Document:

SunOpta Inc.: Exhibit 10.4 - Filed by newsfilecorp.com

Exhibit 10.4 

PERFORMANCE SHARE UNIT AWARD AGREEMENT 

     This Performance Share Unit Award
Agreement (the “Agreement”) is entered into as of February 6, 2017
between SunOpta Inc., a Canadian corporation (the “Company”), and David
Colo (the “Recipient”). 

     On February 6, 2017 (the
“Award Date”) the Company’s Board of Directors or the Compensation
Committee of the Board of Directors (the “Board”) authorized the grant of
performance share units to Recipient pursuant to the terms of this Agreement.
Recipient desires to accept the award subject to the terms and conditions of
this Agreement. This award is not, and shall not be deemed to be, granted under
or subject to the terms of the Company’s Amended 2013 Stock Incentive Plan or
any other plan. This award is granted pursuant to the terms of the Executive
Employment Agreement dated February 2, 2017 between the Company and Recipient
(the “Employment Agreement”) and in the event of any inconsistency
between this Agreement and the Employment Agreement as to timing of vesting or
any other provision, the terms of the Employment Agreement shall control and
apply. 

     NOW, THEREFORE, the parties agree as
follows: 

     1. Award. The Company
grants to Recipient 277,780 performance share units (“PSUs”) with respect
to the Company’s common shares (“Common Shares”). Subject to the terms
and conditions of this Agreement and the Employment Agreement, the Company shall
issue to Recipient the number of Common Shares of the Company corresponding to
the number of PSUs determined under this Agreement based on (a) the performance
of the Company as described in Section 2 and (b) Recipient’s continued
employment as during the entire Performance Period (as defined below) pursuant
to Section 3.

     2. Performance Conditions.
The vesting of the PSUs, if vesting occurs at all, is dependent on the Common
Shares achieving a closing trading price of at least US$11.00, US$14.00 and
US$18.00 in each case for 20 consecutive trading days (the “Stock
Price Hurdles”) during the three-year period commencing on the Award Date
(the “Performance Period”) as provided herein; provided, however, that a
Stock Price Hurdle shall also be met if the Company’s Common Shares cease
trading as a result of a Change of Control (as defined in the Employment
Agreement) transaction in which holders of the Company’s Common Shares receive
per-share consideration equal to or greater than such Stock Price Hurdle. 

On the last day of the Performance Period, one-third of the
PSUs shall vest on the achievement of each of the three Stock Price Hurdles, as
follows, subject to Recipient’s employment during the entire Performance Period:

	Stock Price Hurdle 
	Number of PSUs 
That Will
      Vest 
	US$11.00 	92,593 = Incremental/Total 
	US$14.00 
	92,593 = Incremental; 
185,186 = Total
  
	US$18.00 
	92,594 = Incremental; 
277,780 = Total
  
	Total Vested 	277,780 

If none of the Stock Price Hurdles are met, none of the PSUs
will vest. If only the US$11.00 Stock Price Hurdle is met, only one-third of the
PSUs (i.e., as to 92,593 PSUs) will vest. If the US$11.00 and US$14.00 Stock
Price Hurdles are met, only two-thirds of the PSUs (i.e., as to 185,186 PSUs)
will vest. If all three Stock Price Hurdles are met, all of the PSUs (i.e., as
to 277,780 PSUs) will vest. 

All vested PSUs shall be settled by the Company as soon as
reasonably practicable following the completion of the Performance Period,
subject to continued employment during the entire Performance Period pursuant to
Section 3, and all unvested PSUs shall be forfeited and cancelled. 

     3. Employment Condition. 

          3.1
Payout. In order to receive a payout of shares under this Agreement,
Recipient must be employed by the Company continuous from the Award Date until
the end of the Performance Period, except as provided in the Employment
Agreement or Sections 3.2, 3.3 or 3.4 below. For purposes of this Agreement,
Recipient is considered to be employed by the Company if Recipient is employed
by the Company or any parent or subsidiary of the Company (an
“Employer”). 

          3.2
Total Disability. If Recipient’s employment with the Company is
terminated at any time prior to the end of the Performance Period because of
Total Disability (as defined in the Employment Agreement), any PSUs that are
vested as of the Termination Date (as defined in the Employment Agreement),
including any PSUs that become vested in accordance with Section 5.5 of the
Employment Agreement, shall be settled in accordance with the terms of this
Agreement.

          3.3
Death. If Recipient’s employment with the Company is terminated at any
time prior to the end of the Performance Period because of death, any PSUs that
are vested as of the Termination Date including any PSUs that become vested in
accordance with Section 5.4 of the Employment Agreement, shall be settled in
accordance with the terms of this Agreement.

          3.4
Termination without Cause or for Good Reason. If Recipient’s employment
by the Company is terminated by the Company without Cause or by Recipient for
Good Reason at any time prior to the end of the Performance Period, the PSUs
shall be treated in accordance with Section 5.3 of the Employment Agreement. If
a Release is not executed by Recipient in accordance with the Employment
Agreement or any other applicable provision of the Employment Agreement is not
complied with by Recipient, Recipient shall not be entitled to receive any
Common Shares that would become vested in accordance with Section 5.3 of the
Employment Agreement. For the purposes of this Agreement, “Cause” and “Good
Reason” shall have the meanings set forth in Employment Agreement. 

