EXCHANGE CO.

2.1                                                                               Covenants Regarding
Exchangeable Shares

So long as any
Exchangeable Shares owned by Non-Affiliated Holders are outstanding, US Gold
will:

(a)                                  not
declare or pay any dividend on the US Gold Common Stock unless Canadian
Exchange Co. shall (i) simultaneously declare or pay, as the case may be, an
equivalent dividend on the Exchangeable Shares (an “Equivalent Dividend”), and (ii) have sufficient money or other
assets or authorized but unissued securities available to enable the due
declaration and the due and punctual payment, in accordance with applicable
law, of any such Equivalent Dividend;

(b)                                 advise
Canadian Exchange Co. sufficiently in advance of the declaration by US Gold of
any dividend on the US Gold Common Stock and take all such other actions as are
reasonably 

 2
 

necessary, in
co-operation with Canadian Exchange Co., to ensure that the respective
declaration date, record date and payment date for an Equivalent Dividend on
the Exchangeable Shares shall be the same as the declaration date, record date
and payment date for the corresponding dividend on the US Gold Common Stock and
that such dividend on the Exchangeable Shares shall comply with any
requirements of the stock exchange on which the Exchangeable Shares are listed;

(c)                                  ensure
that the record date for determining shareholders entitled to receive any
dividend declared on the US Gold Common Stock is not less than 10 Business Days
after the declaration date for such dividend or such shorter period as may be
permitted under applicable law;

(d)                                 take
all such actions and do all such things as are reasonably necessary or
desirable to enable and permit Canadian Exchange Co., in accordance with
applicable law, to pay and otherwise perform its obligations with respect to
the satisfaction of the Liquidation Amount, in respect of each issued and
outstanding Exchangeable Share upon the liquidation, dissolution or winding-up
of Canadian Exchange Co. or any other distribution of the assets of Canadian
Exchange Co. among its shareholders for the purpose of winding up its affairs
including, without limitation, all such actions and all such things as are
necessary or desirable to enable and permit Canadian Exchange Co. to cause to
be delivered shares of US Gold Common Stock to the holders of Exchangeable
Shares in accordance with the provisions of Article 5 of the Share Provisions;

(e)                                  take
all such actions and do all such things as are reasonably necessary or
desirable to enable and permit Canadian Exchange Co., in accordance with
applicable law, to pay and otherwise perform its obligations with respect to
the satisfaction of the Retraction Price and the Redemption Price, including,
without limitation, all such actions and all such things as are necessary or
desirable to enable and permit Canadian Exchange Co. to cause to be delivered
shares of US Gold Common Stock to the holders of Exchangeable Shares, upon the
retraction or redemption of Exchangeable Shares in accordance with the
provisions of Article 6 or Article 7 of the Share Provisions, as the case may
be;

(f)                                    take
all such actions and do all such things as are reasonably necessary or desirable
to enable and permit Alberta ULC or US Gold, in accordance with applicable law,
to perform its obligations arising upon the exercise by it of the Liquidation
Call Right, the Retraction Call Right or the Redemption Call Right, including
all such actions and all such things as are necessary or desirable to enable
and permit Alberta ULC or US Gold to cause to be delivered shares of US Gold
Common Stock to the holders of Exchangeable Shares in accordance with the
provisions of the Liquidation Call Right, the Retraction Call Right or the
Redemption Call Right, as the case may be; and

(g)                                 not
exercise its vote as a shareholder to initiate the voluntary liquidation,
dissolution or winding up of Canadian Exchange Co. or any other distribution of
the assets of Canadian Exchange Co. among its shareholders for the purpose of
winding up its affairs, nor take any action or omit to take any action that is
designed to result in the liquidation, dissolution or winding up of Canadian
Exchange Co. or any other distribution of the assets of Canadian Exchange Co.
among its shareholders for the purpose of winding up its affairs.

2.2                                                                               Segregation of Funds

US Gold will cause
Canadian Exchange Co. to deposit a sufficient amount of funds in a separate
account of Canadian Exchange Co. and segregate a sufficient amount of such
other assets and 

 3
 

property as is necessary
to enable Canadian Exchange Co. to pay or otherwise satisfy the applicable
dividends, Liquidation Amount, Retraction Price or Redemption Price, once such
amounts become payable under the terms of this agreement or the Share
Provisions, in each case for the benefit of Non-Affiliated Holders from time to
time of the Exchangeable Shares, and to use such funds and other assets so
segregated exclusively for the payment of dividends and the payment or other
satisfaction of the Liquidation Amount, the Retraction Price or the Redemption
Price, as applicable net of any corresponding withholding tax obligations and
for the remittance of such withholding tax obligations.

