Document:

Ireland Inc.: Exhibit 10.36 - Filed by newsfilecorp.com

	DIRECTOR NON-QUALIFIED STOCK OPTION AGREEMENT
  
	OF 
	IRELAND INC. 
	A Nevada Corporation 

THIS AGREEMENT is made between IRELAND INC., a
Nevada corporation (hereinafter referred to as the "Company"), and STEVEN A.
KLEIN of xxxxxxxxxx (hereinafter referred to as the “Optionee”), a director
of the Company, effective as of the 1st day of April, 2015 (the “Grant
Date”). 

1. Options Granted. The Company hereby grants the
Optionee non-qualified stock options to purchase an aggregate of Five Hundred
Thousand (500,000) shares of the Company’s Common Stock exercisable at a
price of $0.40 per share (the “Exercise Price”) for a term commencing on the
vesting dates set out below (the “Vesting Date”) and expiring at 5:00 pm
(Pacific Time) on the fifth (5th) year anniversary of the respective Vesting
Date (the “Expiration Date”), subject to termination as set forth herein:

	Number of Options to Vest 	Vesting Date 	Expiration Date 
	125,000 	Apr. 1, 2015 	Mar. 31, 2020 
	125,000 	Jun. 30, 2015 	Jun. 30, 2020 
	125,000 	Sept. 30, 2015 	Sept. 30, 2020 
	125,000 	Dec.
      31, 2015 	Dec.
      31, 2020 
	500,000 	Total 	  

No option may be exercised unless the option has vested. The
vesting of all options will be cumulative. All options which have not vested
will terminate on the date of termination of the options in accordance with this
Agreement. 

2. Method of Exercise. The options may be exercised to
the extent they have vested and become exercisable and not yet been forfeited or
terminated by written notice delivered to the Company at its principal place of
business, stating the number of shares for which the option is being exercised.
The notice must be accompanied by a check or other methods of payment acceptable
to the Plan Administrator for the amount of the purchase price, and comply with
all the requirements of the Company’s 2007 Stock Incentive Plan dated March 27,
2007, a copy of which has been provided to the Optionee. 

3. Capital Adjustments. The existence of the options
shall not affect in any way the right or power of the Company or its
stockholders to: (1) make or authorize any or all adjustments,
recapitalizations, reorganizations, or other changes in the Company's capital
structure or its business; (2) enter into any merger or consolidation; (3) issue
any bonds, debentures, preferred or prior preference stocks ahead of or
affecting the common stock or the rights thereof, (4) issue any securities
convertible into any common stock, (5) issue any rights, options, or warrants to
purchase any common stock, (6) dissolve or liquidate the Company, (7) sell or
transfer all or any part of its assets or business, or (8) take any other
corporate act or proceedings, whether of a similar character or otherwise. 

4. Adjustments for Reorganizations and Recapitalizations.
If there shall, prior to the exercise of any of the options provided for by
this Agreement, be any stock dividend, stock split, spin-off, combination or
exchange of shares, recapitalization, merger, consolidation, distribution to
stockholders (other than a normal cash dividend) or other change in the
Company’s corporate or capital structure that results in (a) the Company’s
outstanding shares of common stock (or any securities exchanged therefore or
received in their place) being exchanged for a different number or kind of
securities of the Company or any other corporation, or (b) new, different or
additional securities of the Company or of any other corporation being received
by the holders of shares of the Company’s common stock, then there shall
automatically be an adjustment in either the number of shares which may be
purchased pursuant hereto, the type of shares which may be purchased pursuant
hereto or the price at which such shares may be purchased, or any combination
thereof, so that the rights evidenced hereby shall thereafter as reasonably as
possible be equivalent to those originally granted hereby. The Company shall have the sole and exclusive power to make
such adjustments as it considers necessary and desirable. 

