Document:

EXHIBIT 10.57

 

	
Executive Officer
    	
Option   No.:        - ISO
    

 

ROYAL GOLD, INC.

2015 OMNIBUS LONG-TERM INCENTIVE PLAN

 

INCENTIVE STOCK OPTION AGREEMENT

 

Royal Gold, Inc., a Delaware corporation (the “Company”), hereby grants an option to purchase shares of its common stock, $.01 par value (the “Stock”), to the optionee named below.  The terms and conditions of the option are set forth in this cover sheet, in the attachment and in the Company’s 2015 Omnibus Long-Term Incentive Plan (the “Plan”).

 

Grant Date:

 

Name of Optionee:

 

Optionee’s Social Security Number:

 

Number of Shares Covered by Option:

 

Option Price per Share:                                                                                                                                                                                                     $     (At least 100% of Fair Market Value)

 

By signing this cover sheet, you agree to all of the terms and conditions described in the attached Agreement and in the Plan, a copy of which is also available upon request to the Secretary.  You acknowledge that you have carefully reviewed the Plan, and agree that the Plan will control in the event any provision of this Agreement should appear to be inconsistent.

 

 

	
Grantee:
    	
 
    	
 
    
	
 
    	
(Signature)
    	
 
    
	
 
    	
 
    	
 
    
	
Company:
    	
 
    	
 
    
	
 
    	
(Signature)
    	
 
    
	
 
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    

 

Attachment

 

This is not a stock certificate or a negotiable instrument.

 

 

	
Executive Officer
    	
Option   No.:        - ISO
    

 

ROYAL GOLD, INC.

2015 OMNIBUS LONG-TERM INCENTIVE PLAN

INCENTIVE STOCK OPTION AGREEMENT

 

	
Incentive Stock Option
    	
 
    	
This option is intended   to be an incentive stock option under Section 422 of the Internal   Revenue Code and will be interpreted accordingly.  If you cease to be an employee of the   Company, its parent or a Subsidiary (“Employee”) but continue to provide   Service, this option will be deemed a nonstatutory stock option three months   after you cease to be an Employee.  In   addition, to the extent that all or part of this option exceeds the $100,000   rule of Section 422(d) of the Internal Revenue Code, this   option or the lesser excess part will be deemed to be a nonstatutory stock   option.
    
	
 
    	
 
    	
 
    
	
Vesting
    	
 
    	
This option is only   exercisable before it expires and then only with respect to the vested   portion of the option.  Subject to the   preceding sentence, you may exercise this option, in whole or in part, to   purchase a whole number of vested shares not less than 100 shares, unless the   number of shares purchased is the total number available for purchase under   the option, by following the procedures set forth in the Plan and below in   this Agreement.

 

Your right to purchase   shares of Stock under this option vests as to one-third (1/3) of the total   number of shares covered by this option, as shown on the cover sheet, on each   of the first, second and third anniversaries of the Grant Date, provided you   then continue in Service.  The   resulting aggregate number of vested shares will be rounded to the nearest   whole number, and you cannot vest in more than the number of shares covered   by this option.

 

No additional vesting   shall occur after your Service has terminated for any reason.
    
	
 
    	
 
    	
 
    
	
Termination after Long-Term   Service
    	
 
    	
Notwithstanding the   foregoing vesting rules, if you incur a termination of Service by the Company   other than for “Cause” (as defined in the Employment Agreement), at any time   after you have provided fifteen (15) years of Service to the Company, you   shall be one hundred percent (100%) vested in this option as of the date of   such termination of Service.
    
	
 
    	
 
    	
 
    
	
Termination without Cause, Good   Reason or Non-Renewal of Employment Agreement
    	
 
    	
Notwithstanding the   foregoing vesting rules, if (i) the Company terminates your Service or   your Employment Agreement without “Cause” (as defined in your Employment   Agreement) during the term of your Employment Agreement, (ii) you   terminate your Service or your Employment Agreement for “Good Reason” (as   defined in your Employment Agreement) during the term of your Employment   Agreement, or (iii) your Service is terminated upon the Company’s   election not to renew the term for one of the four successive one-year   renewal terms pursuant to Section 2 of your Employment Agreement, then,   after the Company’s receipt of the Severance and Release Documents (as   defined in your Employment Agreement) you shall be 100% vested in this option   as of the date of the Company’s receipt of such Severance and Release   Documents.

 

As used herein, the   term “Employment Agreement” shall mean that certain Employment Agreement   between you and the Company dated July 1, 2016, as the same may be   amended after the date hereof.
    
	
 
    	
 
    	
 
    
	
Term
    	
 
    	
Your option will expire   in any event at the close of business at Company headquarters on the day of   the 10th anniversary of the Grant Date, as shown on the cover sheet.  
    

 

 

	
 
    	
 
    	
Your option will expire   earlier if your Service terminates, as described below.
    
	
 
    	
 
    	
 
    
	
Regular Termination
    	
 
    	
If your Service   terminates for any reason, other than death, Disability or Cause, your option   will expire at the close of business at Company headquarters on the 90th day after your termination date.
    
	
 
    	
 
    	
 
    
	
Termination for Cause
    	
 
    	
If your Service is   terminated for Cause, then you shall immediately forfeit all rights to your   option and the option shall immediately expire.
    
	
 
    	
 
    	
 
    
	
Death
    	
 
    	
If your Service   terminates because of your death, then your option will expire at the close   of business at Company headquarters on the date twelve (12) months after the   date of death.  During that twelve   month period, your estate or heirs may exercise the vested portion of your   option.

 

In addition, if you die   during the 90-day period described in connection with a regular termination   (i.e., a termination of your Service not on account of your death, Disability   or Cause),  and a vested portion of   your option has not yet been exercised, then your option will instead expire   on the date twelve (12) months after your termination date.  In such a case, during the period following   your death up to the date twelve (12) months after your termination date,   your estate or heirs may exercise the vested portion of your option.
    
