Document:

Ironwood Gold Corp.: Exhibit 10.1 - Filed by newsfilecorp.com

IRONWOOD GOLD CORP.
NON-QUALIFIED STOCK OPTION
AGREEMENT

     FOR GOOD AND VALUABLE
CONSIDERATION, receipt of which is hereby acknowledged, Ironwood Gold Corp., a
Nevada corporation (the “Company”) hereby grants to Solomon Mayer (the
“Option Holder”), the option to purchase shares of the common stock,
$0.001 par value per share, of the Company (“Shares”), upon the terms set
forth in this stock option agreement (this “Agreement”): 

     WHEREAS, the Option Holder has
been granted the following award and the following terms reflect the Company’s
2010 Equity Incentive Plan (the “Plan”); 

     NOW, THEREFORE, in consideration
of the premises and mutual covenants contained herein, the parties hereto agree
as follows.

1.     
Defined Terms; Plan.

     Terms used but not defined herein
shall have the same meaning ascribed to such terms in the Plan. This Agreement
and the grant herein is subject to the terms and conditions herein and the terms
and conditions of the applicable provisions of the Plan, the terms of which are
incorporated herein by reference.

2.      Grant.

     The Option Holder is hereby
granted an option (the “Option”) to purchase 100,000 Shares (the
“Option Shares”) pursuant to the Plan. The Option is granted as of
September __, 2013 (the “Date of Grant”). This Option shall not be
treated as an “incentive stock option” as defined in Section 422 of the
Code.

3.      Status
of Option Shares.

     The Option Shares shall upon
issue rank equally in all respects with the other Shares.

4.      Option
Price.

     The purchase price for the Option
Shares shall be, except as herein provided, $0.01 per Option Share, hereinafter
sometimes referred to as the “Option Price,” payable immediately in full upon
the exercise of the Option.

5.      Term
of Option.

     The Option may be exercised only
during the period (the “Option Period”) set forth in Section 7
below and shall remain exercisable until the tenth anniversary of the Date
of Grant. Thereafter, the Option Holder shall cease to have any rights in
respect thereof.

6.      Exercisability.

     Subject to the Option Holder’s
continued service with the Company, the Option will vest and become exercisable
in 20 equal quarterly installments beginning on October 1, 2013, so that the
Option will be 100% vested and exercisable after July 1, 2018, as set forth in
the following schedule:

	  	Vesting 	Cumulative Vesting 
	Timeframe from Date of Grant 	(Number of 	(Number of Option 
	(Vesting Date)
    	Option Shares 	Shares) 
	October 1, 2013 	5,000 	5,000 
	January 1, 2014 	5,000 	10,000 
	April 1, 2014 	5,000 	15,000 
	July 1, 2014 	5,000 	20,000 
	October 1, 2014 	5,000 	25,000 
	January 1, 2015 	5,000 	30,000 
	April 1, 2015 	5,000 	35,000 
	July 1, 2015 	5,000 	40,000 
	October 1, 2015 	5,000 	45,000 
	January 1, 2016 	5,000 	50,000 
	April 1, 2016 	5,000 	55,000 
	July 1, 2016 	5,000 	60,000 
	October 1, 2016 	5,000 	65,000 
	January 1, 2017 	5,000 	70,000 
	April 1, 2017 	5,000 	75,000 
	July 1, 2017 	5,000 	80,000 
	October 1, 2017 	5,000 	85,000 
	January 1, 2018 	5,000 	90,000 
	April 1, 2018 	5,000 	95,000 
	July 1, 2018 	5,000 	100,000 