- 2 -

5. Transfer of the Options. During the Optionee's
lifetime, the options shall be exercisable only by the Optionee. The options
shall not be transferable by the Optionee other than by the laws of descent and
distribution upon the Optionee's death. In the event of the Optionee's death
during the term of this Agreement, the Optionee's personal representatives may
exercise any portion of the options that remains vested and unexercised at the
time of the Optionee's death, provided that any such exercise must be made, if
at all, during the period within six (6) months after the Optionee's death, and
subject to the option termination date specified in Section 7. 

	6. 	
      Changes in Control.

	(a) 	
      Notwithstanding any other provision in this Agreement to
      the contrary, all unvested options outstanding under this Agreement shall
      immediately vest and become exercisable upon a Change in
Control.

	 	 	 
	(b) 	
      “Change in Control” means any of the following
    events:

	 	 	 
		(i) 	
      Approval by the stockholders of the Company of a merger
      or consolidation of the Company with any other corporation, other than a
      merger or consolidation that would result in the voting securities of the
      Company outstanding immediately prior to such merger or consolidation
      continuing to represent (either by remaining outstanding or being
      converted into voting securities of the surviving entity) more than fifty
      percent (50%) of the total voting power of the voting securities of the
      Company, the surviving entity or any parent thereof outstanding
      immediately after such merger or consolidation;

	 	 	 
		(ii) 	
      Approval by the stockholders of the Company of (i) a plan
      of complete liquidation or dissolution of the company or (ii) a sale by
      the Company of all of its property and assets pursuant to Section 78.565
      of the Nevada Revised Statutes (the “NRS”); or

	 	 	 
		(iii) 	
      Any person or group of persons (as defined in Section
      13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Exchange
      Act”)) together with its affiliates, but excluding (i) the Company or any
      of its subsidiaries; (ii) any employee benefit plan of the Company or
      (iii) a corporation or other entity owned, directly or indirectly, by the
      stockholders of the Company in substantially the same proportions as their
      ownership of stock of the Company (individually a “Person” and
      collectively, “Persons”) is or becomes, directly or indirectly, the
      beneficial owner (as defined in Rule 13d-3 promulgated under the Exchange
      Act) of 50% or more of the combined voting power of the Company’s then
      outstanding securities.

	7. 	
      Termination of Option.

	(a) 	
      The Optionee’s right to exercise any options that have
      vested and are exercisable shall terminate on the earliest of the
      following dates:

	 	 	 
		(i) 	
      The Expiration Date;

	 	 	 
		(ii) 	
      Subject to subsections (c) and (d) below, the date which
      is six (6) months from the date on which the Optionee ceases to act as a
      director of the Company or any subsidiary of the Company;

	 	 	 
		(iii) 	
      In the event of the termination of the Optionee as a
      director of the Company or any subsidiary of the Company as a result of a
      breach of the Optionee’s obligations to the Company or any subsidiary of
      the Company, or as a result of any dishonesty, fraud, misconduct, the
      unauthorized use or disclosure of confidential information or trade
      secrets, or conviction or confession of a crime punishable by law (except
      minor violations) (each of which being a termination for “Cause”), the
      earliest date on which the Optionee is notified by the Company of such
      termination; and

- 3 -

		(iv) 	
      The date which is six (6) months from the date of the
      Optionee’s death or the date the Optionee is determined by the Company to
      be unable to perform his or her duties as a director of the Company or any
      subsidiary of the Company as a result of any mental or physical disability
      that is expected to result in death or that is expected to last for a
      continuous period of twelve (12) months or more (the “Disability
      Determination Date”).

	 	 	 
	(b) 	
      The Optionee’s right to exercise any options that have
      not vested and are not exercisable shall terminate on the earliest of the
      following dates:

	 	 	 
		(i) 	
      The date the Optionee ceases to act as a director of the
      Company or any subsidiary of the Company;

	 	 	 
		(ii) 	
      In the case of the termination of the Optionee as a
      director of the Company or any subsidiary of the Company for Cause, on the
      earliest date on which the Optionee is notified by the Company of such
      termination; and

	 	 	 
		(iii) 	
      The date of the Optionee’s death or the Disability
      Determination Date, as applicable.