	
 
    	
 
    	
 
    
	
Disability
    	
 
    	
If your Service   terminates because of your Disability, then your option will expire at the   close of business at Company headquarters on the date twelve (12) months   after your termination date.
    
	
 
    	
 
    	
 
    
	
Extension of Expiration Date
    	
 
    	
Notwithstanding the   foregoing, if (i) you are terminated pursuant to Sections 5(a), (c),   (d) or (e) of your Employment Agreement, and (ii) you are   precluded from selling in the open market any shares of Stock underlying your   option for any portion of the period of time between the date of termination   of your Service and the expiration date of your option set forth in the   section entitled “Regular Termination,” “Death” or “Disability” above, as   applicable, by reason of any lock-up agreement restricting your ability to   sell such Stock in the open market or under the Company’s insider trading or   similar plan as then in effect (whether because a trading window is not open   or you are otherwise restricted from trading), then the expiration date for   the option shall be extended for a period of time equal to the number of days   that you were precluded from selling such Stock during the exercise period,   provided, however, that the expiration date shall not be extended pursuant to   this section beyond the tenth (10th) anniversary of the Grant Date.
    
	
 
    	
 
    	
 
    
	
Leaves of Absence
    	
 
    	
For purposes of this   option, your Service does not terminate when you go on a bona fide   employee leave of absence that was approved by the Company in writing, if the   terms of the leave provide for continued Service crediting, or when continued   Service crediting is required by applicable law.  However, your Service will be treated as   terminating 90 days after you went on employee leave, unless your right to   return to active work is guaranteed by law or by a contract.  Your Service terminates in any event when   the approved leave ends unless you immediately return to active employee   work.  The Company determines, in its   sole discretion, which leaves count for this purpose, and when your Service   terminates for all purposes under the Plan.
    
	
 
    	
 
    	
 
    
	
Notice of Exercise
    	
 
    	
When you wish to   exercise this option, you must notify the Company by filing the proper   “Notice of Exercise” form at the address given on the form.  Your notice must specify how many shares   you wish to purchase (in a parcel of at least 100 shares 
    

 

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generally).  Your notice must also specify how your   shares of Stock should be registered (in your name only or in your and your   spouse’s names as joint tenants with right of survivorship).  The notice will be effective when it is   received by the Company.

 

If someone else wants   to exercise this option after your death, that person must prove to the   Company’s satisfaction that he or she is entitled to do so.
    
	
 
    	
 
    	
 
    
	
Form of Payment
    	
 
    	
When you submit your   notice of exercise, you must include payment of the option price for the   shares you are purchasing.  Payment may   be made in one (or a combination) of the following forms:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
·                  Cash, your   personal check, a cashier’s check, a money order, wire transfer or another   cash equivalent acceptable to the Company.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
·                  Shares of   Stock which are already owned by you.    The value of the shares, determined as of the effective date of the   option exercise, will be applied to the option price.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
·                  By delivery   (on a form prescribed by the Company) of an irrevocable direction to a   licensed securities broker acceptable to the Company (a “Qualified Broker”)   to sell Stock and to deliver all or part of the sale proceeds to the Company   in payment of the aggregate option price and any withholding taxes (the “Net   Exercise”).
    
	
 
    	
 
    	
 
    
	
Withholding Taxes
    	
 
    	
You will not be allowed   to exercise this option unless you make acceptable arrangements to pay any   withholding or other taxes that may be due as a result of the option exercise   or sale of Stock acquired under this option.    In the event that the Company determines that any federal, state,   local or foreign tax or withholding payment is required relating to the   exercise or sale of shares arising from this grant, the Company shall have   the right to:  (i) require such   payments from you; (ii) withhold such amounts from other payments due to   you from the Company or any Affiliate; or (iii) withhold shares of Stock   subject to the option granted pursuant to this Agreement in an amount equal   to the withholding or other taxes due.
    
	
 
    	
 
    	
 
    
	
Transfer of Option
    	
 
    	
During your lifetime,   only you (or, in the event of your legal incapacity or incompetency, your   guardian or legal representative) may exercise the option.  You cannot transfer or assign this   option.  For instance, you may not sell   this option or use it as security for a loan.    If you attempt to do any of these things, this option will immediately   become invalid.  You may, however,   dispose of this option in your will or it may be transferred upon your death   by the laws of descent and distribution.

 

Regardless of any   marital property settlement agreement, the Company is not obligated to honor   a notice of exercise from your spouse, nor is the Company obligated to   recognize your spouse’s interest in your option in any other way.
    
	
 
    	
 
    	
 
    
	
Retention Rights
    	
 
    	
Neither your option nor   this Agreement give you the right to be retained by the Company (or any   parent, Subsidiaries or Affiliates) in any capacity.  The Company (and any parent, Subsidiaries   or Affiliates) reserve the right to terminate your Service at any time and   for any reason.
    

 

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Shareholder Rights
    	
 
    	
You, or your estate or   heirs, have no rights as a shareholder of the Company until the shares of   Stock received pursuant to the exercise of your option have been issued.  No adjustments are made for dividends or   other rights if the applicable record date occurs before your shares are   issued, except as described in the Plan.
    
	
 
    	
 
    	
 
    
	
Forfeiture of Rights
    	
 
    	
If you should take   actions in competition with the Company, the Company shall have the right to   cause a forfeiture of your rights, including, but not limited to, the right   to cause: (i) a forfeiture of any outstanding option, and (ii) with   respect to the period commencing twelve (12) months prior to your termination   of Service with the Company and ending twelve (12) months following such   termination of Service (A) a forfeiture of any gain recognized by you   upon the exercise of an option or (B) a forfeiture of any Stock acquired   by you upon the exercise of an option (but the Company will pay you the   option price without interest).  Unless   otherwise specified in an employment or other agreement between the Company   and you, you take actions in competition with the Company if you directly or   indirectly, own, manage, operate, join or control, or participate in the   ownership, management, operation or control of, or are a proprietor,   director, officer, stockholder, member, partner or an employee or agent of,   or a consultant to any business, firm, corporation, partnership or other   entity that is in the business of creating, financing, acquiring, investing   in and managing precious metal royalties, precious metal streams and similar   interests.  Under the prior sentence,   ownership of less than 1% of the securities of a public company shall not be   treated as an action in competition with the Company.
    
