Document:

Exhibit
4.1.1

 

FORTITUDE
GOLD CORPORATION

2020 EQUITY
INCENTIVE PLAN

EFFECTIVE
DATE: OCTOBER 15, 2020

TERMINATION
DATE: OCTOBER 15, 2030

 

ARTICLE
1

ESTABLISHMENT, PURPOSE, EFFECTIVE DATE, EXPIRATION DATE

 

1.1             
ESTABLISHMENT. Fortitude Gold Corporation, a Colorado corporation (the “Company”),
hereby establishes the Fortitude Gold Corporation 2020 Equity Incentive Plan (the “Plan”).

 

1.2             
PURPOSE. The purpose of the Plan is to advance the interests of the Company and its shareholders by enhancing
the Company’s ability to attract and retain qualified persons to perform services for the Company, by providing incentives
to such persons to put forth maximum efforts for the Company and by rewarding persons who contribute to the achievement of the
Company’s economic objectives. To further these objectives, the Plan provides for the grant of Options, Stock Appreciation
Rights, Restricted Stock, Restricted Stock Units, Stock Grants, and Stock Units.

 

1.3             
EFFECTIVE DATE. The Plan will become effective on the date it is approved by the Company's Board of Directors
and its shareholders (the “Effective Date”).

 

1.4             
EXPIRATION DATE. The Plan will expire on, and no Award may be granted under the Plan after, the tenth
(10th) anniversary of the Effective Date (the “Expiration Date”). Any Awards that are outstanding
on the Expiration Date shall remain in force according to the terms of the Plan and the applicable Award Agreement.

 

ARTICLE
2

GLOSSARY; CONSTRUCTION

 

2.1             
GLOSSARY. When a word or phrase appears in this Plan document with the initial letter capitalized, and
the word or phrase does not commence a sentence, the word or phrase will generally be given the meaning ascribed to it in Article
1 or in the attached Glossary, which is incorporated into and is part of the Plan. All of these key terms are listed in the Glossary.
Whenever these key terms are used, they will be given the defined meaning unless a clearly different meaning is required by the
context.

 

2.2             
CONSTRUCTION. The masculine gender, where appearing in the Plan, shall include the feminine gender (and
vice versa), and the singular shall include the plural, unless the context clearly indicates to the contrary. If any provision
of this Plan is determined to be for any reason invalid or unenforceable, the remaining provisions shall continue in full force
and effect.

 

 ARTICLE 3
 ELIGIBILITY AND PARTICIPATION

 

3.1             
GENERAL ELIGIBILITY. Persons eligible to participate in this Plan include all employees, officers, Directors
of, and Consultants to, the Company or any Affiliate. Awards may also be granted to prospective employees or Directors but no portion
of any such Award will vest, become exercisable, be issued, or become effective prior to the date on which such individual begins
to provide services to the Company or its Affiliates.

 

     

     

    

 

3.2             
ACTUAL PARTICIPATION. Subject to the provisions of the Plan, the Committee may, from time to time, select
from among all eligible individuals, those to whom Awards will be granted and will determine the nature and amount of each Award.

 

ARTICLE
4

ADMINISTRATION

 

4.1             
GENERAL. The Plan shall be administered by the Board or a committee appointed by the Board. All references
in the Plan to the “Committee” shall refer to the Committee or Board, as applicable. The Committee, by majority action
thereof, is authorized to interpret the Plan, to prescribe, amend, and rescind rules and regulations as it may deem necessary or
advisable to administer the Plan, to provide for conditions and assurances deemed necessary or advisable to protect the interests
of the Company, and to make all other determinations necessary or advisable for the administration of the Plan, but only to the
extent not contrary to the express provisions of the Plan. Determinations, interpretations, or other actions made or taken by the
Committee in good faith pursuant to the provisions of the Plan shall be final, binding and conclusive for all purposes of the Plan.