	 	 	 
	(c) 	
      For purposes of this Section 7, the Optionee will be
      deemed not to have ceased to act as a director of the Company or any
      subsidiary of the Company (the “Original Position”) if the Optionee
      continues to act as an employee, officer, director or consultant of the
      Company or a subsidiary of the Company in some other capacity immediately
      upon ceasing to act in the Original Position.

	 	 	 
	(d) 	
      Also notwithstanding the forgoing, if the Optionee dies
      after he or she ceases to be a director of the Company or any subsidiary
      of the Company for reasons other than a termination for Cause or for
      disability in accordance with the above, the Optionee’s right to exercise
      any options that have vested and are exercisable on the date the Optionee
      ceases to be a director of the Company or any subsidiary of the Company
      shall terminate on the earliest of the Expiration Date and the date which
      is six (6) months after the date of death.

	8. 	
      Rights as Shareholder. The Optionee will not be
      deemed to be a holder of any shares pursuant to the exercise of these
      options until he or she pays the option price and a stock certificate is
      delivered to him or her for those shares. No adjustment shall be made for
      dividends or other rights for which the record date is prior to the date
      the stock certificate is delivered.

	 	 	 
	9. 	
      Integration with the Company’s 2007 Stock Incentive
      Plan. All of the terms and conditions of the Company’s 2007 Stock
      Incentive Plan, a copy of which has been provided to the Optionee, are
      specifically made a part of this Agreement and shall control with regard
      to the interpretation or construction of any provision that is
      inconsistent herewith. This Agreement will be governed by and construed in
      accordance with the laws of the State of Nevada.

	 	 	 
	10. 	
      Withholding Taxes. The Optionee authorizes the
      Company to withhold from any payments due to the Optionee by the Company,
      whether pursuant to this Agreement or otherwise, any amounts required to
      be withheld and remitted by the Company on account of any income and
      employment taxes resulting from this Agreement.

	 	 	 
	11. 	
      Miscellaneous.

	 	 	 
		(a) 	
      Any notice required or permitted to be given under this
      Agreement shall be in writing and may be delivered personally or by fax,
      or by prepaid registered post addressed to the parties at such address of
      which notice may be given by either of such parties. Any notice shall be
      deemed to have been received, if personally delivered or by fax, on the
      date of delivery, and, if mailed as aforesaid, then on the fifth business
      day after and excluding the day of mailing.

	 	 	 
		(b) 	
      This Agreement and the rights and obligations and
      relations of the parties shall be governed by and construed in accordance
      with the laws of the State of Nevada and the federal laws of the United
      States applicable therein (but without giving effect to any conflict of
      laws rules). The parties agree that the courts of the State of Nevada
      shall have jurisdiction to entertain any action or
other legal proceedings based on any provisions of this
      agreement. Each party attorns to the jurisdiction of the courts of the
  State of Nevada.

- 4 -

	 	(c) 	
      Time shall be of the essence of this agreement and of
      every part of it and no extension or variation of this agreement shall
      operate as a waiver of this provision.

	 	 	 
	 	(d) 	
      This Agreement may be executed in one or more
      counterparts, each of which so executed shall constitute an original and
      all of which together shall constitute one and the same
  agreement.

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the 1st day of April, 2015. 