	
 
    	
 
    	
 
    
	
Adjustments
    	
 
    	
In the event of a stock   split, a stock dividend or a similar change in the Stock, the number of   shares covered by this option and the option price per share shall be   adjusted (and rounded down to the nearest whole number) if required pursuant   to the Plan. Your option shall be subject to the terms of the agreement of   merger, liquidation or reorganization in the event the Company is subject to   such corporate activity.
    
	
 
    	
 
    	
 
    
	
Applicable Law
    	
 
    	
This Agreement will be   interpreted and enforced under the laws of the State of Delaware, other than   any conflicts or choice of law rule or principle that might otherwise   refer construction or interpretation of this Agreement to the substantive law   of another jurisdiction.
    
	
 
    	
 
    	
 
    
	
The Plan
    	
 
    	
The text of the Plan is   incorporated in this Agreement by reference.    Certain capitalized terms used in this Agreement are defined in the   Plan, and have the meaning set forth in the Plan.

 

This Agreement and the   Plan constitute the entire understanding between you and the Company   regarding this option.  Any prior   agreements, commitments or negotiations concerning this option are   superseded.
    
	
 
    	
 
    	
 
    
	
Other Agreements
    	
 
    	
You agree, as a   condition of the grant of this option, that in connection with the exercise   of the option, you will execute such document(s) as necessary to become   a party to any shareholder agreement or voting trust as the Company may   require.
    
	
 
    	
 
    	
 
    
	
Data Privacy
    	
 
    	
In order to administer   the Plan, the Company may process personal data about you.  Such data includes but is not limited to   the information provided in this Agreement and any changes thereto, other   appropriate personal and financial data about you such as home address and   business addresses and other contact information, payroll information and any   other information that might be deemed appropriate by the Company to   facilitate the administration of the Plan.
    

 

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By accepting this   award, you give explicit consent to the Company to process any such personal   data.  You also give explicit consent   to the Company to transfer any such personal data outside the country in   which you work or are employed, including, with respect to non-U.S. resident   optionees, to the United States, to transferees who shall include the Company   and other persons who are designated by the Company to administer the Plan.
    
	
 
    	
 
    	
 
    
	
Consent to Electronic Delivery
    	
 
    	
The Company may choose   to deliver certain statutory materials relating to the Plan in electronic   form.  By accepting this option grant   you agree that the Company may deliver the Plan prospectus and the Company’s   annual report to you in an electronic format.    If at any time you would prefer to receive paper copies of these   documents, as you are entitled to, the Company would be pleased to provide   copies.  Please contact the Secretary   at 303-573-1660 to request paper copies of these documents.
    
	
 
    	
 
    	
 
    
	
Certain Dispositions
    	
 
    	
If you sell or   otherwise dispose of Stock acquired pursuant to the exercise of this option   sooner than the one year anniversary of the date you acquired the Stock, then   you agree to notify the Company in writing of the date of sale or   disposition, the number of shares of Stock sold or disposed of and the sale   price per share within 30 days of such sale or disposition.
    
	
 
    	
 
    	
 
    
	
Stock Ownership Requirements
    	
 
    	
You are required to   continue to hold an aggregate of fifty percent (50%) of the shares of Stock   acquired by you pursuant to this option grant together with all other shares   of Stock acquired by you pursuant to any other option grant made under the   Plan (such 50% to be determined after reducing the shares of Stock covered by   this grant and all other option grants made to you under the Plan by the   number shares of Stock equal in value to the amount required to be withheld   to pay taxes in connection with the exercise of this option and such other   option grants) until the number of shares of Stock owned by you equals or   exceeds       .    If the number of shares of Stock owned by you exceeds         , you may dispose of the shares of Stock   acquired pursuant to this option grant as long as you continue to own at   least        shares of Stock after the   disposition.
    
	
 
    	
 
    	
 
    
	
Market Stand-off Agreement
    	
 
    	
In connection with any   underwritten public offering by the Company of its equity securities pursuant   to an effective registration statement filed under the Securities Act, you   agree not to sell, make any short sale of, loan, hypothecate, pledge, grant   any option for the purchase of, or otherwise dispose or transfer for value or   agree to engage in any of the foregoing transactions with respect to any   shares of Stock without the prior written consent of the Company or its   underwriters, for such period of time after the effective date of such   registration statement as may be requested by the Company or the underwriters   (not to exceed 180 days in length).
    

 

By signing the cover sheet of this Agreement, you acknowledge that you have received, read and understand the Plan and this Agreement, and agree to abide by and be bound their terms and conditions.

 

5

 

Executive Officer

 

NOTICE OF EXERCISE

 

ROYAL GOLD, INC.

2004 / 2015 OMNIBUS LONG-TERM INCENTIVE PLAN

INCENTIVE STOCK OPTION

 

Royal Gold, Inc.