 

4.2             
COMMITTEE RESPONSIBILITIES. Subject to the provisions of the Plan, the Committee shall have the authority
to: (a) designate the Participants who are entitled to receive Awards under the Plan; (b) determine the types of Awards and the
times when Awards will be granted; (c) determine the number of Awards to be granted and the number of shares of Stock to which
an Award will relate; (d) determine the terms and conditions of any Award, including, but not limited to, the purchase price or
exercise price or base value, the grant price, the period(s) during which such Awards shall be exercisable (whether in whole or
in part); (e) any restrictions or limitations on the Award, any schedule for lapse of restrictions or limitations, and accelerations
or waivers thereof, based in each case on such considerations as the Committee determines; (f) determine whether, to what extent,
and in what circumstances an Award may be settled in, or the exercise price or purchase price of an Award may be paid in cash,
Stock, or other Awards, or other property, or whether an Award may be canceled, forfeited, exchanged or surrendered; (g) prescribe
the form of each Award Agreement, which need not be the same for each Participant; (h) decide all other matters that must be determined
in connection with an Award; (i) interpret the terms of, and determine any matter arising pursuant to, the Plan or any Award Agreement;
and (j) make all other decisions or determinations that may be required pursuant to the Plan or an Award Agreement as the Committee
deems necessary or advisable to administer the Plan. The Committee shall also have the authority to modify existing Awards to the
extent that such modification is within the power and authority of the Committee as set forth in the Plan.

 

4.3             
DECISIONS FINAL. The Committee shall have the authority to interpret the Plan and subject to the provisions
of the Plan, any Award Agreement, and all decisions and determinations by the Committee with respect to the Plan are final, binding
and conclusive on all parties. No member of the Committee shall be liable for any action or determination made in good faith with
respect to the Plan or any Award granted under the Plan.

 

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ARTICLE
5

SHARES AVAILABLE FOR GRANT

 

5.1             
NUMBER OF SHARES. Subject to adjustment as provided in Section 5.4, the aggregate number of shares of
Stock reserved and available for grant pursuant to the Plan shall be 5,000,000. The shares of Stock delivered pursuant to any
Award may consist, in whole or in part, of authorized by unissued Stock, treasury Stock not reserved for any other purposes, or
Stock purchased on the open market.

 

5.2             
SHARE COUNTING. The following rules shall apply solely for purposes of determining the number of shares
of Stock available for grant under the Plan at any given time:

 

(a)               In
the event any Award granted under the Plan is terminated, expired, forfeited, or canceled for any reason, the number of shares
of Stock subject to such Award will again be available for grant under the Plan (i.e., any prior charge against the limit set
forth in Section 5.1 shall be reversed).

 

(b)             
If shares of Stock are not delivered in connection with an Award because the Award may only be settled in cash rather than
in Stock, no shares of Stock shall be counted against the limit set forth in Section 5.1. If any Award may be settled in cash or
Stock, the rules set forth in Section 5.2(a) shall apply until the Award is settled, at which time the underlying shares of Stock
will be added back to the shares available for grant pursuant to Section 5.1 but only if the Award is settled in cash.

 

(c)               The
exercise of a stock-settled SAR or broker-assisted “cashless” exercise of an Option (or a portion thereof) will reduce
the number of shares available for grant under Section 5.1 by the entire number of shares of Stock subject to that SAR or Option
(or applicable portion thereof), even though a smaller number of shares of Stock will be issued upon such an exercise.

 

(d)             
Shares of Stock tendered to pay the exercise price of an Option or tendered, withheld or otherwise relinquished by a Participant
to satisfy a tax withholding obligation arising in connection with an Award will not again become Stock available for grant under
the Plan. Moreover, shares of Stock purchased on the open market with cash proceeds generated by the exercise of an Option will
not increase or replenish the number of shares available for grant under Section 5.1.

 

(e)              
If the provisions of this Section 5.2 are inconsistent with the requirements of any regulations issued pursuant to Section
422 of the Code, the provisions of such regulations shall control over the provisions of this Section 5.2, but only as this Section
5.2 relates to Incentive Stock Options.

 

(f)              
The Committee may adopt such other reasonable rules and procedures as it deems to be appropriate for determining the number
of shares of Stock that are available for grant under Section 5.1.

 

5.3             
AWARD LIMITS. Notwithstanding any other provision in the Plan, and subject to adjustment as provided in
Section 5.4:

 

(a)               The
maximum number of shares of Stock that may be issued as Incentive Stock Options under the Plan shall be the same numeric limit
set forth in Section 5.1.