IRELAND INC. by its authorized signatory: 

	/s/ Douglas
      D.G. Birnie 	 
	DOUGLAS D.G. BIRNIE, 	 
	CEO, PRESIDENT & SECRETARY 	 
	  	 
	  	 
	OPTIONEE: 	 
	  	 
	  	 
	/s/ Steven A.
      Klein 	 
	SIGNATURE OF DIRECTOR 	 
	  	 
	STEVEN A.
      KLEIN 	 
	NAME OF DIRECTOR 	 
	  	 
	xxxxxxxxxx 	 
	ADDRESS 	 
	  	 
	500,000 	 
	NUMBER OF OPTIONSLOAN
MODIFICATION AGREEMENT

 

                This
Loan Modification Agreement (“Agreement”) is made and entered as of March 31,
2015 between CALIFORNIA BANK & TRUST, a California banking
corporation ("Bank"), and ICON EQUIPMENT AND CORPORATE
INFRASTRUCTURE FUND FOURTEEN, L.P. (“Borrower”).   

RECITALS

A.            Pursuant
to the terms of a Commercial Loan Agreement ("Loan Agreement")
between Bank and Borrower dated as of May 10, 2011, Bank agreed to make a
revolving Line of Credit available to Borrower.  

B.            The
Line of Credit was evidenced by a promissory note ("Note") of even
date with the Loan Agreement, executed by Borrower in favor of Bank.

C.            Borrower's
obligations under the Note and Loan Agreement were originally secured, among
other things, by the following:

1.               
A Security Agreement, dated the
same date as the Loan Agreement, executed by Borrower in favor of Bank granting
Bank a security interest in Borrower’s personal property (“Security
Agreement”).  The security interest was perfected through a UCC-1 Financing
Statement filed with the Delaware Secretary of State.

D.              On
January 2, 2013, ICON Capital Corp., a Delaware corporation, converted to ICON
Capital, LLC, a Delaware limited liability company, pursuant to the provisions
of Section 18-214 of the Delaware Limited Liability Company Act.  

E.               Pursuant
to a Loan Modification Agreement, dated as of March 19, 2013, executed by Borrower
and Bank, the Loan Agreement was amended to extend the Line of Credit
Expiration Date to March 31, 2015 and to modify the Minimum Debt Service
Coverage Ratio and Leverage Ratio financial covenants, among other things.  

F.               Borrower
has requested additional time to repay the indebtedness owing under the Note. 
Bank is agreeable to the terms set forth below.  

TERMS

NOW, THEREFORE, Borrower and
Bank agree as follows:

1.             Adoption
of Recitals.  Borrower hereby represents and warrants that each of the
Recitals set forth above are true, accurate and complete.

2.             Acknowledgement
of Debt.  Borrower acknowledges that there are no claims, demands, offsets
or defenses at law or in equity that would defeat or diminish Bank’s right to
collect the indebtedness evidenced by the documents described in the Recitals
(“Loan Documents”) and to proceed to enforce the rights and remedies available
to Bank as provided in the Loan Documents or by law. Capitalized terms in this
Modification shall have the meanings given to them in the Loan Documents unless
otherwise defined herein.

3.             Modification
of Loan Documents.  The Loan Documents are hereby supplemented, amended and
modified to incorporate the following, which shall supersede and prevail over
any existing and conflicting provisions thereof: 

(a)       Section
1.1 of the Loan Agreement, entitled “Definitions,” is modified by deleting the
definition of “Line of Credit Expiration Date” and inserting in its place the
following:        

              
“Line of Credit Expiration Date” means May 30, 2017.

(b)       Section
2.1(a) of the Loan Agreement, entitled “Revolving Line of Credit,” is modified
by deleting the section and inserting in its place the following:

Revolving
Line of Credit.  During the Line of
Credit Availability Period and so long as no Event of Default has occurred and
is continuing, Bank will, on a revolving basis, make advances to Borrower
(“Line of Credit”), which, except as set forth below, may not at any time
exceed an aggregate amount outstanding equal to the lesser of Twelve Million
Five Hundred Thousand 

 

 

Dollars ($12,500,000.00) or the
Borrowing Base (collectively the “Line of Credit Limit”).  Borrower’s
obligation to repay advances under the Line of Credit shall be evidenced by a
promissory note in a form acceptable to Bank (the “Line of Credit Note”). 
During the Line of Credit Availability Period, Borrower may repay principal
amounts and re-borrow them.  Borrower agrees that Borrower will not permit the
outstanding balance under the Line of Credit to exceed the Line of Credit
Limit. 