2.3                                                                               Reservation of US Gold
Common Stock

US Gold hereby
represents, warrants and covenants in favour of Canadian Exchange Co. and
Alberta ULC that US Gold has reserved for issuance and will, at all times while
any Exchangeable Shares are outstanding, keep available, free from pre-emptive
and other rights, out of its authorized and unissued capital stock such number
of shares of US Gold Common Stock (or other shares or securities into which US
Gold Common Stock may be reclassified or changed as contemplated by Section 2.7):
(a) as is equal to the sum of (i) the number of Exchangeable Shares issued and
outstanding from time to time and (ii) the number of Exchangeable Shares
issuable upon the exercise of all rights to acquire Exchangeable Shares
outstanding from time to time; and (b) as are now and may hereafter be required
to enable and permit each of US Gold, Alberta ULC and Canadian Exchange Co. to
meet its obligations under the Voting and Exchange Trust Agreement, under the
Share Provisions and under any other security or commitment pursuant to which
US Gold, Alberta ULC and Canadian Exchange Co. may now or hereafter be required
to issue and/or deliver shares of US Gold Common Stock to the Non-Affiliated
Holders.

2.4                                                                               Notification of Certain
Events

In order to assist US Gold
to comply with its obligations hereunder and to permit Alberta ULC to exercise
the Liquidation Call Right, Retraction Call Right and Redemption Call Right,
Canadian Exchange Co. will notify US Gold of each of the following events at
the time set forth below:

(a)                                  in
the event of any determination by the board of directors of Canadian Exchange
Co. to institute voluntary liquidation, dissolution or winding-up proceedings
with respect to Canadian Exchange Co. or to effect any other distribution of
the assets of Canadian Exchange Co. among its shareholders for the purpose of
winding up its affairs, at least 60 days prior to the proposed effective date
of such liquidation, dissolution, winding-up or other distribution;

(b)                                 immediately,
upon the earlier of (i) receipt by Canadian Exchange Co. of notice of, and (ii)
Canadian Exchange Co. otherwise becoming aware of, any threatened or instituted
claim, suit, petition or other proceedings with respect to the involuntary
liquidation, dissolution or winding-up of Canadian Exchange Co. or to effect
any other distribution of the assets of Canadian Exchange Co. among its
shareholders for the purpose of winding up its affairs;

(c)                                  immediately,
upon receipt by Canadian Exchange Co. of a Retraction Request;

(d)                                 at
least 30 days prior to any Redemption Date determined by the board of directors
of Canadian Exchange Co. in accordance with the Share Provisions; and

(e)                                  as
soon as practicable upon the issuance by Canadian Exchange Co. of any
Exchangeable Shares or rights to acquire Exchangeable Shares.

 4
 

2.5                                                                               Delivery of US Gold Common
Stock

Upon notice of any event
that requires Canadian Exchange Co. or Alberta ULC to cause to be delivered US
Gold Common Stock to any holder of Exchangeable Shares, US Gold shall, in any
manner deemed appropriate by it, provide such shares or cause such shares to be
provided to Canadian Exchange Co. or Alberta ULC, as appropriate, which shall
forthwith deliver or cause to be delivered the requisite number of US Gold
Common Stock to or for the benefit of the former holder of the surrendered
Exchangeable Shares. All such shares of US Gold Common Stock shall be duly
authorized and validly issued as fully paid, non-assessable, free of
pre-emptive rights and shall be free and clear of any lien, claim, encumbrance,
security interest or adverse claim. In consideration for the issuance and
delivery of each such share of US Gold Common Stock, Canadian Exchange Co. or
Alberta ULC, as the case may be, shall subscribe a cash amount or pay a
purchase price equal to the fair market value of the shares of US Gold Common
Stock.

2.6                                                                               Qualification of US Gold
Common Stock

US Gold covenants that it
will make such filings and seek such regulatory consents and approvals as are
necessary so that the shares of US Gold Common Stock to be issued to holders of
Exchangeable Shares pursuant to the terms of the Share Provisions, the Voting
and Exchange Trust Agreement and this agreement will be issued in compliance
with the applicable securities laws in Canada and the United States and may be
freely traded thereafter (other than by reason of a holder being a “control
person” of US Gold for purposes of Canadian securities laws or by holders who
are Affiliates of US Gold within the meaning of U.S. securities laws). US Gold
will in good faith expeditiously take all such actions and do all such things
as are reasonably necessary or desirable to cause all shares of US Gold Common
Stock to be delivered hereunder to be listed, quoted or posted for trading on
all stock exchanges and quotation systems on which outstanding shares of US
Gold Common Stock have been listed by US Gold and remain listed and are quoted
or posted for trading at such time.