1660 Wynkoop Street, Suite 1000

Denver, CO  80202

 

Attention:  Secretary

 

Effective as of today, I,                         (“Purchaser”) hereby elect to exercise the following stock options (“Options”) granted to me under either (i) the Company’s 2004 Omnibus Long-Term Incentive Plan or (ii) its 2015 Omnibus Long-Term Incentive Plan, (the “Plan”) and available for exercise:

 

	
Grant Number or 
   Grant Name
    	
 
    	
Grant Exercise 
   Price per Share
    	
 
    	
Number of Options to Exercise
   (100 share minimum)
    	
 
    	
Total Option Price 
   (Cost to Purchase)
    
	
                     - ISO
    	
 
    	
$
    	
       
    	
 
    	
 
    	
 
    	
$
    	
       
    
									

 

I hereby choose the following type of option exercise:

 

o                                   EXERCISE AND HOLD ALL SHARES

 

Payment for the Total Option Price accompanies this Notice of Exercise as follows:

 

	
o   Personal or Cashier’s Check
    	
 
    	
o   Money order
    
	
 
    	
 
    	
 
    
	
o   Wire transfer
    	
 
    	
o   Other cash equivalent acceptable to the Company
    
	
 
    	
 
    	
 
    
	
o   Shares of Stock which I already own, the value of which is determined as of   the effective date of the option exercise. Describe shares:
    

 

Shares will be:

 

·                  registered according to the Share Registration information specified below; and

 

·                  delivered according to the Share Delivery information specified below.

 

o                                   EXERCISE AND SELL TO COVER (also known as “Net Exercise”)

 

Payment for the Total Option Price shall be covered by the sale of shares by me either:

 

o Selecting “Exercise and Sell to Cover” in my Shareworks® account; or

 

o Delivering (on a form prescribed by the Company) an irrevocable direction to a licensed securities broker acceptable to the Company (a “Qualified Broker”) to sell Stock and to deliver all or part of the sale proceeds to the Company in payment of the Total Option Price.

 

 

I understand that the sale of shares to cover the Total Option Price will:

 

·                  incur reasonable broker commissions and fees which will be deducted from my proceeds; and

 

·                  result in a taxable event to me, and that the Company will withhold shares to cover applicable taxes, unless I have made alternative acceptable arrangements with the Company to otherwise cover applicable taxes.  Describe arrangement:

 

After shares are sold to cover the Total Option Price, broker commissions and fees, and shares are withheld by Royal Gold to cover applicable taxes, the remaining shares will be:

 

·                  registered according to the Share Registration information specified below; and

 

·                  delivered according to the Share Delivery information specified below.

 

Residual cash proceeds are to be sent or deposited:

 

o As I have specified in my Shareworks® account, if the sale of shares is processed through Shareworks®; or

 

o Other:

 

o                                   EXERCISE AND SELL ALL SHARES*

 

Payment for the Total Option Price shall be covered by the sale of shares by me either:

 

o Selecting “Exercise and Sell All Shares” in my Shareworks® account; or

 

o Delivering (on a form prescribed by the Company) an irrevocable direction to a licensed securities broker acceptable to the Company (a “Qualified Broker”) to sell Stock and to deliver all or part of the sale proceeds to the Company in payment of the Total Option Price.

 

I understand that the sale of all shares will:

 

·                  incur reasonable broker commissions and fees which will be deducted from my proceeds; and

 

·                  result in a taxable event to me, and that the Company will withhold shares to cover applicable taxes.

 

The funds resulting from the sale of my shares shall be delivered:

 

o As I have specified in my Shareworks® account, if the sale of shares is processed through Shareworks®; or

 

o Other:

 

*This type of option exercise is subject to Purchaser’s stock ownership requirements specified in the Option Agreement covering this option.

 

SHARE REGISTRATION:  Shares resulting from an EXERCISE AND HOLD or an EXERCISE TO COVER are to be registered:

 

o                                    In my name; or

 

o                                    In my name and the name of my spouse, as joint tenants with right of survivorship:

 

2

 

My spouse’s name:

 

My spouse’s Social Security or Tax Identification Number:

 

SHARE DELIVERY:  Shares resulting from an EXERCISE AND HOLD or an EXERCISE TO COVER are to be delivered:

 

o                                    Electronically to my Shareworks® account;**

 

o                                    In paper certificate form to my Royal Gold address; or

 

o                                    In paper certificate form to my brokerage account as follows (the shares will not be delivered in “street name” under any circumstances):

 

	
Broker name:
    	
 
    	
Broker address:
    
	
 
    	
 
    	
 
    
	
Contact name:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Contact number:   (  )      -
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Contact email:
    	
 
    	
DTC number:
    

 

**Subject to holding requirements, trading window restrictions and/or Section 16 considerations, Shares delivered electronically to Purchaser’s Shareworks® account may subsequently be electronically sold on the market or transferred to Purchaser’s brokerage account or to another external institution, eliminating the need for paper certificates, medallion guarantees, etc.

 

1.              Representations of Purchaser.  Purchaser acknowledges that Purchaser has received, read and understood the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions.

 

2.              Rights as Shareholder.  Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) of the Shares, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Shares, notwithstanding the exercise of the Option.  The Shares so acquired shall be issued to the Purchaser as soon as practicable after exercise of the Option.  No adjustment will be made for a dividend or other right for which the record date is prior to the date of issuance, except as provided in the Plan.

 

3.              Market Stand-off Agreement.  In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act, Purchaser agrees not to sell, make any short sale of, loan, hypothecate, pledge, grant any option for the purchase of, or otherwise dispose or transfer for value or agree to engage in any of the foregoing transactions with respect to any shares of Stock without the prior written consent of the Company or its underwriters, for such period of time after the effective date of such registration statement as may be requested by the Company or the underwriters (not to exceed 180 days in length).

 

4.              Stock Ownership Requirements.  Purchaser understand that he or she is required to continue to hold fifty percent (50%) of the Shares acquired pursuant to the Option Agreement (such 50% to be determined after reducing the Shares covered by the Option Agreement by the number of shares of Stock equal in value to the amount required to be withheld to pay taxes in connection with the purchase under this Notice) until the number of Shares owned by Purchaser equals or exceeds the number of Shares specified to be held in the Option Agreement related to these options.