          3.5
Other Terminations. If Recipient’s employment by the Company is
terminated at any time prior to the end of the Performance Period and none of
Sections 3.2, 3.3 or 3.4 applies to such termination, Recipient shall not be
entitled to receive any shares under this Agreement. 

     4. Payment. As soon as
practicable following the end of the Performance Period, the Board shall
determine the number, if any, of Common Shares, issuable pursuant to this
Agreement. Subject to applicable tax withholding, such shares shall be issued to
Recipient as soon as practicable following the end of the Performance
Period. No fractional shares shall be issued and the number of shares
deliverable shall be rounded down to the nearest whole share, and any remaining
fractional shares shall be paid in cash. Notwithstanding anything hereinabove to
the contrary, if any of Section 3.2, 3.3 or 3.4 requires an earlier award
payout, a similar process shall be followed in accordance with the timing
identified therein. If Recipient is obligated to deliver a Release in accordance
with Section 3.4 and if Recipient’s Termination Date (as defined and determined
pursuant to the Employment Agreement) occurs during the last 40 days of the
calendar year, the payment shall in no event be made earlier than the first
business day of the succeeding calendar. 

2 

     5. Tax Withholding.

         
 5.1 Recipient acknowledges that on the date that shares underlying the
PSUs are issued to Recipient, the fair market value of the Common Shares will be
treated as ordinary compensation income for federal and state and provincial
income tax purposes and employment tax purposes, and that the Company will be
required to withhold taxes on these income amounts pursuant to Section 5.2
below.

           5.2
Prior to any relevant taxable or tax withholding event, as applicable, Recipient
agrees to make adequate arrangements satisfactory to the Company and/or the
Employer to satisfy all federal, state and other tax withholding obligations. In
this regard, Recipient authorizes the Company and/or the Employer, or their
respective agents, at their discretion, to satisfy applicable withholding
obligations by one or a combination of the following: (a) withholding from
Recipient’s or other cash compensation paid by the Company and/or the Employer;
or (b) withholding from proceeds of the sale of Common Shares acquired upon
vesting/settlement of the PSUs either through a voluntary sale or through a
mandatory sale arranged by the Company on Recipient’s behalf pursuant to this
authorization; or (c) withholding in Common Shares to be issued upon
vesting/settlement of the PSUs. 

          5.3 If
the withholding obligation is satisfied by withholding in Common Shares, for tax
purposes, Recipient is deemed to have been issued the full number of Common
Shares subject to the vested PSUs, notwithstanding that a number of the Common
Shares are held back solely for the purpose of paying the withholding. 

          5.4
Recipient agrees to pay to the Company or the Employer any amount the Company or
the Employer may be required to withhold or account for as a result of this
award that cannot be satisfied by the means previously described. The Company
may refuse to issue or deliver the shares or the proceeds of the sale of shares
if Recipient fails to comply with these obligations. 

     6. Stock Splits, Stock Dividend;
Mergers, Etc.

          6.1 If the outstanding
common shares of the Company are hereafter increased or decreased or changed
into or exchanged for a different number or kind of shares or other securities of the Company by reason of any stock split,
combination of shares, dividend payable in shares, recapitalization or
reclassification, appropriate adjustment shall be made by the Company in the
number and kind of shares subject to the PSUs, so that Recipient’s proportionate
interest before and after the occurrence of the event is maintained.
Notwithstanding the foregoing, the Company shall have no obligation to effect
any adjustment that would or might result in the issuance of fractional shares,
and any fractional shares resulting from any adjustment may be disregarded or
provided for in any manner determined by the Company. Any such adjustments made
by the Company shall be conclusive. 

3 

          6.2
Mergers, Reorganizations, Etc. If, while any unvested PSUs are
outstanding, there shall occur a merger, consolidation, amalgamation or plan of
exchange, in each case involving the Company pursuant to which outstanding
Common Shares are converted into cash or other stock, securities or property
(each, a “Transaction”), (i) all outstanding PSUs as to which the
applicable Stock Price Hurdle vesting requirement set forth in Section 2 has not
been satisfied as of the closing of the Transaction shall be forfeited and
cancelled and (ii) the Board of Directors, may, in its sole discretion, provide
that the remaining PSUs shall be treated in accordance with any of the following
alternatives: 

     (a) The remaining PSUs shall be
converted into restricted stock units to acquire stock of the surviving or
acquiring corporation in the Transaction upon completion of the Performance
Period (unless otherwise accelerated as determined by the Board of Directors in
its sole discretion) and shall be subject to continued employment of Recipient
by the Company or any acquiring or surviving company through such vesting date,
with the amount and type of shares subject thereto to be conclusively determined
by the Board of Directors, taking into account the relative values of the
companies involved in the Transaction and the exchange rate, if any, used in
determining shares of the surviving corporation to be held by holders of common
shares of the Company following the Transaction, and disregarding fractional
shares; 

     (b) The remaining PSUs shall be
cancelled effective immediately prior to the consummation of the Transaction,
and, in full consideration of the cancellation, pay to Recipient upon the
completion of the Performance Period (unless otherwise accelerated by the terms
of the Employment Agreement or as determined by the Board of Directors in its
sole discretion), with payment subject to continued employment of Recipient by
the Company or any acquiring or surviving company through such date), an amount
in cash, for each remaining PSU, equal to the value, as determined by the Board
of Directors, of the common shares subject to the unvested PSUs, taking into
account the relative values of the companies involved in the Transaction and the
exchange rate, if any, used in determining shares of the surviving corporation
to be held by holders of common shares of the Company following the Transaction
or other consideration paid in the Transaction to holders of common shares of
the Company; or 

     (c) The remaining PSUs shall become
vested in full and all unissued shares subject to the PSUs shall be issued
immediately prior to the consummation of the Transaction. 