 

(c)       Section 8.5 of the Loan Agreement, entitled
“Tangible Net Worth,” is deleted and replaced with the following:

Tangible Net Worth.  To maintain as of the end of the fiscal quarter
based on the financial results as reported on SEC Form 10-Q or 10-K, as
applicable, a Tangible Net Worth of not less than One Hundred Million Dollars
($100,000,000.00), effective December 31, 2014.     

(d)       The Loan Documents which recite that they
are security instruments shall secure, in addition to any other obligations
secured thereby, the payment and performance by Borrower of all obligations
under the Line of Credit, as modified hereby, and by any amendments,
modifications, extensions or renewals of the same which are hereafter agreed to
in writing by the parties.   

4.             Conditions
Precedent.  The modification of the Loan Documents under Section 3 above is
subject to Borrower’s compliance with the following conditions precedent to
Bank’s complete satisfaction:  

(a)   
     Execution of this Modification by Borrower and delivery of the executed
Modification to Bank by March 31, 2015; 

                                              
(b)         Borrower shall pay a renewal fee of $47,500.00;

                                               (c)         Borrower
shall pay all accrued interest on the Line of Credit through March 31, 2015;
and   

(d)         Borrower shall
reimburse the Bank for the attorneys’ fees incurred by Bank in preparation of
this Modification.

5.             Field
Audit. Borrower shall cooperate with Bank’s completion of an asset based
lending field audit of Borrower’s books and records at Borrower’s expense to be
completed by July 31, 2015. 

6.             Borrower’s
Representations and Warranties.  Borrower represents and warrants to Bank
as of the date of this Modification and until repayment of all indebtedness of
Borrower to Bank:

(a)                
Accuracy of Representations in
Modification and Existing Loan Documents. 
All representations and warranties made and given by Borrower in this
Modification and the Loan Documents are accurate and correct except to the
extent that any breach thereof would not result in a Material Adverse Change.

(b)           No Default.
No default has occurred and is continuing under the Loan Documents, and no
event has occurred and is continuing which, with notice or the passage of time
or both, would be a default which could be reasonably expected to result in a
Material Adverse Change.

(c)           Enforceable
Loan Documents/No Conflicts. The Loan Documents and this Modification are
legal, valid and binding agreements of Borrower, enforceable in accordance with
their respective terms.  This Modification does not conflict with any law,
agreement, or obligation by which Borrower is bound.

                7.             Borrower
Acknowledgment.  Borrower hereby acknowledges and agrees that:

(a)           No Breach by
Bank. Bank has not breached any duty to Borrower in connection with the
Loan Documents, and Bank has fully performed all obligations the Bank may have
had or now has to Borrower and Guarantors.

 

 

(b)           Interest,
Fees, and Other Charges. All interest, fees or other charges imposed,
accrued, or collected by Bank under the Loan Documents or this Modification,
and the method of computing the interest, fees, or other charges, were and are
proper and agreed to by Borrower and Guarantors and were properly computed and
collected.

(c)           No Waiver.
By entering into this Modification, Bank does not waive any existing defaults
or any defaults hereafter occurring, and Bank does not become obligated to
waive any condition or obligation in any agreement between or among any of the
parties hereto.

(d)           No Third
Party Beneficiaries. This Modification is not intended for, and shall not
be construed to be for, the benefit of any person not a signatory hereto.

(e)           Fair
Consideration. All payments made by Borrower to Bank under the Loan
Documents and this Modification were and are for fair consideration and
reasonably equivalent value.

8.             Governing
Law.  This Modification shall be construed, governed and enforced in
accordance with the laws of the State of California.

9.             Interpretation. 
No provision of this Modification is to be interpreted for or against Borrower
or Bank because that party, or that party's representative, drafted such
provision.