 

3

 

5.              Stop-Transfer Notices.  Purchaser agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.

 

6.              Tax Consultation.  Purchaser understands that he or she may suffer adverse tax consequences as a result of Purchaser’s purchase or disposition of the Shares.  Purchaser represents that Purchaser has consulted with any tax consultants Purchaser deems advisable in connection with the purchase or disposition of the Shares and that Purchaser is not relying on the Company for any tax advice.

 

7.              Entire Agreement.  The Plan and the Option Agreement under which these options are covered, are incorporated herein by reference.  This Notice of Exercise, the Plan and the Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Purchaser with respect to the subject matter hereof, and may not be modified adversely to the Purchaser’s interest except by means of a writing signed by the Company and Purchaser.

 

 

Agreed and Accepted:

 

 

	
 
    	
 
    
	
Purchaser’s Signature
    	
 
    

 

Purchaser’s Social Security No. or Tax Identification Number:      -   -

 

	
Purchaser’s Address:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    

 

 

	
Company’s Use:
    	
 
    
	
 
    	
Vesting   Requirement Verified  o
    
	
Date Received
    	
 
    
	
 
    	
Holding   Requirement Verified  o
    
	
Official’s Initials
    	
 
    

 

4EXHIBIT 10.58

 

	
Executive Officer
    	
Grant   No.: 20       
    

 

ROYAL GOLD, INC.

2015 OMNIBUS LONG-TERM INCENTIVE PLAN

 

RESTRICTED STOCK AGREEMENT

 

Royal Gold, Inc., a Delaware corporation (the “Company”), hereby grants shares of its common stock, $.01 par value (the “Stock”), to the Grantee named below, subject to the restrictions and vesting conditions set forth in the attachment.  Additional terms and conditions of the grant are set forth in this cover sheet, in the attachment and in the Company’s 2015 Omnibus Long-Term Incentive Plan (the “Plan”).

 

Grant Date:

 

Name of Grantee:

 

Grantee’s Social Security Number:

 

Number of Shares of Stock Covered by Grant:

 

Purchase Price per Share of Stock:                                                                                                                                       Par value, paid by services previously rendered

 

By signing this cover sheet, you agree to all of the terms and conditions described in the attached Agreement and in the Plan, a copy of which is also available upon request to the Secretary.  You acknowledge that you have carefully reviewed the Plan, and agree that the Plan will control in the event any provision of this Agreement should appear to be inconsistent.

 

 

	
Grantee:
    	
 
    	
 
    
	
 
    	
(Signature)
    	
 
    
	
 
    	
 
    	
 
    
	
Company:
    	
 
    	
 
    
	
 
    	
(Signature)
    	
 
    
	
 
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    

 

Attachment

 

This is not a stock certificate or a negotiable instrument.

 

 

	
Executive Officer
    	
Grant   No.: 20       
    

 

ROYAL GOLD, INC.

2015 OMNIBUS LONG-TERM INCENTIVE PLAN

RESTRICTED STOCK AGREEMENT

 

	
Restricted Stock/   Nontransferability
    	
 
    	
This grant is an award   of restricted Stock (“Restricted Stock”) in the number of shares set forth on   the cover sheet.  The per share   purchase price of par value has been satisfied by your prior service to the   Company.  The grant is subject to the   vesting conditions described below.  To   the extent not yet vested, your Restricted Stock may not be transferred,   assigned, pledged or hypothecated, whether by operation of law or otherwise,   nor may the Restricted Stock be made subject to execution, attachment or   similar process.
    
	
 
    	
 
    	
 
    
	
Issuance   and Vesting
    	
 
    	
The Company will issue   your Restricted Stock in your name as of the Grant Date.

 

Your right to vest in   the Stock under this Restricted Stock grant is subject to satisfaction of   both the Performance-Based Vesting Condition and the time-based vesting   condition set forth below.

 

Performance-Based   Vesting Condition. In order for you to vest in any of the   shares of Restricted Stock covered by this grant, the Company must [to be   conformed with each grant] (the “Performance-Based Vesting Condition”). If   the Performance-Based Vesting Condition is not satisfied for fiscal       , all of the shares of Stock underlying this   Restricted Stock grant will be forfeited.

 

Time-Based Vesting   Condition. Provided that the Performance-Based Vesting   Condition is satisfied, your right to vest in the Stock under this Restricted   Stock Grant vests as to one-third of the total number of shares covered by   this grant, as shown on the cover sheet, on each of the third, fourth and   fifth anniversaries of the Grant Date (each a “Vesting Date”), provided you   then continue in Service.  If, however,   such Vesting Date occurs during a period in which you are (i) subject to   a lock-up agreement restricting your ability to sell shares of Stock in the   open market, or (ii) restricted from selling shares of Stock in the open   market because you are not then eligible to sell under the Company’s insider   trading or similar plan as then in effect (whether because a trading window   is not open or you are otherwise restricted from trading), vesting in such   shares of Stock will be delayed until the earlier of (A) the first date   on which you are no longer prohibited from selling shares of Stock due to a   lock-up agreement or insider trading or similar plan restriction applicable   to you or (B) either the date of your involuntary termination of your   Service by the Company or a Subsidiary, your death or your Disability (the   earlier of the dates in clause (A) and (B) shall be the “Deferred   Vesting Date”), and provided, further, that you have been continuously in   Service to the Company or a Subsidiary from the Grant Date until the Deferred   Vesting Date.