2.7                                                                               Economic Equivalence

(a)                                  US
Gold will not without prior approval of Canadian Exchange Co. and the prior
approval of the holders of the Exchangeable Shares given in accordance with
Section 9.2 of the Share Provisions:

(i)                                     issue
or distribute shares of US Gold Common Stock (or securities exchangeable for or
convertible into or carrying rights to acquire shares of US Gold Common Stock)
to the holders of all or substantially all of the then outstanding US Gold
Common Stock by way of stock dividend or other distribution, other than an
issue of shares of US Gold Common Stock (or securities exchangeable for or
convertible into or carrying rights to acquire shares of US Gold Common Stock)
to holders of shares of US Gold Common Stock who exercise an option to receive
dividends in US Gold Common Stock (or securities exchangeable for or
convertible into or carrying rights to acquire US Gold Common Stock) in lieu of
receiving cash dividends; or

(ii)                                  issue
or distribute rights, options or warrants to the holders of all or
substantially all of the then outstanding shares of US Gold Common Stock
entitling them to subscribe for or to purchase shares of US Gold Common Stock
(or securities exchangeable for or convertible into or carrying rights to
acquire shares of US Gold Common Stock); or

(iii)                               issue
or distribute to the holders of all or substantially all of the then outstanding
shares of US Gold Common Stock (A) shares or securities (including evidences of

 5
 

indebtedness)
of US Gold of any class other than US Gold Common Stock (or securities
convertible into or exchangeable for or carrying rights to acquire shares of US
Gold Common Stock), or (B) rights, options or warrants other than those
referred to in Section 2.7(a)(ii) above, or (C) assets of US Gold;

unless (x) Canadian
Exchange Co. is permitted under applicable law to issue or distribute the
economic equivalent on a per share basis of such rights, options, securities,
shares, evidences of indebtedness or other assets to holders of the
Exchangeable Shares and (y) Canadian Exchange Co. shall issue or distribute
such rights, options, securities, shares, evidences of indebtedness or other
assets simultaneously to holders of the Exchangeable Shares.

(b)                                 US
Gold will not without the prior approval of Canadian Exchange Co. and the prior
approval of the holders of the Exchangeable Shares given in accordance with
Section 9.2 of the Share Provisions:

(i)                                     subdivide,
redivide or change the then outstanding shares of US Gold Common Stock into a
greater number of shares of US Gold Common Stock; or

(ii)                                  reduce,
combine, consolidate or change the then outstanding shares of US Gold Common
Stock into a lesser number of shares of US Gold Common Stock; or

(iii)                               reclassify
or otherwise change the shares of US Gold Common Stock or effect an
amalgamation, merger, reorganization or other transaction affecting the shares
of US Gold Common Stock;

unless (x) Canadian
Exchange Co. is permitted under applicable law simultaneously to make the same
or an economically equivalent change to, or in the rights of holders of, the
Exchangeable Shares, and (y) the same or an economically equivalent change is
made to, or in the rights of the holders of, the Exchangeable Shares.

(c)                                  US
Gold will ensure that the record date for any event referred to in Section 2.7(a)
or Section 2.7(b), or (if no record date is applicable for such event) the
effective date for any such event, is not less than ten Business Days after the
date on which such event is declared or announced by US Gold (with simultaneous
notification thereof by US Gold to Canadian Exchange Co.).

(d)                                 The
board of directors of Canadian Exchange Co. shall determine, acting in good
faith and in its sole discretion (with the assistance of such reputable and
qualified independent financial advisors and/or other experts as the board may
require), economic equivalence for the purposes of any event referred to in
Section 2.7(a) or Section 2.7(b) and each such determination shall be
conclusive and binding on US Gold. In making each such determination, the
following factors shall, without excluding other factors determined by the
board of directors of Canadian Exchange Co. to be relevant, be considered by
the board of directors of Canadian Exchange Co.:

(i)                                     in
the case of any stock dividend or other distribution payable in shares of US
Gold Common Stock, the number of such shares issued in proportion to the number
of shares of US Gold Common Stock previously outstanding;