10.          No
Impairment/Security.  Except as otherwise specifically set forth herein,
the Loan Documents shall each remain unaffected by this Modification and all
such documents shall remain in full force and effect.  Borrower’s payment and
performance of Borrower’s various obligations to Bank under the Loan Documents,
including all extensions, amendments, renewals or replacements thereof,
continue to be and shall be secured by the liens arising under the Loan
Documents.  Nothing contained herein shall be deemed a waiver of any of the
rights and remedies that Bank may have against Borrower, or of any of Bank’s
rights and remedies arising out of the Loan Documents.

11.          Purpose
and Effect of Bank’s Approval.  Bank’s approval of any matter in connection
with the Loan Documents shall be for the sole purpose of protecting Bank’s
security, rights, and remedies under the Loan Documents.  No such approval
shall result in a waiver of any default of Borrower. In no event shall Bank’s
approval be a representation of any kind by Bank with regard to the matter
being approved.

12.          Counterparts. 
This Modification may be executed in as many counterparts as necessary or
convenient, and by the different parties on separate counterparts each of
which, when so executed, shall be deemed an original, but all such counterparts
shall constitute but one and the same agreement.

13.          Invalidity. 
If any court of competent jurisdiction determines any provision of this
Modification or any of the Loan Documents to be invalid, illegal or
unenforceable, that portion shall be deemed severed from the rest, which shall
remain in full force and effect as though the invalid, illegal or unenforceable
portion had never been a part of this Modification or the Loan Documents.

14.          Successors
and Assigns.  This Modification shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns.

15.          Full
Force and Effect.  Except as set forth herein, all other terms and
conditions of the Loan Documents shall remain in full force and effect,
including provisions on prepayment, late charges, default interest and
attorneys fees.

16.          The
Current Status of the Line of Credit.  Borrower hereby acknowledges the
following: (a) except as modified by this Modification, the Loan Documents
remain in full force and effect, and remains the binding obligation of
Borrower; and (b) Borrower has no known or suspected defense to its obligations
under the Loan Documents, and no claim or offset whatsoever against Bank in
connection with the Loan Documents or otherwise.  

17.          Entire
Agreement.  This Modification and the Loan Documents constitute the entire,
complete and exclusive understanding between the parties regarding the Loan and
may not be modified, amended, or terminated except by a written agreement
signed by the party against whom enforcement is sought.  No modification,
change or supplement of the Loan Documents and this Modification shall be
binding on Bank unless in writing signed by an authorized officer of Bank.  No 

 

 

waiver of or any acquiescence to any Event of Default or
any failure or delay by Bank in enforcing any right or remedy shall be
construed to be a waiver, acquiescence, or consent to any preceding or
subsequent Event of Default or a waiver of any right or remedy.

18.          Documentation. 
In addition to the instruments and documents mentioned or referred to herein,
Borrower will, at Borrower’s own cost and expense, supply Bank with such other
instruments, documents, information and data as are reasonably necessary for
the purposes hereof, all of which shall be in form and content as reasonably
required by Bank.

                                IN
WITNESS WHEREOF, the parties have executed this Modification as of the day and
year first above written.

	
   	
   

  
	 	
    ICON EQUIPMENT AND CORPORATE INFRASTRUCTURE FUND
    FOURTEEN, L.P. 

    a Delaware limited partnership,

                    By: ICON
    GP 14, LLC, its general partner

                    By: ICON
    CAPITAL, LLC, its manager

     

                    By: /s/
    Mark Gatto                                               

                                    Mark
    Gatto

    Co-President
    and Co-Chief Executive Officer

     

    	
    CALIFORNIA
    BANK & TRUST,

    a California banking corporation 

     

     

    By:         /s/
    J. Michael Sullivan                                        

                    J.
    Michael Sullivan

               Senior Vice President and Relationship Manager

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