 

If the Deferred Vesting   Date is determined pursuant to clause (B) above, you are prohibited from   selling shares of Stock due to a lock-up agreement or insider trading or   similar plan restriction applicable to you on the Deferred Vesting Date and   you meet the continuous Service requirements, then, to the extent legally   permitted under the General Corporation Law of the State of Delaware and   other applicable law, you may elect to satisfy any obligations to pay any   Federal, state, or local taxes of any kind required by law to be withheld   with respect to the vesting of or other lapse of restrictions applicable to   such an Award, in whole or in part, (x) by causing 
    

 

 

	
 
    	
 
    	
the Company or its   Affiliate to withhold shares of Stock otherwise issuable to you or   (y) by delivering to the Company or its Affiliate shares of Stock   already owned by you. The shares of Stock so delivered or withheld shall have   an aggregate Fair Market Value equal to such withholding obligations. In no   case shall the shares withheld or delivered exceed the minimum required   Federal, state, and FICA statutory withholding rates. The Fair Market Value   of the shares of Stock used to satisfy such withholding obligation shall be   determined by the Company or its Affiliate as of the date that the amount of   tax to be withheld is to be determined.    If you make an election pursuant to the forgoing sentence, you may   satisfy your withholding obligation only with shares of Stock that are not   subject to any repurchase, forfeiture, unfulfilled vesting, or other similar   requirements.
    
	
 
    	
 
    	
 
    
	
Termination after Long-Term   Service
    	
 
    	
Notwithstanding the   foregoing vesting schedule, if you incur a termination of Service by the   Company other than for “Cause” (as defined in the Employment Agreement), at   any time after (i) the Performance-Based Vesting Condition has been   satisfied, and (ii) you have provided fifteen (15) years of Service to the   Company, you shall be one hundred percent (100%) vested in the Restricted   Stock as of the date of such termination of Service.
    
	
 
    	
 
    	
 
    
	
Termination without Cause, Good   Reason or Non-Renewal of Employment Agreement; Change of Control
    	
 
    	
Notwithstanding the   foregoing vesting schedule, if (i) the Company terminates your Service   or your Employment Agreement without “Cause” (as defined in your Employment Agreement)   during the term of your Employment Agreement, (ii) you terminate your   Service or your Employment Agreement for “Good Reason” (as defined in your   Employment Agreement) during the term of your Employment Agreement, or   (iii) your Service is terminated upon the Company’s election not to   renew the term for one of the four successive one-year renewal terms pursuant   to Section 2 of your Employment Agreement, and both (A) any such   termination of Service or your Employment Agreement occurs after the   Performance-Based Vesting Condition has been satisfied, and (B) any such   termination does not occur within the period of time beginning ninety (90)   days prior to and ending two (2) years after the occurrence of a “Change   of Control” (as defined in your Employment Agreement), then, you will be   vested as of the date of your termination in a prorated portion of shares of   Restricted Stock subject to this Agreement calculated by dividing   (x) the number of days that you have remained in the Service of the   Company between the Grant Date and the termination date, by (y) the   number of days required for you to fully vest in this grant of Restricted   Stock as set forth in the section entitled “Issuance and Vesting” above.  The resulting aggregate number of vested   shares will be rounded to the nearest whole number, and you cannot vest in   more than the number of shares set forth on the cover sheet.

 

If (i) the Company   terminates your Service or your Employment Agreement without “Cause” (as   defined in your Employment Agreement) during the term of your Employment   Agreement, (ii) you terminate your Service or your Employment Agreement   for “Good Reason” (as defined in your Employment Agreement) during the term   of your Employment Agreement, or (iii) your Service is terminated upon   the Company’s election not to renew the term for one of the four successive   one-year renewal terms pursuant to Section 2 of your Employment   Agreement, and both (A) any such termination of Service or your   Employment Agreement occurs after the Performance-Based Vesting Condition has   been satisfied, and (B) any such termination occurs within the period of   time beginning ninety (90) days prior to and ending two (2) years after   the occurrence of a “Change of Control” (as defined in your Employment   Agreement), then, you will be one hundred percent (100%) 
    

 

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vested in the number of   shares of Restricted Stock set forth on the cover sheet as of the date of   your termination.

 

As used herein, the   term “Employment Agreement” shall mean that certain Employment Agreement   between you and the Company dated             , as the same may   be amended after the date hereof.
    
	
 
    	
 
    	
 
    
	
Forfeiture of Unvested Stock

 
    	
 
    	
In the event   that your Service terminates for any reason, except as provided above in the   sections entitled “Termination after Long-Term Service” and “Termination without   Cause, Good Reason or Non-Renewal of Employment Agreement; Change of   Control,” you will forfeit all of the shares of Restricted Stock that have   not yet vested. For the avoidance of doubt, if you incur a termination of   Service for any reason prior to the satisfaction of the Performance-Based   Vesting Condition, you will forfeit all of the shares of Restricted Stock and   will not thereafter vest in any shares of Restricted Stock.
    
	
 
    	
 
    	
 
    
	
Escrow

 

 
    	
 
    	
The shares of   Restricted Stock shall be deposited in escrow with the Company’s transfer   agent to be held in accordance with the provisions of this paragraph. All   shares of Restricted Stock are subject to the duly executed Assignment   Separate from Certificate in the form attached hereto as Exhibit A.  The shares of Restricted Stock shall remain   in escrow until such time or times as the shares are to be released or   otherwise surrendered for cancellation as discussed below.

 

All regular cash   dividends on the Restricted Stock (or other securities at the time held in   escrow) shall be paid directly to you and shall not be held in escrow.  However, in the event of any stock   dividend, stock split, recapitalization or other change affecting the   Company’s outstanding common stock as a class effected without receipt of   consideration or in the event of a stock split, a stock dividend or a similar   change in the Company Stock, any new, substituted or additional securities or   other property which is by reason of such transaction distributed with   respect to the Restricted Stock shall be immediately delivered to the   Secretary of the Company to be held in escrow hereunder, but only to the   extent the Restricted Stock is at the time subject to the escrow requirements   hereof.

 

The shares of   Restricted Stock held in escrow hereunder shall be subject to the following   terms and conditions relating to their release from escrow or their surrender   to the Company for repurchase and cancellation:

 

·                       As   your interest in the shares vests as described above, the vested shares shall   be released from escrow and delivered to you within thirty (30) days   following each vesting date.