(ii)                                  in
the case of the issuance or distribution of any rights, options or warrants to
subscribe for or purchase shares of US Gold Common Stock (or securities 

 6
 

exchangeable
for or convertible into or carrying rights to acquire shares of US Gold Common
Stock), the relationship between the exercise price of each such right, option
or warrant and the Current Market Price of a share of US Gold Common Stock;

(iii)                               in
the case of the issuance or distribution of any other form of property
(including, without limitation, any shares or securities of US Gold of any
class other than US Gold Common Stock, any rights, options or warrants other
than those referred to in Section 2.7(d)(ii), any evidences of indebtedness of
US Gold or any assets of US Gold), the relationship between the fair market
value (as determined by the board of directors of Canadian Exchange Co. in the
manner above contemplated) of such property to be issued or distributed with
respect to each outstanding share of US Gold Common Stock and the Current
Market Price of a share of US Gold Common Stock;

(iv)                              in
the case of any subdivision, redivision or change of the then outstanding
shares of US Gold Common Stock into a greater number of shares of US Gold
Common Stock or the reduction, combination, consolidation or change of the then
outstanding shares of US Gold Common Stock into a lesser number of shares of US
Gold Common Stock or any amalgamation, merger, reorganization or other
transaction affecting the US Gold Common Stock, the effect thereof upon the
then outstanding shares of US Gold Common Stock; and

(v)                                 in
all such cases, the general taxation consequences of the relevant event to
holders of Exchangeable Shares to the extent that such consequences may differ
from the taxation consequences to holders of shares of US Gold Common Stock as
a result of differences between taxation laws of Canada and the United States
(except for any differing consequences arising as a result of differing marginal
taxation rates and without regard to the individual circumstances of holders of
Exchangeable Shares).

2.8                                                                               Tender Offers

In the event that a cash
offer, share exchange offer, issuer bid, take-over bid or similar transaction
with respect to US Gold Common Stock (an “Offer”) is
proposed by US Gold or is proposed to US Gold or its shareholders and is
recommended by the board of directors of US Gold, or is otherwise effected or
to be effected with the consent or approval of the board of directors of US
Gold, US Gold will use reasonable efforts (to the extent, in the case of an
Offer by a third party, within its control) expeditiously and in good faith to
take all such actions and do all such things as are necessary or desirable to
enable and permit holders of Exchangeable Shares to participate in such Offer
to the same extent and on an economically equivalent basis as the holders of
shares of US Gold Common Stock, without discrimination. Without limiting the
generality of the foregoing, US Gold will use reasonable efforts expeditiously
and in good faith to ensure that holders of Exchangeable Shares may participate
in each such Offer without being required to retract Exchangeable Shares as
against Canadian Exchange Co. (or, if so required, to ensure that any such retraction,
shall be effective only upon, and shall be conditional upon, the closing of
such Offer and only to the extent necessary to tender or deposit to the Offer).
Nothing herein shall affect the right of Canadian Exchange Co. to redeem, or US
Gold or Alberta ULC to purchase pursuant to the Redemption Call Right,
Exchangeable Shares.

2.9                                                                               US Gold and Affiliates Not
To Vote Exchangeable Shares

US Gold covenants and
agrees that it will appoint and cause to be appointed proxyholders with respect
to all Exchangeable Shares held by it and its Subsidiaries for the sole purpose
of attending each meeting of holders of Exchangeable Shares in order to be
counted as part of the quorum for each 

 7
 

such meeting. US Gold
further covenants and agrees that it will not, and will cause its Subsidiaries
not to, exercise any voting rights that may be exercisable by holders of
Exchangeable Shares from time to time pursuant to the Share Provisions or
pursuant to the provisions of the (or any successor or other corporate statute by
which Canadian Exchange Co. may in the future be governed) with respect to any
Exchangeable Shares held by it or by its Subsidiaries in respect of any matter
considered at any meeting of holders of Exchangeable Shares.

2.10                                                                        Stock Exchange Listing

US Gold covenants and
agrees in favour of Canadian Exchange Co. that US Gold will use its best
efforts to maintain a listing of the Exchangeable Shares on the Toronto Stock
Exchange or another stock exchange in Canada prescribed under the Income Tax Act (Canada).

2.11                                                                        Due Performance

On and after the
Effective Date, US Gold shall, and shall cause Alberta ULC to, duly and timely
perform all of its obligations provided for herein and that may arise under the
Share Provisions, and US Gold shall be responsible for the due performance of
all of such obligations hereunder and under the Share Provisions.