     (d) In the event the Board of
Directors opts that the remaining PSUs shall be treated in accordance with (i)
above, then the surviving or acquiring corporation in the Transaction must agree
to all relevant provisions of the Employment Agreement pertaining to the PSUs.

4 

     7. Section 409A. The award
granted pursuant to this Agreement is intended to be compliant with Section 409A
of the Internal Revenue Code (“Section 409A”) and shall be interpreted
consistent with such intent. Each of the Section 409A provisions of Section 7.3
of the Employment Agreement shall apply to the award. 

     8. No Right to Employment.
Nothing contained in this Agreement and the Employment Agreement shall confer
upon Recipient any right to be employed by the Company or to interfere in any
way with the right of the Company to terminate Recipient’s employment at any
time for any reason, with or without cause. 

     9. Miscellaneous. 

          9.1
Entire Agreement; Amendment. This Agreement and the Employment Agreement
constitute the entire agreements of the parties with regard to the subjects
hereof and may be amended only by written agreement between the Company and
Recipient. 

          9.2
Notices. Any notice required or permitted under this Agreement shall be
in writing and shall be deemed sufficient when delivered personally to the party
to whom it is addressed or when deposited into the United States or Canadian
mail as registered or certified mail, return receipt requested, postage prepaid,
addressed to the Company, Attention: General Counsel, at its principal executive
offices or to Recipient at the address of Recipient in the Company’s records, or
at such other address as such party may designate by ten (10) days’ advance
written notice to the other party. 

          9.3
Assignment; Rights and Benefits. Recipient shall not assign this
Agreement or any rights hereunder to any other party or parties without the
prior written consent of the Company. The rights and benefits of this Agreement
shall inure to the benefit of and be enforceable by the Company’s successors and
assigns and, subject to the foregoing restriction on assignment, be binding upon
Recipient’s heirs, executors, administrators, successors and assigns. 

          9.4
Further Action. The parties agree to execute such further instruments and
to take such further action as may reasonably be necessary to carry out the
intent of this Agreement. 

          9.5
Applicable Law. The terms and conditions of this Agreement will be
interpreted under the laws of the state of Minnesota, exclusive of choice of law
rules. Any action or proceeding by either of the parties to enforce this
Agreement shall be brought only in a state or federal court located in the state
of Minnesota. 

          9.6
Counterparts. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original. 

	SUNOPTA INC. 	RECIPIENT: 
	  	  
	  	  
	By: /s/ R. Dean Hollis 	/s/ David J. Colo 
	Title: Chair 	David Colo 

5Exhibit
10.24

 

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

This EXECUTIVE
EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of the 12th day of April 2016, by and between
U.S. Gold Corp., a Nevada corporation and Edward Karr, an individual (“Executive”). As used herein, the “Effective
Date” of this Agreement shall mean the date first set forth above.

 

 

W I T N E
S S E T H:

 

WHEREAS,
the Executive desires to be employed by the Company as its President and Chief Executive Officer and the Company wishes to employ
Executive in such capacity;

 

NOW, THEREFORE,
in consideration of the foregoing recitals and the respective covenants and agreements of the parties contained in this document,
the Company and Executive hereby agree as follows:

 

1. Employment
and Duties. The Company agrees to employ and Executive agrees to serve as the Company’s President and Chief
Executive Officer. The duties and responsibilities of Executive shall include the duties and responsibilities as the Board
of Directors of the Company (the “Board”) may from time to time assign to Executive.

 

Executive
shall devote such amount of working time and efforts during the Company's normal business hours to the business and affairs of
the Company and its subsidiaries Executive deems necessary to execute the diligent and faithful performance of the duties and responsibilities
duly assigned to him pursuant to this Agreement. Provided that none of the additional activities interferes with the performance
of the duties and responsibilities of Executive or are determined by the inconsistent with the position, standing, stature, reputation
or best interests of the Company, nothing in this Section 1, shall prohibit Executive from (a) serving as a consultant, director
or member of a committee, paid or unpaid, for entities that , in the good faith determination of the Board, do not compete or present
the appearance of competition with the Company or otherwise create, or could create, in the good faith determination of the Board,
a conflict of interest or appearance of a conflict of interest with the business of the Company; (b) delivering lectures, fulfilling
speaking engagements, and any writing or publication relating to his area of expertise (c) serving as a director or trustee of
any governmental, charitable or educational organization; or (d) engaging in additional activities in connection with personal
investments and community affairs; provided that such activities are not inconsistent with Executive’s duties under
this Agreement.

 

2. Term.
The term of this Agreement shall commence on the Effective Date and shall continue through April 30, 2018 and shall be automatically
renewed for successive one (1) year periods thereafter unless either party provides the other party with written notice of his
or its intention not to renew this Agreement at least 90 days prior to the expiration of the initial term or any renewal term of
this Agreement. “Employment Period” or “Term” shall mean the initial term plus renewals,
if any.

    1 

     

    

3.       Place
of Employment. Executive’s services shall be performed at the Company’s offices or such other place as the Executive
is then located. The parties acknowledge, however, that Executive may be required to travel in connection with the performance
of his duties hereunder.