 

·                       Upon   termination of your Service, any escrowed shares in which you are at the time   vested shall be promptly released from escrow.

 

·                       Should   the Company exercise its rights to cause a forfeiture with respect to any   unvested shares (as described below in the section entitled “Forfeiture of   Rights”) held at the time in escrow hereunder, then such unvested shares   shall be surrendered to the Company for cancellation, and you shall have no   further rights with respect to such shares of Restricted Stock.

 

·                       Should   the Company elect not to exercise its right to cause a forfeiture with   respect to any shares (as described below in the section entitled “Forfeiture   of 
    

 

3

 

	
 
    	
 
    	
Rights”) held at   the time in escrow hereunder, then such shares shall be surrendered to you.
    
	
 
    	
 
    	
 
    
	
Withholding Taxes
    	
 
    	
You agree, as a   condition of this grant, that you will make acceptable arrangements to pay   any withholding or other taxes that may be due as a result of the vesting of   Restricted Stock acquired under this grant.    In the event that the Company determines that any federal, state, local   or foreign tax or withholding payment is required relating to the vesting of   shares arising from this grant, the Company shall have the right to:  (i) require such payments from you;   (ii) withhold such amounts from other payments due to you from the Company   or any Affiliate; or (iii) withhold shares of Restricted Stock granted   pursuant to this Agreement in an amount equal to the withholding or other   taxes due.
    
	
 
    	
 
    	
 
    
	
Section 83(b) Election
    	
 
    	
Under Section 83   of the Internal Revenue Code of 1986, as amended (the “Code”), the difference   between the purchase price paid for the shares of Restricted Stock and their   fair market value on the date any forfeiture restrictions applicable to such   shares lapse will be reportable as ordinary income at that time.  For this purpose, “forfeiture restrictions”   include the Company’s Repurchase Right   or forfeiture as to unvested Restricted Stock described above.  You may elect to be taxed at the time the   shares are acquired, rather than when such shares cease to be subject to such   forfeiture restrictions, by filing an election under   Section 83(b) of the Code with the Internal Revenue Service within   thirty (30) days after the Grant Date.    You will have to make a tax payment to the extent the purchase price   is less than the fair market value of the shares on the Grant Date.  No tax payment will have to be made to the   extent the purchase price is at least equal to the fair market value of the   shares on the Grant Date.  The form for   making this election is attached as Exhibit B hereto.  Failure to make this filing within the   thirty (30) day period will result in the recognition of ordinary income by   you (in the event the fair market value of the shares as of the vesting date   exceeds the purchase price) as the forfeiture restrictions lapse.

 

YOU ACKNOWLEDGE THAT IT IS YOUR   SOLE RESPONSIBILITY, AND NOT THE COMPANY’S, TO FILE A TIMELY ELECTION UNDER   SECTION 83(b), EVEN IF YOU REQUEST THE COMPANY OR ITS REPRESENTATIVES TO   MAKE THIS FILING ON YOUR BEHALF.  YOU   ARE RELYING SOLELY ON YOUR OWN ADVISORS WITH RESPECT TO THE DECISION AS TO   WHETHER OR NOT TO FILE ANY 83(b) ELECTION.
    
	
 
    	
 
    	
 
    
	
Retention Rights
    	
 
    	
This Agreement does not   give you the right to be retained by the Company (or any Parent, Subsidiaries   or Affiliates) in any capacity.  The   Company (and any Parent, Subsidiaries or Affiliates) reserves the right to   terminate your Service at any time and for any reason.
    
	
 
    	
 
    	
 
    
	
Shareholder Rights
    	
 
    	
You have the right to   vote the Restricted Stock and to receive any dividends declared or paid on   such stock.  Any distributions you   receive as a result of any stock split, stock dividend, combination of shares   or other similar transaction shall be deemed to be a part of the Restricted   Stock are subject to the same conditions and restrictions applicable thereto.  The Company may in its sole discretion   require any dividends paid on the Restricted Stock to be reinvested in shares   of Stock, which the Company may in its sole discretion deem to be a part of   the shares of Restricted Stock and subject to the same conditions and   restrictions applicable
    

 

4

 

	
 
    	
 
    	
thereto.  
    
	
 
    	
 
    	
 
    
	
Forfeiture of Rights
    	
 
    	
If you should take   actions in competition with the Company, the Company shall have the right to   cause a forfeiture of your rights, including, but not limited to: (i) a   forfeiture of any outstanding unvested Restricted Stock, and (ii) with   respect to the period commencing twelve (12) months prior to your termination   of Service with the Company (A) a forfeiture of any proceeds received   upon a sale of shares acquired by you upon vesting of shares of Restricted   Stock or (B) a forfeiture of any shares of Stock acquired by you upon   vesting of the Restricted Stock.    Unless otherwise specified in an employment or other agreement between   the Company and you, you take actions in competition with the Company if you   directly or indirectly, own, manage, operate, join or control, or participate   in the ownership, management, operation or control of, or are a proprietor,   director, officer, stockholder, member, partner or an employee or agent of,   or a consultant to any business, firm, corporation, partnership or other   entity that is in the business of creating, financing, acquiring, investing   in and managing precious metal royalties, precious metal streams and similar   interests. Under the prior sentence, ownership of less than 1% of the   securities of a public company shall not be treated as an action in   competition with the Company.
    
	
 
    	
 
    	
 
    
	
Adjustments
    	
 
    	
In the event of a stock   split, a stock dividend or a similar change in the Company Stock, the number   of shares covered by this grant may be adjusted (and rounded down to the   nearest whole number) pursuant to the Plan.    Your Restricted Stock shall be subject to the terms of the agreement   of merger, liquidation or reorganization in the event the Company is subject   to such corporate activity.
    