 

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5.4             
ADJUSTMENT IN CAPITALIZATION. In the event of any change in the outstanding shares of Stock by reason
of a Stock dividend or split, recapitalization, liquidation, merger, consolidation, combination, exchange of shares, or other similar
corporate change, the Committee shall make a proportionate adjustment in: (a) the number and class of shares of Stock made available
for grant pursuant to Section 5.1; (b) the number of shares of Stock set forth in Section 5.3, 11.9, and any other similar numeric
limit expressed in the Plan; (c) the number and class of and/or price of shares of Stock subject to then outstanding Awards; or
(d) any other terms of an Award that are affected by the event. Moreover, in the event of such transaction or event, the Committee,
in its discretion may provide in substitution for any or all outstanding awards under the Plan such alternative consideration (including
cash) as it, in good faith, may determine to be equitable under the circumstances and may require in connection therewith the surrender
of all Awards so replaced. Any action taken pursuant to this Section 5.4 shall be taken in a manner consistent with the requirements
of Section 409A of the Code and, in the case of Incentive Stock Options, in accordance with the requirements of Section 424(a)
of the Code.

 

5.5             
REPLACEMENT AWARDS. In the event of any corporate transaction in which the Company or an Affiliate acquires
a corporate entity which, at the time of such transaction, maintains an equity compensation plan pursuant to which awards of stock
options, stock appreciation rights, restricted stock, or any other form of equity based compensation are then outstanding (the
 “Acquired Plan”), the Committee may make Awards to assume, substitute or convert such outstanding awards in
such manner as may be determined to be appropriate and equitable by the Committee; provided, however, that the number of shares
of Stock subject to any Award shall always be a whole number by rounding any fractional share to the nearest whole share. Options
or SARs issued pursuant to this Section 5.5 shall not be subject to the requirement that the exercise price of such Award not be
less than the Fair Market Value of Stock on the date the Award is granted. Shares used in connection with an Award granted in substitution
for an award outstanding under an Acquired Plan under this Section 5.5 shall not be counted against the number of shares of Stock
available for grant under Section 5.1.

 

5.6             
FRACTIONAL SHARES. No fractional shares of Stock shall be issued pursuant to the Plan. Unless the Committee
specifies otherwise in the Award Agreement, or pursuant to any policy adopted by the Committee, cash will be given in lieu of fractional
shares. In the event of adjustment as provided in Section 5.4 or the issuance of replacement awards as provided in Section 5.5,
the total number of shares of Stock subject to any affected Award shall always be a whole number by rounding any fractional share
to the nearest whole share.

 

ARTICLE
6

STOCK OPTIONS

 

6.1             
OPTIONS. Subject to the terms and provisions of the Plan the Committee, at any time and from time to time,
may grant Options to one or more Participants upon such terms and conditions and in such amounts, as shall be determined by the
Committee. Options are also subject to the following additional terms and conditions:

 

(a)              
Exercise Price. No Option shall be granted at an exercise price that is less than the Fair Market Value of
one share of Stock on the Grant Date.

 

(b)              
Exercise of Option. Options shall be exercisable at such times and in such manner, and shall be subject to
such restrictions or conditions, as the Committee shall in each instance approve, which need not be the same for each grant or
for each Participant.

 

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(c)              
Term of Option. Each Option shall expire at such time as determined by the Committee; provided, however, that
no Option shall be exercisable later than the tenth (10th) anniversary the Grant Date.

 

(d)              
Payment. The exercise price for any Option shall be paid in cash or shares of Stock held for longer than six
(6) months (through actual tender or by attestation). In the Award Agreement, the Committee also may prescribe other methods by
which the exercise price of an Option may be paid and the form of payment including, without limitation, any net-issuance arrangement
or other property acceptable to the Committee (including broker-assisted “cashless exercise” arrangements), and the
methods by which shares of Stock shall be delivered or deemed to be delivered to Participants. The Committee, in consideration
of applicable accounting standards and applicable law, may waive the six (6) month share holding period described in the first
sentence of this paragraph (d) in the event payment of an Option is made through the tendering of shares.

 

(e)              
Repricing of Options. Notwithstanding any other provision in the Plan to the contrary, without approval of
the Company’s shareholders, an Option may not be amended, modified or repriced to reduce the exercise price after the Grant
Date. Except as otherwise provided in Section 5.4 with respect to an adjustment in capitalization, an Option also may not be surrendered
in consideration of a new Option having an exercise price below the exercise price of the Option being surrendered or exchanged.