7.      Exercise
of Option.

     The Option may be exercised for
all, or from time to time any part, of the Option Shares for which it is then
exercisable. The exercise date shall be the date the Company receives a written
notice of exercise signed by the Option Holder, specifying the whole number of
Option Shares in respect of which the Option is being exercised, accompanied by
(a) full payment for the Option Shares with respect to which the Option is
exercised, in a manner acceptable to the Company (which, at the discretion of
the Company, shall include a broker assisted exercise arrangement), of the
Option Price for the Option Shares for which the Option is being exercised, and
(b) payment by the Option Holder of all payroll, withholding, or income taxes
incurred in connection with the Option exercise (or arrangements for the
collection or payment of such tax satisfactory to the Committee are made). The
purchase price for the Shares as to which the Option is exercised shall be paid
to the Company in full at the time of exercise at the election of the Option
Holder (i) in cash, (ii) in Shares having a Fair Market Value equal to the
aggregate Option Price for the Shares being purchased and satisfying such other
requirements as may be imposed by the Committee; provided, that, such Shares
have been held by the Option Holder for no less than six months, (iii) partly in
cash and partly in such Shares, or (iv) through the delivery of irrevocable
instructions to a broker to deliver promptly to the Company an amount equal to
the aggregate Option Price for the Shares being purchased. Anything to the
contrary herein notwithstanding, the Company shall not be obligated to issue any Option Shares hereunder if
the issuance of the Option Shares would violate the provision of any applicable
law, in which event the Company shall, as soon as practicable, take whatever
action it reasonably can so that the Option Shares may be issued without
resulting in such violations of law.

Page 2 of 7 

8.      Exercisability
Upon Termination of Service by Death or Disability.

     Upon a Termination of Service by
reason of death or Disability, the Option may be exercised within 180 days
following the date of death or Termination of Service due to Disability (subject
to any earlier termination of the Option as provided herein), by the Option
Holder (or in the event the Option Holder is legally incompetent, by his legal
representative or guardian) in the case of Disability, or in the case of death,
by the Option Holder’s estate or by a person who acquired the right to exercise
the Option by bequest or inheritance, but in any case only to the extent the
Option Holder was entitled to exercise the Option on the date of his or her
Termination of Service by death or Disability. To the extent that the Option
Holder was not entitled to exercise the Option at the date of his or her
Termination of Service by death or Disability, or if he or she does not exercise
the Option (which he or she was entitled to exercise) within the time specified
herein, the Option shall terminate. Notwithstanding anything to the contrary
herein, the Committee may at any time and from time to time prior to the
termination of the Option, with the consent of the Option Holder, extend the
period of time during which the Option Holder may exercise his or her Option
following the date of Termination of Service due to death or Disability;
provided, however, that the maximum period of time during which the Option shall
be exercisable following the date of Termination of Service due to death or
Disability shall not exceed the original term of the Option and that
notwithstanding any extension of time during which the Option may be exercised,
the Option, unless otherwise amended by the Committee, shall only be exercisable
to the extent the Option Holder was entitled to exercise the Option on the date
of Termination of Service due to death or Disability. Any such extension shall
be designed to conform to the requirements of Section 409A of the Code so as to
avoid the imposition of the additional income tax.

9.      Effect
of Other Termination of Service.

     Upon a Termination of Service for
any reason (other than death or Disability), the unexercised Option may
thereafter be exercised during the period ending 90 days after the date of such
Termination of Service, but only to the extent to which the Option was vested
and exercisable at the time of such Termination of Service and the Participant’s
unvested and/or unexercisable Options shall be forfeited. Notwithstanding the
foregoing, the Committee may, in its sole discretion, either by prior written
agreement with the Option Holder or upon the occurrence of a Termination of
Service, accelerate the vesting of unvested Options held by the Option Holder if
the Option Holder’s Termination of Service is without “cause” (as such term is
defined by the Committee in its sole discretion) by the Company. For purposes of
this Agreement, the date of the Option Holder’s Termination of Service shall be
the earlier of: (a) the date on which the Option Holder ceases to render actual
service to the Company or a Subsidiary of the Company; (b) the date on which the
Company, a Subsidiary of the Company or the Option Holder first provides notice
of Termination of Service; or (c) the first date of any statutory notice period
provided under local law.