2.12                                                                        Issue of Additional Shares

During the term of this
agreement, US Gold will not issue any Special Voting Shares other than the one
Special Voting Share to be issued to the Trustee.

2.13                                                                        Ownership of Outstanding
Shares

Without the prior
approval of Canadian Exchange Co. and the prior approval of the holders of the
Exchangeable Shares given in accordance with Section 11.2 of the Share
Provisions, US Gold covenants and agrees in favour of Canadian Exchange Co.
that, as long as any outstanding Exchangeable Shares are owned by
Non-Affiliated Holders, US Gold will be and remain the direct or indirect
beneficial owner of all issued and outstanding voting shares in the capital of
Canadian Exchange Co. and Alberta ULC.

ARTICLE 3

US GOLD SUCCESSORS

3.1                                                                               Certain Requirements in
Respect of Combination, etc.

US Gold shall not enter
into any transaction (whether by way of reconstruction, reorganization,
consolidation, arrangement, merger, transfer, sale, lease or otherwise) whereby
all or substantially all of its undertaking, property and assets would become
the property of any other person or, in the case of a merger, of the continuing
corporation resulting therefrom unless, but may do so if:

(a)                                  such
other person or continuing corporation (the “US
Gold Successor”) by operation of law, becomes, without more, bound
by the terms and provisions of this agreement or, if not so bound, executes,
prior to or contemporaneously with the consummation of such transaction, an
agreement supplemental hereto and such other instruments (if any) as are
necessary or advisable to evidence the assumption by the US Gold Successor of
liability for all moneys payable and property deliverable hereunder and the covenant
of such US Gold Successor to 

 8
 

pay and
deliver or cause to be delivered the same and its agreement to observe and
perform all the covenants and obligations of US Gold under this agreement; and

(b)                                 such
transaction shall be upon such terms and conditions as substantially to
preserve and not to impair in any material respect any of the rights, duties,
powers and authorities of the other parties hereunder or the holders of the
Exchangeable Shares.

3.2                                                                               Vesting of Powers in
Successor

Whenever the conditions
of Section 3.1 have been duly observed and performed, the parties, if required
by Section 3.1, shall execute and deliver the supplemental agreement provided
for in Section 3.1(a) and thereupon the US Gold Successor and such other person
that may then be the issuer of the US Gold Common Stock shall possess and from
time to time may exercise each and every right and power of US Gold under this
agreement in the name of US Gold or otherwise and any act or proceeding by any
provision of this agreement required to be done or performed by the board of
directors of US Gold or any officers of US Gold may be done and performed with
like force and effect by the directors or officers of such US Gold Successor.

3.3                                                                               Wholly-Owned Subsidiaries

Nothing herein shall be
construed as preventing the amalgamation or merger of any wholly-owned
Subsidiary of US Gold with or into US Gold or the winding-up, liquidation or
dissolution of any wholly-owned Subsidiary of US Gold, provided that all of the
assets of such Subsidiary are transferred to US Gold or another wholly-owned
Subsidiary of US Gold, and any such transactions are expressly permitted by
this Article 3.

ARTICLE 4

GENERAL

4.1                                                                               Term

This agreement shall come
into force and be effective as of the date hereof and shall terminate and be of
no further force and effect at such time as no Exchangeable Shares (or
securities or rights convertible into or exchangeable for or carrying rights to
acquire Exchangeable Shares) are held by Non-Affiliated Holders.

4.2                                                                               Changes in Capital of US
Gold and Canadian Exchange Co.

Notwithstanding the
provisions of Section 4.4 hereof, at all times after the occurrence of any
event contemplated pursuant to Section 2.7 and Section 2.8 hereof or otherwise,
as a result of which either the US Gold Common Stock or the Exchangeable Shares
or both are in any way changed, this agreement shall forthwith be amended and
modified as necessary in order that it shall apply with full force and effect,
mutatis mutandis, to all new securities into which the US Gold Common Stock or
the Exchangeable Shares or both are so changed and the parties hereto shall
execute and deliver a supplemental agreement in writing giving effect to and
evidencing such necessary amendments and modifications.