 

(f)               
Nontransferability of Options. No Option may be sold, transferred, pledged, assigned, or otherwise alienated
or hypothecated, other than by will or by the laws of descent and distribution. Further, all Options granted to a Participant shall
be exercisable during his or her lifetime only by such Participant or his or her legal representative. Notwithstanding the foregoing,
the Committee may, in its discretion, permit the transfer of an Option to a Family Member, trust or partnership, or to a charitable
organization, provided that no value or consideration is received by the Participant with respect to such transfer.

 

6.2             
INCENTIVE STOCK OPTIONS. Incentive Stock Options shall be granted only to Participants who are employees
and the terms of any Incentive Stock Options granted pursuant to the Plan must comply with the following additional provisions
of this Section 6.2:

 

(a)              
Exercise Price. Subject to Section 6.2(e), the exercise price per share of Stock pursuant to any Incentive
Stock Option shall be set by the Committee, provided that the exercise price for any Incentive Stock Option shall not be less than
the Fair Market Value of one share of Stock as of the Grant Date.

 

(b)              
Term of Incentive Stock Option. In no event may any Incentive Stock Option be exercisable for more than ten
(10) years from the Grant Date.

 

(c)              
Lapse of Option. An Incentive Stock Option shall lapse in the following circumstances:

 

(1)              
The Incentive Stock Option shall lapse ten (10) years from the Grant Date, unless an earlier time is set in the Award Agreement;

 

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(2)              
The Incentive Stock Option shall lapse upon a Termination of Employment for any reason other than the Participant’s
death or Disability, unless otherwise provided in the Award Agreement; and

 

(3)              
If the Participant incurs a Termination of Employment on account of Disability or death before the Option lapses pursuant
to paragraph (i) or (ii) above, the Incentive Stock Option shall lapse, unless it is previously exercised, on the earlier of: (a)
the scheduled termination date of the Option; or (b) twelve months after the date of the Participant’s Termination of Employment
on account of death or Disability. Upon the Participant’s death or Disability, any Incentive Stock Options exercisable at
the Participant’s death or Disability may be exercised by the Participant’s legal representative or representatives,
by the person or persons entitled to do so pursuant to the Participant’s last will and testament, or, if the Participant
fails to make testamentary disposition of such Incentive Stock Option or dies intestate, by the person or persons entitled to receive
the Incentive Stock Option pursuant to the applicable laws of descent and distribution.

 

(d)               Individual
Dollar Limitation. The aggregate Fair Market Value (determined as of the time an Award is made) of all shares of Stock
with respect to which Incentive Stock Options are first exercisable by a Participant in any calendar year may not exceed $100,000
or such other limitation as imposed by Section 422(d) of the Code, or any successor provision. To the extent that Incentive Stock
Options are first exercisable by a Participant in excess of such limitation, the excess shall be considered Non-Qualified Stock
Options.

 

(e)               Ten
Percent Owners. An Incentive Stock Option may be granted to any individual who, at the Grant Date, owns stock possessing
more than ten percent (10%) of the total combined voting power of all classes of Stock of the Company only if such Option is granted
at a price that is not less than 110% of Fair Market Value on the Grant Date and the Option is exercisable for no more than five
(5) years from the Grant Date.

 

(f)                Right
to Exercise. Except as provided in Section 6.2(c)(iii), an Incentive Stock Option may be exercised only by the Participant
during the Participant’s lifetime.

 

(g)              
Limitation on Number of Shares Subject to Awards. In accordance with Section 5.3(a), but subject to adjustment
as provided in Section 5.4, the maximum number of shares of Stock that may be issued as Incentive Stock Options under the Plan
shall be the same numeric limit set forth in Section 5.1.

 

ARTICLE
7

STOCK APPRECIATION RIGHTS

 

7.1             
STOCK APPRECIATION RIGHTS. Subject to the terms and provisions of the Plan, the Committee, at any time
and from time to time, may grant SARs to one or more Participants upon such terms and conditions and in such amounts, as shall
be determined by the Committee. SARs may be granted in connection with the grant of an Option, in which case the exercise of such
SARs will result in the surrender of the right to purchase the shares under the Option as to which the SARs were exercised. When
SARs are granted in connection an Incentive Stock Option, the SARs shall have such terms and conditions as shall be required by
Section 422 of the Code. Alternatively, SARs may be granted independently of Options. SARs are also subject to the following additional
terms and conditions:

 

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(a)              
Base Value. No SAR shall be granted at a base value that is less than the Fair Market Value of one share of
Stock on the Grant Date.