10.      Lock
Up Agreement.

     The Option Holder agrees that
upon request of the Company or the underwriters managing any underwritten
offering of the Company’s securities, the Option Holder shall agree in writing
that for a period of time (not to exceed 180 days) from the effective date of
any registration of securities of the Company, the Option Holder will not sell,
make any short sale of, loan, grant any option for the purchase of, or otherwise
dispose of any Option Shares issued pursuant to the exercise of the Option,
without the prior written consent of the Company or such underwriters, as the
case may be.

Page 3 of 7 

11.      Transfer
of Shares.

     The Option, the Option Shares, or
any interest in either, may be sold, assigned, pledged, hypothecated,
encumbered, or transferred or disposed of in any other manner, in whole or in
part, only in compliance with the terms, conditions and restrictions as set
forth in the governing instruments of the Company, applicable United States
federal and state securities and other laws, and the terms and conditions this
Agreement and the Plan.

12.      Expenses
of Issuance of Option Shares.

     The issuance of stock
certificates upon the exercise of the Option in whole or in part, shall be
without charge to the Option Holder. The Company shall pay, and indemnify the
Option Holder from and against any issuance, stamp or documentary taxes (other
than transfer taxes) or charges imposed by any governmental body, agency or
official (other than income taxes) by reason of the exercise of the Option in
whole or in part or the resulting issuance of the Option Shares.

13.      Withholding.

     No later than the date of
transfer of the Shares pursuant to the exercise of the Option granted hereunder
(and in any event no later than three days after Option exercise), the Option
Holder shall pay to the Company or make arrangements satisfactory to the
Committee regarding payment of any federal, state, or local taxes of any kind
required by law to be withheld upon the exercise of the Option and the Company
shall, to the extent permitted or required by law, have the right to deduct from
any payment of any kind otherwise due to the Option Holder, federal, state, and
local taxes of any kind required by law to be withheld upon the exercise of the
Option.

14.      Consent
to Collection, Processing, and Transfer of Personal Data.

     By accepting the Option, the
Option Holder voluntarily acknowledges and consents to the collection, use,
processing and transfer of personal data as described in this Section 14.
The Option Holder is not obliged to consent to such collection, use, processing,
and transfer of personal data. However, failure to provide the consent may
affect the Option Holder’s ability to participate in the Plan. The Company, its
Subsidiaries, and the Option Holder’s employer hold certain personal information
about the Option Holder, including the Option Holder’s name, home address and
telephone number, date of birth, social security number or other employee
identification number, salary, nationality, job title, any shares of stock or
directorships held in the Company, details of all options or any other
entitlement to Shares awarded, canceled, purchased, vested, unvested, or
outstanding in the Option Holder’s favor, for the purpose of managing and
administering the Plan (“Data”). The Company and/or its Subsidiaries will
transfer Data amongst themselves as necessary for the purpose of implementation,
administration, and management of the Option Holder’s participation in the Plan,
and the Company and/or any of its Subsidiaries may each further transfer Data to
any third parties assisting the Company in the implementation, administration
and management of the Plan. These recipients may be located in the United
States, or elsewhere throughout the world, such as Canada. The Option Holder
hereby authorizes them to receive, possess, use, retain, and transfer the Data,
in electronic or other form, for the purposes of implementing, administering and
managing the Option Holder’s participation in the Plan, including any requisite
transfer of such Data as may be required for the administration of the Plan
and/or the subsequent holding of Shares on the Option Holder’s behalf to a
broker or other third party with whom the Option Holder may elect to deposit any
Shares acquired pursuant to the Plan.

15.      Discretionary
Nature of the Plan; No Vested Rights.

     By accepting the Option, the
Option Holder acknowledges and agrees that the Plan is discretionary in nature
and limited in duration, and may be amended, cancelled, or terminated by the
Company, in its sole discretion, at any time. The grant of
awards under the Plan is a one-time benefit and does not create any contractual
or other right to receive an award or benefits in lieu of an award in the
future. Future awards, if any, will be at the sole discretion of the Company,
including, but not limited to, the form and timing of an award, the number of
Shares subject to an award, and the vesting provisions.