4.3                                                                               Severability

Notwithstanding the
provisions of Section 4.4 hereof, if any term or other provision of this
agreement is invalid, illegal or incapable of being enforced by any rule or
law, or public policy, all 

 9
 

other conditions and
provisions of this agreement shall nevertheless remain in full force and effect
so long as the economic or legal substance of the transactions contemplated
hereby is not affected in any manner materially adverse to any party. Upon such
determination that any term or other provision is invalid, illegal or incapable
of being enforced, the parties hereto shall negotiate in good faith to modify
this agreement so as to effect the original intent of the parties as closely as
possible in an acceptable manner to the end that the transactions contemplated
hereby are fulfilled to the fullest extent possible.

4.4                                                                               Amendments, Modifications

(a)                                  Subject
to Section 4.2, Section 4.3, and Section 4.5 of this agreement may not be
amended or modified except by an agreement in writing executed by Canadian
Exchange Co., Alberta ULC and US Gold and approved by the holders of the
Exchangeable Shares in accordance with Section 9.2 of the Share Provisions.

(b)                                 No
amendment or modification or waiver of any of the provisions of this agreement
otherwise permitted hereunder shall be effective unless made in writing and
signed by all of the parties hereto.

4.5                                                                               Ministerial Amendments

Notwithstanding the
provisions of Section 4.4 hereof, the parties to this agreement may in writing
at any time and from time to time, without the approval of the holders of the
Exchangeable Shares, amend or modify this agreement for the purposes of:

(a)                                  adding
to the covenants of any or all of the parties hereto for the protection of the
Non-Affiliated Holders;

(b)                                 evidencing
the succession of US Gold Successors and the covenants of and obligations
assumed by each such US Gold Successor in accordance with the provisions of
Article 3;

(c)                                  making
such amendments or modifications not inconsistent with this agreement as may be
necessary or desirable with respect to matters or questions which, in the
opinion of the board of directors of each of Canadian Exchange Co., Alberta ULC
and US Gold, having in mind the best interests of the Non-Affiliated Holders as
a whole, it may be expedient to make, provided that each such board of
directors shall be of the opinion that such amendments or modifications will
not be prejudicial in any material respect to the rights or interests of the
Non-Affiliated Holders as a whole of the Exchangeable Shares; or

(d)                                 making
such changes or corrections which, on the advice of counsel to Canadian
Exchange Co., Alberta ULC and US Gold, are required for the purpose of curing
or correcting any ambiguity or defect or inconsistent provision or clerical
omission or mistake or manifest error, provided that the boards of directors of
each of Canadian Exchange Co., Alberta ULC and US Gold shall be of the opinion
that such changes or corrections will not be prejudicial in any material
respect to the rights or interests of the Non-Affiliated Holders.

4.6                                                                               Meeting to Consider
Amendments

Canadian Exchange Co., at
the request of US Gold, shall call a meeting or meetings of the holders of
Exchangeable Shares for the purpose of considering any proposed amendment or
modification requiring approval pursuant to Section 4.4 hereof. Any such
meeting or meetings shall be 

 10
 

called and held in
accordance with the bylaws of Canadian Exchange Co., the Share Provisions and
all applicable laws.

4.7                                                                               Enurement

This agreement shall be
binding upon and enure to the benefit of the parties hereto and their
respective successors and assigns.

4.8                                                                               Notices to Parties

Any notice and other
communications required or permitted to be given pursuant to this agreement
shall be sufficiently given if delivered in person or if sent by facsimile transmission
(provided such transmission is recorded as being transmitted successfully) to
the parties at the following addresses:

(a)                                  in
the case of US Gold, to the following address:

165 South Union

Suite 565

Lakewood, Colorado

80228

Facsimile No.:
(303) 238-1438

Attention:  William F. Pass

with a copy to:

Fraser Milner
Casgrain LLP

1 First Canadian Place

100 King Street West, Suite 3900

Toronto, Ontario

M5X 1B2

Attention:  Michael Melanson

Fax:  (416) 863-4592

(b)                                 in
the case of Alberta ULC, to the following address:

2900 Manulife
Place

10180-101 Street

Edmonton, Alberta

T5J 3V5

Facsimile No.:
(780) 423-7276

Attention:  Corporate Secretary

with a copy to:

Fraser Milner
Casgrain LLP

1 First Canadian Place

100 King Street West, Suite 3900

 11
 

Toronto, Ontario

M5X 1B2

Attention:  Michael Melanson

Fax:  (416) 863-4592

(c)                                  in
the case of Canadian Exchange Co., to the following address:

2900 Manulife
Place

10180-101 Street

Edmonton, Alberta

T5J 3V5

Facsimile No.:
(780) 423-7276

Attention:  Corporate Secretary

with a copy to:

US Gold
Corporation

2201 Kipling Street

Suite 100

Lakewood, Colorado

80215

Facsimile No.:
(303) 238-1438

Attention:  William F. Pass

or at such other address
as the party to which such notice or other communication is to be given has
last notified the party given the same in the manner provided in this Section,
and if not given the same shall be deemed to have been received on the date of
such delivery or sending.