 

(b)              
Exercise of SARs. SARs shall be exercisable at such times and be subject to such restrictions and conditions
as the Committee shall, in each instance approve, which need not be the same for all Participants.

 

(c)              
Term of SARs. Each SAR shall expire at such time as determined by the Committee; provided, however, that no
SAR shall be exercisable later than the tenth (10th) anniversary the Grant Date.

 

(d)              
Payment of SAR Amount. Upon the exercise of a SAR, the Participant shall be entitled to receive the payment
of an amount determined by multiplying: (i) the excess, if any, of the Fair Market Value of a share of Stock on the date of exercise,
over the base value fixed by the Committee on the Grant Date; by (ii) the number of shares with respect to which the SAR is exercised.
Payment for SARs shall be made in manner and at the time specified by the Committee in the Award Agreement. At the discretion of
the Committee, the Award Agreement may provide for payment of SARs in cash, shares of Stock of equivalent value, or in a combination
thereof.

 

(e)              
Repricing of SARs. Notwithstanding any other provision in the Plan to the contrary, without approval of the
Company’s shareholders, a SAR may not be amended, modified or repriced to reduce the base value after the Grant Date. Except
as otherwise provided in Section 5.4 with respect to an adjustment in capitalization, a SAR also may not be surrendered in consideration
of or exchanged for cash, other Awards or a new SAR having a base value below the base value of the SAR being surrendered or exchanged.

 

(f)               
Nontransferability of SARs. No SAR may be sold, transferred, pledged, assigned, or otherwise alienated or
hypothecated, other than by will or by the laws of descent and distribution. Further, all SARs granted to a Participant shall be
exercisable during his or her lifetime only by such Participant or his or her legal representative. Notwithstanding the foregoing,
the Committee may, in its discretion, permit the transfer of a SAR to a Family Member, trust or partnership, or to a charitable
organization, provided that no value or consideration is received by the Participant with respect to such transfer.

 

ARTICLE
8

RESTRICTED STOCK AND RESTRICTED STOCK UNITS

 

8.1             
RESTRICTED STOCK. Subject to the terms and provisions of the Plan, the Committee, at any time and from
time to time, may grant Restricted Stock to one or more Participants upon such terms and conditions, and in such amounts, as shall
be determined by the Committee. Restricted Stock Awards are also subject to the following additional terms and conditions:

 

(a)               Issuance
and Restrictions. Restricted Stock shall be subject to such conditions and/or restrictions as the Committee may impose
(including, without limitation, limitations on transferability, the right to receive dividends, or the right to vote the Restricted
Stock), which need not be the same for each grant or for each Participant. These restrictions may lapse separately or in combination
at such times, pursuant to such circumstances, in such installments, or otherwise, as determined by the Committee. Except as otherwise
provided in the Award Agreement, Participants holding shares of Restricted Stock may not exercise voting rights with respect to
the shares of Restricted Stock during the period of restriction.

 

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(b)               Forfeiture.
Except as otherwise provided in the Award Agreement, upon a Termination of Employment (or Termination of Service in the case of
a Consultant or Director) during the applicable period of restriction, Restricted Stock that is at that time subject to restrictions
shall be forfeited.

 

(c)              
Evidence of Ownership for Restricted Stock. Restricted Stock granted pursuant to the Plan may be evidenced
in such manner as the Committee shall determine, which may include an appropriate book entry credit on the books of the Company
or a duly authorized transfer agent of the Company. If certificates representing shares of Restricted Stock are registered in the
name of the Participant, the certificates must bear an appropriate legend referring to the terms, conditions, and restrictions
applicable to such Restricted Stock, and the Company may, in its discretion, retain physical possession of the certificate until
such time as all applicable restrictions lapse.

 

8.2             
RESTRICTED STOCK UNITS. Subject to the terms and provisions of the Plan, the Committee, at any time and
from time to time, may grant Restricted Stock Units to one or more Participants upon such terms and conditions, and in such amounts,
as shall be determined by the Committee. Restricted Stock Unit Awards are also subject to the following additional terms and conditions:

 

(a)              
Issuance and Restrictions. Restricted Stock Unit Awards grant a Participant the right to receive a specified
number of shares of Stock, or a cash payment equal to the Fair Market Value (determined as of a specified date) of a specified
number of shares of Stock, subject to such conditions and/or restrictions as the Committee may impose, which need not be the same
for each grant or for each Participant. These restrictions may lapse separately or in combination at such times, in such circumstances,
in such installments, or otherwise, as determined by the Committee.