 

4.       Base
Salary. During the Term, Executive shall initially be paid an aggregate annual base salary at the rate of $250,000 per year
(the “Base Salary”), payable in equal installments during each year in accordance with the payroll practices
for the executives of the Company. The Compensation Committee of the Board, or the Board if there is no Compensation Committee,
shall review Employee’s salary from time to time and may, in its sole discretion, increase but not decrease it. The Board
of Directors has the final authority to approve Base Salary adjustments.

 

5.       Bonuses.

 

In addition
to the Base Salary, Executive shall be entitled to receive a bonus (the “Bonus”) (if earned) during the Term
for which services are performed under this Agreement in an amount up to Two Hundred Fifty Thousand Dollars and shall be conditioned
on Executive meets his Milestone Goal. For purposes hereof, “Milestone Goal” shall mean the Company shall, during
the Term, conduct a financing in which the Company receives gross proceeds of at least Ten Million Dollars ($10,000,000), $2.5
million of which is from foreign (non U.S.) investors. The Bonus may be paid in cash or in stock, or in a combination thereof in
accordance with any Company bonus plans available for senior executives, or in the absence of such plans, as determined by the
Board. Any Bonus for a calendar year shall be subject to Executive’s continued employment with the Company through the end
of the calendar year in which it is earned and shall be paid after the conclusion of the calendar year in accordance with the Company’s
regular bonus payment policies in the year following the year with respect to which the Bonus relates, and in any case not later
than two and one half (2-1/2) months following the end of the year with respect to which a Bonus is earned.

 

6.       Equity
Awards.

 

(a)
Initial Equity Purchase – Upon execution of this Agreement, Executive shall be afforded the opportunity to purchase up to
Five Hundred Thousand (500,000) shares of the Company’s common stock at a per share purchase price of $0.0001 per share.
Executive agrees that he shall be solely responsible for any and all elections to be made under Internal Revenue Code (the “Code”)
Section 83(b) and the payment of all taxes associated therewith shall be the sole responsibility of Executive. Executive shall
provide Company with a copy of any election made under Section 83(b) of the Code.

 

(b) Annual
Long Term Incentives - The Executive shall be eligible to participate in any long term incentive plans adopted by the Company from
time to time, and shall otherwise be eligible for annual long term incentive awards in the discretion of the Board.

 

7.       Indemnification.
To the fullest extent permitted by law and the Company’s articles of incorporation and bylaws, the Company hereby indemnifies
Executive and holds him harmless from the Effective Date, through the Term, and after the period of Executive’s employment
hereunder, from and against all loss, costs, damages, and expenses including, without limitation, legal expenses of counsel (which
expenses the Company will, to the extent so permitted, advance to Executive as the same are incurred) arising out of or in connectionwith
the fact that Executive are or was a director, officer, attorney, employee, or agent of the Company or serving in such capacity
for another corporation at the request of the Company. This indemnification is in addition to that provided in the Company’s
certificate of incorporation and bylaws.

    2 

     

    

8.       D&O
Insurance. The Company shall cover Executive under directors and officers liability insurance from the Effective Date, through
the Term, and, while potential liability exists, after the period of Executive’s employment hereunder, on the most favorable
terms as provided to any other director or executive officer of the Company.

 

9.       Expenses.
Executive shall be entitled to prompt reimbursement by the Company for all reasonable ordinary and necessary travel, entertainment,
and other expenses incurred by Executive while employed (in accordance with the policies and procedures established by the Company
for its senior executive officers) in the performance of his duties and responsibilities under this Agreement; provided, that Executive
shall properly account for such expenses in accordance with Company policies and procedures.

 

10.       Other
Benefits. During the term of this Agreement, the Executive shall be eligible to participate in incentive, stock purchase, savings,
retirement (401(k)), and welfare benefit plans, including, without limitation, health, medical, dental, vision, life (including
accidental death and dismemberment) and disability insurance plans (collectively, “Benefit Plans”), in substantially
the same manner and at substantially the same levels as the Company makes such opportunities available to the Company's managerial
or salaried executive employees. The Executive shall be entitled to 25 days of paid time off (in addition to the usual national
holidays) during each contract year during which he serves hereunder (“Paid Time Off”). Paid Time Off not taken
during a calendar year may not be carried forward in the next contract year unless otherwise provided in the Benefit Plans or by
written Company policy, as from time to time implemented and updated.

 

11.       Termination
of Employment.

 

(a)       For
Cause, Disability, Death or Resignation Without Good Reason.

 

Executive
may terminate his employment at any time, for any reason, upon 90 days prior notice to Company; provided that the Company may in
its sole discretion, elect to waive all or any part of any notice period. If the Executive’s employment is terminated during
the Term by the Company for Cause, if Executive voluntarily terminates employment with the Company other than for Good Reason at
any time, or if Executive’s employment terminates due to death or Disability, the Company shall pay to the Executive (or,
if applicable, his estate) in a lump sum (i) any unpaid portion of Executive’s accrued Base Salary and unused Paid Time Off;
(ii) any amounts payable to Executive pursuant to the terms of any pension or welfare benefit plan, and (iii) any expense reimbursements
payable pursuant to the Company’s reimbursement policy (the “Accrued Obligations”). Except in the case
of termination due to Death or Disability, unvested equity grants shall be forfeited as of the date of termination, and any vested
equity awards shall be treated as specified in the applicable equity plan and award agreement. In the case of termination due to
Death or Disability any unvested equity grants shall be forfeited as of the date of termination, and any vested equity awards shall
be treated as specified in the applicable equity plan and award agreement.