4.9                                                                               Counterparts

This agreement may be
executed in counterparts (by facsimile or otherwise), each of which shall be
deemed an original, and all of which taken together shall constitute one and
the same instrument.

4.10                                                                        Jurisdiction

This agreement shall be
construed and enforced in accordance with the laws of the Province of Ontario
and the laws of Canada applicable therein. Each party hereto irrevocably
submits to the non-exclusive jurisdiction of the courts of the Province of
Ontario with respect to any matter arising hereunder or related hereto.

 12
 

IN WITNESS
WHEREOF, the parties hereto have caused this agreement to be duly executed as
of the date first above written.

	
  

  	
  US GOLD CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  Per:

  	
  /s/ William F. Pass

  
	
   

  	
   

  	
  Name: William F. Pass

  
	
   

  	
   

  	
  Title: VP, C.F.O. and Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  US GOLD ALBERTA ULC

  
	
   

  	
   

  	
   

  
	
   

  	
  Per:

  	
  /s/ William F. Pass

  
	
   

  	
   

  	
  Name: William F. Pass

  
	
   

  	
   

  	
  Title: VP, C.F.O. and Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  US GOLD CANADIAN ACQUISITION CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  Per:

  	
  /s/ William F. Pass

  
	
   

  	
   

  	
  Name: William F. Pass

  
	
   

  	
   

  	
  Title: VP, C.F.O. and Secretary

  

 

 13Exhibit
10.1

VENOCO, INC.

AMENDED AND RESTATED 2005
STOCK INCENTIVE PLAN

Amendment No. 1

THIS AMENDMENT No. 1 to the
Venoco, Inc. Amended and Restated 2005 Stock Incentive Plan (the ”Plan”)
is dated March 27, 2007 to amend the Plan in the following respects.

WHEREAS, the Compensation Committee
(the “Committee”) of the Company’s Board of Directors has the authority to
amend the Plan pursuant to Sections 3 and 12 of the Plan;

WHEREAS, the Committee desires to
amend the Plan to increase the number of shares of Company common stock subject
to the Plan from 1,700,000 shares to 3,486,388 shares; and

WHEREAS, the Committee desires to
make certain other amendments deemed necessary or advisable to maintain
compliance with applicable laws, rules and regulations.

NOW THEREFORE, the Committee hereby amends
the Plan in the following respects:

1.                                       Definition of
Covered Employee.  Effective
as of the date written above, the following Section 2(j) is deleted in its
entirety and replaced with the following:

“(j)                              “Covered Employee” means those persons
designated as “covered employees” under Section 162(m) of the Code.”

2.                                       Definition of
Independent Director.  Effective
as of the date written above, the provision “. . . or Nasdaq rules and
regulations . . . “ in Section 2(r) shall be deleted each place it appears.

3.                                       Stock Subject
to the Plan.  Effective
upon the approval of the Company’s stockholders, Section 4(a) of the Plan is
deleted in its entirety and replaced with the following:

“(a)                            Share Reserve.  Subject to
the provisions of Section 11 relating to adjustments upon changes in Common
Stock, the Common Stock that may be issued pursuant to Incentive Stock Options
and other Stock Awards shall not exceed a maximum aggregate of 3,486,338 shares
of Common Stock.  Stock appreciation
rights provided for in Section 7(b) hereof that are payable only in cash will
not reduce the number of shares of Common Stock available for Stock Awards
granted under the Plan.  Subject to the
provisions of Section 11 relating to adjustments upon changes in Common Stock,
the maximum aggregate number of shares of Common Stock for which Stock Awards
may be issued to any Participant under the Plan during any calendar year shall
not exceed 570,000 shares of Common Stock. 
The limitation set forth in the preceding sentence

 1
 

shall
be construed in accordance with Treasury Regulations issued under Section
162(m) of the Code.”