	
 
    	
 
    	
 
    
	
Legends
    	
 
    	
All certificates   or book entries representing the Restricted Stock issued in connection with   this grant shall, where applicable, have endorsed thereon the following   legends:

 

“THE SHARES   REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON   TRANSFER AND OPTIONS TO PURCHASE SUCH SHARES SET FORTH IN AN AGREEMENT   BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR IN   INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE   COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE   COMPANY BY THE HOLDER OF RECORD OF THE SHARES REPRESENTED BY THIS   CERTIFICATE.”
    
	
 
    	
 
    	
 
    
	
Applicable Law
    	
 
    	
This Agreement will be   interpreted and enforced under the laws of the State of Delaware, other than   any conflicts or choice of law rule or principle that might otherwise   refer construction or interpretation of this Agreement to the substantive law   of another jurisdiction.
    
	
 
    	
 
    	
 
    
	
The Plan
    	
 
    	
The text of the Plan is   incorporated in this Agreement by reference.    Certain capitalized terms used in this Agreement are defined in the   Plan, and have the meaning set forth in the Plan.

 

This Agreement and the   Plan constitute the entire understanding between you and the Company   regarding this grant of Restricted Stock.    Any prior agreements, commitments or negotiations concerning this   grant are superseded.
    

 

5

 

	
Other Agreements
    	
 
    	
You agree, as a   condition of this grant of Restricted Stock, that you will execute such   document(s) as necessary to become a party to any shareholder agreement   or voting trust as the Company may require.
    
	
 
    	
 
    	
 
    
	
Data Privacy
    	
 
    	
In order to administer   the Plan, the Company may process personal data about you.  Such data includes but is not limited to   the information provided in this Agreement and any changes thereto, other   appropriate personal and financial data about you such as home address and   business address and other contact information, payroll information and any   other information that might be deemed appropriate by the Company to   facilitate the administration of the Plan.

 

By accepting this   award, you give explicit consent to the Company to process any such personal   data.  You also give explicit consent   to the Company to transfer any such personal data outside the country in   which you work or are employed, including, with respect to non-U.S. resident   Grantees, to the United States, to transferees who shall include the Company   and other persons who are designated by the Company to administer the Plan.
    
	
 
    	
 
    	
 
    
	
Stock Ownership Requirements
    	
 
    	
You are required to   hold an aggregate of fifty percent (50%) of the shares of Stock acquired by   you pursuant to this Restricted Stock grant together with all other shares of   Stock acquired by you pursuant to any other restricted stock grant made under   the Plan (such 50% to be determined after reducing the shares of Stock   covered by this grant and all other restricted stock grants made to you under   the Plan by the number of shares of Stock equal in value to the amount   required to be withheld to pay taxes in connection with this grant and such   other restricted stock grants) until the number of shares of Stock owned by   you equals or exceeds XX.  If the   number of shares of Stock owned by you exceeds XX, you may dispose of the   shares of Stock acquired pursuant to this Restricted Stock grant as long as   you continue to own at least XX shares of Stock after the disposition.
    

 

By signing the cover sheet of this Agreement, you acknowledge that you have received, read and understand the Plan and this Agreement, and agree to abide by and be bound by their terms and conditions.

 

6

 

	
Executive Officer
    	
Grant   No.: 20       
    

 

EXHIBIT A

 

ASSIGNMENT SEPARATE FROM CERTIFICATE

 

FOR VALUE RECEIVED,              hereby sells, assigns and transfers unto Royal Gold, Inc., a Delaware corporation (the “Company”),              (          ) shares of common stock of the Company represented by Certificate No.     herewith and does hereby irrevocable constitute and appoint                the Secretary to transfer the said stock on the books of the Company with full power of substitution in the premises.

 

Dated:             , 20

 

	
 
    	
 
    
	
 
    	
Print Name
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Signature
    

 

 

Spouse Consent (if applicable)

 

(Purchaser’s spouse) indicates by the execution of this Assignment his or her consent to be bound by the terms herein as to his or her interests, whether as community property or otherwise, if any, in the shares of common stock of the Company.

 

 

	
 
    	
 
    
	
 
    	
Signature
    

 

INSTRUCTIONS:  PLEASE DO NOT FILL IN ANY BLANKS OTHER THAN THE SIGNATURE LINE.  THE PURPOSE OF THIS ASSIGNMENT IS TO ENABLE THE COMPANY TO EXERCISE ITS “REPURCHASE OPTION” SET FORTH IN THE AGREEMENT WITHOUT REQUIRING ADDITIONAL SIGNATURES ON THE PART OF PURCHASER.

 

 

	
Executive Officer
    	
Grant   No.: 20       
    

 

EXHIBIT B

 

ELECTION UNDER SECTION 83(b) OF
 THE INTERNAL REVENUE CODE

 

The undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code with respect to the property described below and supplies the following information in accordance with the regulations promulgated thereunder:

 

The name, address and social security number of the undersigned:

 

Name:

 

Address:

 

 

Social Security No. :

 

2.                                      Description of property with respect to which the election is being made:

 

shares of common stock, par value $.01 per share, Royal Gold, Inc., a Delaware corporation, (the “Company”).

 

3.                                      The date on which the property was transferred is                , 20  .

 

4.                                      The taxable year to which this election relates is calendar year 20     .

 

5.                                      Nature of restrictions to which the property is subject:

 

The shares of stock are subject to the provisions of a Restricted Stock Agreement between the undersigned and the Company.  The shares of stock are subject to forfeiture under the terms of the Agreement.

 

6.                                      The fair market value of the property at the time of transfer (determined without regard to any lapse restriction) was $           per share, for a total of $          .

 

7.                                      The amount paid by taxpayer for the property was $          .

 

8.                                      A copy of this statement has been furnished to the Company.

 

Dated:               , 20

 

	
 
    	
 
    
	
 
    	
Taxpayer’s Signature
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Taxpayer’s Printed Name

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