    3 

     

    

(b) Termination
Without Cause or Resignation For Good Reason in Absence of Change in Control. Company may terminate Executive’s employment
at any time without Cause upon 90 days prior written notice to Executive. Upon Executive’s involuntary termination of employment
by the Company without Cause outside of a Change in Control Period (as defined in subsection (c) below), or Executive’s resignation
for Good Reason outside of a Change in Control Period, the Term shall end and, in addition to the Accrued Obligations, Executive
shall be entitled to receive a lump sum severance payment in an amount equal to the sum of Executive’s then in effect Base
Salary. Any unvested equity grants shall be forfeited as of the date of termination, and any vested equity awards shall be treated
as specified in the applicable equity plan and award agreement. For the avoidance of doubt, the nonextension of the Term by the
Company pursuant to Section 1 shall not be treated as a termination without Cause hereunder.

 

(c) Termination
Without Cause or Resignation For Good Reason Prior to, Upon or Following a Change in Control. Upon Executive’s termination
of employment by the Company without Cause within six months prior to, upon, or within 12 months following a Change in Control
(“Change in Control Period”) or Executive’s Resignation for Good Reason during a Change in Control Period, the
Term shall end and, in addition to the Accrued Obligations, Executive shall be entitled to receive a lump sum severance payment
in an amount equal to Executive’s then in effect Base Salary. In addition, any unvested equity awards that were granted prior
to the Change in Control Period, any Annual Long Term Incentive awards, or any other equity awards made during the Term, shall
fully and immediately vest (and in the case of options become exercisable), and otherwise shall be treated as specified in the
applicable equity plan and award agreement. For the avoidance of doubt, the nonextension of the Term by the Company during a Change
in Control Period shall be treated as a termination without Cause under this Section 11(c). If Executive’s employment is
terminated during the portion of the Change in Control Period that is six months prior to an anticipated Change in Control, Executive
will become entitled to all payments and accelerated vesting benefits pursuant to this Section 11(c) upon the occurrence of the
Change in Control at any time from the date of termination of Executive’s employment and twelve months thereafter.

 

(d) Nonrenewal
by Company. If the Company provides notice to Executive pursuant to Section 2 that the Term will not be extended, the Term
shall end on the scheduled date and, in addition to the Accrued Obligations, Executive shall be entitled to receive a lump sum
severance payment in an amount equal to Executive’s then in effect Base Salary. Any unvested equity grants shall be forfeited
as of the date of termination, and any vested equity awards shall be treated as specified in the applicable equity plan and award
agreement.

 

(e) Welfare
Benefits. Executive’s eligibility to participate in the Company’s medical, dental, and vision benefit plans and
other insured welfare benefits (such as life, accident, and disability coverage) will terminate upon Executive’s termination
of employment according to the terms of the relevant benefit plan. Executive may elect to participate in medical, dental, and vision
benefits provided through an outside vendor, in conjunction with continued insurance coverage available to Executive under the
provisions of the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) at COBRA rates for up to eighteen (18) months.
In the event Executive is entitled to severance payment benefits pursuant to Section 11(b), 11(c) or 11(d) above, the Company shall
continue to provide all welfare benefits provided to Executive

    4 

     

    

immediately
before such termination (including, without limitation, health and life insurance, but excluding disability insurance) for a period
following Executive’s termination of employment equal to the period with respect to which Executive’s Base Salary is
paid as severance, at the Company’s sole cost; provided, however, that to the extent Executive becomes re-employed and eligible
for benefits with another employer prior to the expiration of such period, Executive will elect such benefits and promptly notify
the Company so that the Company will have no further obligation to provide benefits under this subsection (e) unless, and then
only to the extent that, the benefits that are being provided by the Company are more favorable than such benefits provided by
the other company. Any medical, dental and vision continuation coverage provided pursuant hereto shall be deemed “alternative
coverage” for purposes of COBRA.

 

(f) Release
of Claims. The payment and provision of any and all severance benefits pursuant to Sections 11(b), (c) and (d) above shall
be conditioned upon and subject to execution of a Release of Claims by Executive at the time of termination of employment. All
lump-sum payments due pursuant to this Agreement shall be payable at the time specified in such Release of Claims. The payment
of the Accrued Obligations is not subject to Executive’s execution of a Release of Claims.

 

(g) No Obligation
to Mitigate Executive shall not be required to mitigate the amount of any payment provided for in this Section 11 by seeking other
employment or otherwise, nor shall the amount of any payment provided for in this Section 11 be reduced by any compensation earned
by the Executive as the result of employment by another employer or business or by profits earned by Executive from any other source
at any time before and after the termination date. The Company’s obligation to make any payment pursuant to, and otherwise
to perform its obligations under, this Agreement shall not be affected by any offset, counterclaim or other right that the Company
may have against Executive for any reason.

 

12.      Definition of Terms.The
following terms referred to in this Agreement shall have the following meanings:

 

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

    5 

     

    

(b)       Cause.
“Cause” shall mean:

 

(i)       conviction
of a felony or a crime involving fraud or moral turpitude; or

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

 

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

 

(iv)       willful
failure to follow lawful instructions of the person or body to which Executive reports; or

 

(v)       gross
negligence or willful misconduct in the performance of Executive’s assigned duties. Cause shall not include mere unsatisfactory
performance in the achievement of Executive’s job objectives.