Page 4 of 7 

16.      Termination
Indemnities.

     The Option Holder’s participation
in the Plan is voluntary. The value of the Option Holder’s award under the Plan
is an extraordinary item of compensation and is outside the scope of Option
Holder’s employment contract, if any, and this award is not part of the Option
Holder’s normal or expected compensation for purposes of calculating any
severance, resignation, redundancy, end of service payments, bonuses,
long-service awards, pension, or retirement benefits or similar payments.

17.      References.

     References herein to rights and
obligations of the Option Holder shall apply, where appropriate, to the Option
Holder’s legal representative or estate without regard to whether specific
reference to such legal representative or estate is contained in a particular
provision of this Option.

18.      Notices.

     Any notice required or permitted
to be given under this Agreement shall be in writing and shall be deemed to have
been given when delivered personally or by courier, or sent by certified or
registered mail, postage prepaid, return receipt requested, duly addressed to
the party concerned at the address indicated below or to such changed address as
such party may subsequently by similar process give notice of: 

	 	If to the Company: 	Ironwood Gold Corp. 
	 	  	123 West Nye Ln., Ste. 129 
	 	  	Carson City, Nevada 89706 
	 	  	Attn: Chief Executive Officer 
	 	  	  
	 	If to the Option Holder: 	Solomon Mayer 
	 	  	5008 Old New Utrecht Road 
	 	  	Brooklyn, NY 11204 

19.     
Governing Law.

     This Agreement shall be governed
by and construed in accordance with the laws of the State of Nevada applicable
to contracts made and to be performed in the State of Nevada without regard to
conflict of laws principles.

20.     
Entire Agreement.

     This Agreement and the Plan
constitute the entire agreement among the parties relating to the subject matter
hereof, and any previous agreement or understanding among the parties with
respect thereto is superseded by this Agreement and the Plan.

Page 5 of 7 

21.      Counterparts.

     This Agreement may be executed in
two counterparts, each of which shall constitute one and the same
instrument.

Page 6 of 7 

     IN WITNESS WHEREOF, the
undersigned have executed this Agreement as of the Date of Grant.

IRONWOOD GOLD CORP.

	 	By: 	 
	 	Name: 	 
	 	Title: 	 

OPTION HOLDER

	 	By: 	 
	 	Name: 	 

Page 7 of 7Ironwood Gold Corp.: Exhibit 10.2 - Filed by newsfilecorp.com

FAO Mr. Raymon Paquette

Canadian Mining Company Inc.

2300-1066 W. Hastings St

Vancouver, BC

25th September 25, 2013 

Dear Sirs,

I am writing to confirm according to our January 21 2013 Option and Joint Venture made among Canadian Mining Company Inc., Canmin Mexico S.A.DE C.V
and Ironwood Gold Corp. Ironwood elects to terminate First Option under item
3.7, 3.8a and 3.8b ... and delivers the First Option Termination Notice to
Canadian Mining for San Bernardo Project, effective immediately. 

Furthermore according to January 22 2013 OPTION and JOINT VENTURE made among Canadian Mining Company Inc., Canadian Mining of
Arizona and Ironwood Gold Corp. Ironwood elects to terminate First Option under
item 3.6, 3.7[a] and [b] delivers First Option Termination Notice to Canadian
Mining for Bullard Pass, effective immediately. 

Best regards,

 

 

Behzad Shayanfar

	 	 
	USA Office 	UK Office 
	7047 East Greenway Parkway, Suite 250, 	2nd Floor, Berkeley Square House, 
	Scottsdale, AZ, 85254	Berkeley Square, London, UK, W1J 6BD 
	 	 
	TEL: 1-888-356-4942 EMAIL:
      info@ironwoodgold.com WEB: www.ironwoodgold.com 
OTCBB: IROG

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