4.                                       Qualifying
Compensation as “Performance-Based Compensation” under Section 162(m) of the
Internal Revenue Code. 
Effective upon approval of the Company’s stockholders, Section 7(c) is
added to the Plan as follows:

“(c)                            Performance-Based Compensation under Section 162(m).  Notwithstanding anything herein to the
contrary other than the share reserve limitation of subsection 4(a) of the
Plan, the performance criteria for any Stock Award that is intended to satisfy
the requirements for “performance-based compensation” under Section 162(m) of
the Code shall be established by the Committee based on one or more Qualifying
Performance Criteria selected by the Committee and specified in writing.

(i)                                    Qualifying Performance Criteria.  For purposes of this Plan, the term “Qualifying
Performance Criteria” shall mean any one or more of the following performance
criteria, applied to either the Company as a whole or to a business unit,
Affiliate, related corporation, or business segment, and measured either
annually or cumulatively over a period of years, on an absolute basis or
relative to a pre-established target, to previous years’ results or to a
designated comparison group, in each case as specified in the Stock Award by
the Committee: (a) implementation of a strategic plan, (b) stock price, (c)
earnings per share, (d) total stockholder return, (e) operating margin,
(f) stock price as a multiple of cash flow, (g) return on equity,
(h) return on assets, (i) return on investment, (j) operating income,
(k) net operating income, (l) pre-tax income, (m) cash flow, (n) revenue, (o)
expenses, (p) earnings before interest, taxes and depreciation, (q) economic
value added, (r) reserve additions, (s) finding and development costs, (t)
drilling and work-over budget, (u) increases in average daily production, (v)
return on capital invested, (w) corporate overhead costs, (x) interest
coverage ratio, (y) consolidated leverage ratio, (z) ratio of PV 10 reserves to
debt, (aa) environmental and safety programs, (bb) stockholders’ equity,
and (cc) corporate acquisitions.

(ii)                                Certification.  Before
payment of any compensation under a Stock Award intended to qualify as “performance-based
compensation” under Section 162(m) of the Code, the Committee shall certify the
extent to which any Qualifying Performance Criteria and any other material
terms under such Stock Award have been satisfied (other than in cases where
such relate solely to stock price).

(iii)                            Discretionary Adjustments Pursuant to Section 162(m).  Notwithstanding satisfaction or completion of
any Qualifying Performance Criteria, to the extent specified at the time of
grant of a Stock Award to Covered Employees, the number of Shares or other
benefits granted, issued, retained, or vested under a Stock Award on account of
satisfaction of such Qualifying Performance Criteria may be reduced by the
Committee on the basis of such further considerations as the Committee in its
sole discretion shall determine.”

 2
 

5.                                       Consideration
for Restricted Stock Awards.  Effective as of the date written above,
Section 7(a)(i) is deleted in its entirety and replaced with the following:

“(i)                              Consideration.  A restricted
Stock Award may be awarded for any lawful consideration permitted under the
laws of the Company’s state of incorporation.”

6.                                       Termination of
Participant’s Continuous Service.  Effective as of the date written above,
Section 7(a)(iii) is deleted in its entirety and replaced with the following:

“(iii)                      Termination of Participant’s Continuous Service.  Unless otherwise provided in the restricted
Stock Award Agreement, in the event a Participant’s Continuous Service
terminates prior to a vesting date set forth in the restricted Stock Award
Agreement, any unvested restricted Stock Award shall be forfeited and
automatically transferred to and reacquired by the Company at no cost to the
Company, and neither the Participant nor his or her heirs, executors,
administrators or successors shall have any right or interest in the restricted
Stock Award.”

7.                                       Stockholder
Rights.  Effective upon the approval of
the Company’s stockholders, Section 10(e)(ii) is deleted in its entirety and
replaced with the following:

“(ii)                          Restricted Stock. 
Unless otherwise provided in and upon the terms and conditions in the
Stock Award Agreement governing an award of restricted stock, a Participant
shall have the right to receive all dividends and other distributions paid or
made respecting such restricted stock.”

8.                                       Amendment of
Plan.  Effective as of the date
written above, the provision “. . . Nasdaq or . . . ” in Section 12(a) shall be
deleted each place it appears.

9.                                       Effect on Plan.  Except as otherwise set forth in this
Amendment No. 1, the Plan shall remain in full force and effect.

 3
 

IN
WITNESS WHEREOF, the Company, by its duly authorized officer, has executed this
Amendment No. 1 to the Plan effective as of the date first indicated above.

	
  

  	
  VENOCO, INC.

  
	
   

  	
  a Delaware
  corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Timothy M.
  Marquez

  	
   

  
	
   

  	
   

  
	
   

  	
  Its:

  	
  Chief Executive
  Officer

  	
   

  

 

 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]