 

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

 

(d) Resignation
for Good Reason. Resignation for “Good Reason” shall mean, without the express written consent of Executive, the
occurrence of one of the following arising on or after the Effective Date, as determined in a manner consistent with Treasury Regulation
Section 1.409A-1(n)(2)(ii):

 

(i)      
a material reduction or change in Executive’s title or job duties, responsibilities and requirements inconsistent with Executive’s
position with the Company and Executive’s prior duties, responsibilities and requirements,

 

(ii)       any
reduction of Executive’s then in effect Base Salary or Executive’s
Target Bonus as set forth in Sections 4 and 5 above.;

 

(iii)       following
a Change in Control, Executive not serving as the chief executive officer of the surviving entity to the Company;

 

(v)       any
material breach of this Agreement by Company.

 

In the case
of Executive’s allegation of Good Reason, (i) Executive shall provide written notice to the Company of the event alleged
to constitute Good Reason within 90 days after the initial occurrence of such event, and (ii) the Company shall have the opportunity
to remedy the alleged Good Reason event within 90 days from receipt of notice of such allegation (the “Cure Period”).
If not remedied within the Cure Period, Executive may submit a written notice of termination, provided that the notice of termination
must be given no later than 45 days after the expiration of the Cure Period; otherwise, Executive is deemed to have accepted such
event, or the Company’s remedy of such event, that may have given rise to the existence of Good Reason; provided, however,
such acceptance shall be limited to the occurrence of such event and shall not waive Executive’s right to claim Good Reason
with respect to future similar events.

    6 

     

    

13. Golden
Parachute Limitation. Notwithstanding any other provision of this Agreement, in the event that it shall be determined that
the aggregate payments or distributions by the Company to or for the benefit of Executive, whether paid or payable or distributed
or distributable pursuant to the terms of this Agreement or otherwise (the “Payments”), constitute “excess
parachute payments” (as such term is defined under Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”)
or any successor provision, and the regulations promulgated thereunder (collectively, “Section 280G”)) that
would be subject to the excise tax imposed by Section 4999 of the Code or any successor provision (collectively, “Section
4999”) or any interest or penalties with respect to such excise tax (the total excise tax, together with any interest
and penalties, are hereinafter collectively referred to as the “Excise Tax”)), then the Payments shall be either
(a) delivered in full, or (b) delivered to such lesser extent that would result in no portion of the Payments being subject to
the Excise Tax, whichever of the foregoing amounts, taking into account the applicable Federal, state or local income and employment
taxes and the Excise Tax, results in the receipt by Executive, on an after-tax basis, of the greatest amount of benefits, notwithstanding
that all or some portion of such benefits may be subject to the Excise Tax. In the event that the Payments are to be reduced pursuant
to this Section 6, such Payments shall be reduced such that the reduction of compensation to be provided to Executive as a result
of this Section 13 is minimized. In applying this principle, the reduction shall be made in a manner consistent with the requirements
of Section 409A and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts
shall be reduced on a pro rata basis (but not below zero). All calculations required pursuant to this Section 13 shall be performed
in good faith by nationally recognized registered public accountants or tax counsel selected by the Company.

 

14. Confidential Information.

 

(a)
The Executive recognizes, acknowledges and agrees that he has had and will continue to have access to secret and confidential information
regarding the Company, its subsidiaries and their respective businesses (“Confidential Information”), including
but not limited to, its products, methods, formulas, software code, patents, sources of supply, customer dealings, data, know-how,
trade secrets and business plans, provided such information is not in or does not hereafter become part of the public domain, or
become known to others through no fault of the Executive. The Executive acknowledges that such information is of great value to

the
Company, is the sole property of the Company, and has been and will be acquired by him in confidence. In consideration of the obligations
undertaken by the Company herein, the Executive will not, at any time, during or after his employment hereunder, reveal, divulge
or make known to any person, any information acquired by the Executive during the course of his employment, which is treated as
confidential by the Company, and not otherwise in the public domain. The provisions of this Section 14 shall survive the termination
of the Executive’s employment hereunder.

 

(b) The Executive
affirms that he does not possess and will not rely upon the protected trade secrets or confidential or proprietary information
of any prior employer(s) in providing services to the Company or its subsidiaries.

    7 

     

    

(c) In the
event that the Executive’s employment with the Company terminates for any reason, the Executive shall deliver forthwith to
the Company any and all originals and copies, including those in electronic or digital formats, of Confidential Information; provided,
however, Executive shall be entitled to retain (i) papers and other materials of a personal nature, including, but not limited
to, photographs, correspondence, personal diaries, calendars and rolodexes, personal files and phone books, (ii) information showing
his compensation or relating to reimbursement of expenses, (iii) information that he reasonably believes may be needed for tax
purposes and (iv) copies of plans, programs and agreements relating to his employment, or termination thereof, with the Company.

 

15.       Non-Competition
and Non-Solicitation.

 

(a)
The Executive agrees and acknowledges that the Confidential Information that the Executive has already received and will receive
is valuable to the Company and that its protection and maintenance constitutes a legitimate business interest of the Company, to
be protected by the non-competition restrictions set forth herein. The Executive agrees and acknowledges that the non-competition
restrictions set forth herein are reasonable and necessary and do not impose undue hardship or burdens on the Executive.

 

(b) The Executive
hereby agrees and covenants that during the Term and for a period of twelve months thereafter, he shall not, without the prior
written consent of the Company:

 

(i)       recruit,
solicit, attempt to persuade, or assist in the recruitment or solicitation of, any employee of the Company who was an employee,
officer or agent of the Company during the three month period immediately preceding the date of Executive’s termination for
the purpose of employing the individual or obtaining the individual’s services or otherwise causing the individual to leave
employment with the Company;

 

(ii)       solicit
or divert to any competing business any customer or prospective customer with which Executive had contact during the twelve months
prior to leaving the Company

 

16.       Section
409A.

The provisions
of this Agreement are intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)
and any final regulations and guidance promulgated thereunder (“Section 409A”) and shall be construed in a manner
consistent with the requirements for avoiding taxes or penalties under Section 409A. The Company and Executive agree to work together
in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or
desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A.

 

To the extent
that Executive will be reimbursed for costs and expenses or in-kind benefits, except as otherwise permitted by Section 409A, (a)
the right to reimbursement or in- kind benefits is not subject to liquidation or exchange for another benefit, (b) the amount of
expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible
for reimbursement, or in-kind benefits to be provided, in any other taxable year; provided that the foregoing clause (b) shall
not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such
expenses are subject to a limit related to the period the arrangement is in effect and (c) such payments shall be made on or before
the last day of the taxable year following the taxable year in which you incurred the expense.

    8 

     

    

A termination
of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of
any amounts or benefits upon or following a termination of employment unless such termination constitutes a “Separation from
Service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement references to a “termination,”
“termination of employment” or like terms shall mean Separation from Service.

 

Each installment
payable hereunder shall constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b), including Treasury
Regulation Section 1.409A-2(b)(2)(iii). Each payment that is made within the terms of the “short-term deferral” rule
set forth in Treasury Regulation Section 1.409A-1(b)(4) is intended to meet the “short-term deferral” rule. Each other
payment is intended to be a payment upon an involuntary termination from service and payable pursuant to Treasury Regulation Section
1.409A-1(b)(9)(iii), et. seq., to the maximum extent permitted by that regulation, with any amount that is not exempt from Code
Section 409A being subject to Code Section 409A.

 

Notwithstanding
anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A
at the time of Executive’s termination, then only that portion of the severance and benefits payable to Executive pursuant
to this Agreement, if any, and any other severance payments or separation benefits which may be considered deferred compensation
under Section 409A (together, the “Deferred Compensation Separation Benefits”), which (when considered together)
do not exceed the Section 409A Limit (as defined herein) may be made within the first six (6) months following Executive’s
termination of employment in accordance with the payment schedule applicable to each payment or benefit. Any portion of the Deferred
Compensation Separation Benefits in excess of the Section 409A Limit otherwise due to Executive on or within the six (6) month
period following Executive’s termination will accrue during such six (6) month period and will become payable in one lump
sum cash payment on the date six (6) months and one (1) day following the date of Executive’s termination of employment.
All subsequent Deferred Compensation Separation Benefits, if any, will be payable in accordance with the payment schedule applicable
to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following termination but prior
to the six (6) month anniversary of Executive’s termination date, then any payments delayed in accordance with this paragraph
will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred
Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit.

 

For purposes
of this Agreement, “Section 409A Limit” will mean a sum equal (x) to the amounts payable prior to March 15
following the year in which Executive terminations plus (y) the lesser of two (2) times: (i) Executive’s annualized compensation
based upon the annual rate of pay paid to Executive during the Company’s taxable year preceding the Company’s taxable
year of Executive’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any
IRS guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant
to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated.

    9 

     

    

17. Clawback
Rights. (a) The Bonus (the “Clawback Benefits”) shall be subject to “Company Clawback Rights”
as follows: During the period that the Executive is employed by the Company and upon the termination of the Executive’s employment
and for a period of three (3) years thereafter, if there is a Restatement (as defined below) of any financial results from which
any Clawback Benefits to Executive shall have been determined, Executive agrees to repay any Clawback Benefits amounts which were
determined by reference to any Company financial results which were later restated (as defined below), to the extent the Clawback
Benefits amounts paid exceed the Clawback Benefits amounts that would have been paid, based on the Restatement of the Company’s
financial information. All Clawback Benefits amounts resulting from such restated financial results shall be retroactively adjusted
by the Compensation Committee to take into account the restated results, and any excess portion of the Clawback Benefits resulting
from such restated results shall be immediately surrendered to the Company and if not so surrendered within ninety (90) days of
the revised calculation being provided to the Executive by the Compensation Committee following a publicly announced Restatement,
the Company shall have the right to take any and all action to effectuate such adjustment. The calculation of the Revised Clawback
Benefits amount shall be determined by the Compensation Committee in good faith and in accordance with applicable law, rules and
regulations. All determinations by the Compensation Committee with respect to the Clawback Rights shall be final and binding on
the Company and Executive. The Clawback Rights shall be subject to applicable law, rules and regulations. For purposes of this
Section 17, a restatement of financial results that requires a repayment of a portion of the Clawback Benefits amounts shall mean
“a restatement resulting from material non-compliance of the Company with any financial reporting requirement under the federal
securities laws and shall not include a restatement of financial results resulting from subsequent changes in accounting pronouncements
or requirements which were not in effect on the date the financial statements were originally prepared (“Restatement”)”.
The parties acknowledge it is their intention that the foregoing Clawback Rights as relates to Restatement conform in all respects
to the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd Frank Act”)
and requires recovery of all “incentive-based” compensation, pursuant to the provisions of the Dodd Frank Act and any
and all rules and regulations promulgated thereunder from time to time in effect. Accordingly, the terms and provisions of this
Agreement shall be deemed automatically amended from time to time to assure compliance with the Dodd Frank Act and such rules and
regulation as hereafter may be adopted and in effect.

18. Miscellaneous.

 

(a)
The Executive acknowledges that the services to be rendered by him under the provisions of this Agreement are of a special, unique
and extraordinary character and that it would be difficult or impossible to replace such services. Furthermore, the parties acknowledge
that monetary damages alone would not be an adequate remedy for any breach by the Executive of Section 14 or Section 15 of this
Agreement. Accordingly, the Executive agrees that any breach or threatened breach by him of Section 14 or Section 15 of this Agreement
shall entitle the Company, in addition to all other legal remedies available to it, to apply to any court of competent jurisdiction
to seek to enjoin such breach or threatened breach. The parties understand and intend that each restriction agreed to by the Executive
hereinabove shall be construed as separable and divisible from every other restriction, that the unenforceability of any restriction
shall not limit the enforceability, in whole or in part, of any other restriction, and that one or more or all of such restrictions
may be enforced in whole or in part as the circumstances warrant. In the event that any restriction in this Agreement is more restrictive
than permitted by law in the jurisdiction in which the Company seeks enforcement thereof, such restriction shall be limited to
the extent permitted by law. The remedy of injunctive relief herein set forth shall be in addition to, and not in lieu of, any
other rights or remedies that the Company may have at law or in equity.

    10 

     

    

(b) In the
event that the Board determines there has been a material restatement of financial results, the Board of Directors will review
all incentive payments that were made to the Executive and other executive officers (collectively “Executive Officer”)
on the basis of having met or exceeded specific performance targets in grants or awards made after January 1, 2012 which occur
during the three-year period prior to the restatement. If such payments would have been lower had they been calculated based on
such restated results, the Board will, to the extent permitted by governing law, seek to recoup for the benefit of our company
such payments to the Executive Officers, including Executive, who are found personally responsible for the material restatement,
as determined by the Board. For purposes of this policy, the term “executive officers” shall have the meaning given
such term in Rule 3b-7 under the Securities Exchange Act of 1934, as amended, and the term “incentive payments” means
bonuses and awards under applicable Company incentive compensation plans or, in the absence of such plans and with regard to Executive,
under this Agreement. .

 

(c) Neither
the Executive nor the Company may assign or delegate any of their rights or duties under this Agreement without the express written
consent of the other.

 

(d) Employment
Taxes. Any payments made pursuant to this Agreement will be subject to withholding of applicable income and employment taxes.
The Company shall deduct, from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other
appropriate deductions.

 

(e) This
Agreement constitutes and embodies the full and complete understanding and agreement of the parties with respect to the Executive’s
employment by the Company, supersedes all prior understandings and agreements, whether oral or written, between the Executive and
the Company, and shall not be amended, modified or changed except by an instrument in writing executed by the party to be charged
(it being understood that, pursuant to Section 6, equity awards shall govern with respect to the subject matter thereof). The invalidity
or partial invalidity of one or more provisions of this Agreement shall not invalidate any other provision of this Agreement. No
waiver by either party of any provision or condition to be performed shall be deemed a waiver of similar or dissimilar provisions
or conditions at the same time or any prior or subsequent time.

 

(f) This
Agreement shall inure to the benefit of, be binding upon and enforceable against, the parties hereto and their respective successors,
heirs, beneficiaries and permitted assigns.

 

(g) The headings
contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation
of this Agreement.

 

(h) All notices,
requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall be deemed
to have been duly given when personally delivered, sent by registered or certified mail, return receipt requested, postage prepaid,
or by reputable national overnight delivery service (e.g. Federal Express) for overnight delivery to the party at the address set
forth in the preamble to this Agreement, or to such other address as either party may hereafter give the other party notice of
in accordance with the provisions hereof. Notices shall be deemed given on the sooner of the date actually received or the third
business day after deposited in the mail or one business day after deposited with an overnight delivery service for overnight delivery.

    11 

     

    

(i) This
Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without reference to
principles of conflicts of laws and each of the parties hereto irrevocably consents to the jurisdiction and venue of the federal
and state courts located in the County and State of New York.

 

(j) This
Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one of the same instrument. The parties hereto have executed this Agreement as of the date set forth
above.

 

(k) The Executive
represents and warrants to the Company, that he has the full power and authority to enter into this Agreement and to perform his
obligations hereunder and that the execution and delivery of this Agreement and the performance of his obligations hereunder will
not conflict with any agreement to which Executive is a party.

 

(l) The Company
represents and warrants to Executive that it has the full power and authority to enter into this Agreement and to perform its obligations
hereunder and that the execution and delivery of this Agreement and the performance of its obligations hereunder will not conflict
with any agreement to which the Company is a party.

 

[SIGNATURE PAGE FOLLOWS]

 

IN WITNESS
WHEREOF, the Executive and the Company have caused this Executive Employment Agreement to be executed as of the date first
above written.

 

U.S. GOLD CORP.

 

 

 

 

By: /s/ Edward Karr

Name: Edward
Karr

Title:President &
CEO

 

 

 

 

EDWARD KARR

/s/ Edward Karr

    12

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