 

(b)               Forfeiture.
Except as otherwise provided in the Award Agreement, upon a Termination of Employment (or Termination of Service in the case of
a Consultant or Director) during the applicable period of restriction, Restricted Stock Units that are at that time subject to
restrictions shall be forfeited.

 

(c)               Form
and Timing of Payment. Payment for vested Restricted Stock Units shall be made in the manner and at the time designated
by the Committee in the Award Agreement. In the Award Agreement, the Committee may provide that payment will be made in cash or
Stock, or in a combination thereof.

 

ARTICLE
9

STOCK GRANT AND STOCK UNITS

 

9.1             
STOCK GRANTS. Subject to the terms and provisions of the Plan, the Committee, at any time and from time
to time, may grant Stock Awards to one or more Participants upon such terms and conditions, and in such amounts, as shall be determined
by the Committee. Subject to Section 5.3(e), a Stock Grant Award grants the Participant the right to receive (or purchase at such
price as determined by the Committee) a designated number of shares of Stock free of any vesting restrictions. The purchase price,
if any, for a Stock Grant Award shall be payable in cash or other form of consideration acceptable to the Committee. A Stock Grant
Award may be granted or sold as described in the preceding sentence in respect of past services or other valid consideration, or
in lieu of any cash compensation due to such Participant.

 

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9.2             
STOCK UNITS. Subject to the terms and provisions of the Plan, the Committee, at any time and from time
to time, may grant Stock Unit Awards to one or more Participants upon such terms and conditions, and in such amounts, as shall
be determined by the Committee. Subject to Section 5.3(e), a Stock Unit Award grants the Participant the right to receive a designated
number of shares of Stock, or a cash payment equal to the Fair Market Value (determined as of a specified date) of a designated
number of shares of Stock, in the future free of any vesting restrictions. A Stock Unit Award may be granted as described in the
preceding sentence in respect of past services or other valid consideration, or in lieu of any cash compensation due to such Participant.

 

ARTICLE
10

CHANGE IN CONTROL

 

10.1           
DOUBLE TRIGGER VESTING. Notwithstanding any other provision in the Plan to the contrary, and except
as otherwise provided in the applicable Change in Control transaction documents, in the event that an employee Participant incurs
a Termination of Employment without Cause or for Good Reason within 12 months following a Change in Control, any Awards that are
still outstanding following such Change in Control shall become fully vested and exercisable and all restrictions on such Awards
shall lapse as of the date of the Participant’s Termination of Employment without Cause or Termination of Employment for
Good Reason. To the extent that this provision causes Incentive Stock Options to exceed the dollar limitation set forth in Section
422(d) of the Code or any successor provision, the excess Options shall be deemed to be Non-Qualified Stock Options.

 

10.2           
PARTICIPANT CONSENT NOT REQUIRED. Nothing in this Section 10 or any other provision of this Plan is intended
to provide any Participant with any right to consent to or object to any transaction that might result in a Change in Control and
each provision of this Plan shall be interpreted in a manner consistent with this intent. Similarly, nothing in this Section 10
or any other provision of this Plan is intended to provide any Participant with any right to consent to or object to any action
taken by the Board or Committee in connection with a Change in Control transaction.

 

ARTICLE
11

OTHER PROVISIONS APPLICABLE TO AWARDS

 

11.1           
AWARD AGREEMENTS. All Awards shall be evidenced by an Award Agreement. The Award Agreement shall include
such terms and provisions as the Committee determines appropriate. The terms of the Award Agreement may vary depending on the type
of Award, the employee or classification of the employee to whom the Award is made and such other factors as the Committee deems
appropriate.

 

11.2           
TERMINATION OF EMPLOYMENT OR SERVICE. Subject to the provisions of this Plan, the Committee shall determine
and set forth in the applicable Award Agreement the extent to which a Participant shall have the right to retain and/or exercise
an Award following a Termination of Employment or (Termination of Service in the context of a Consultant or Director). Such provisions
need not be uniform among all types of Awards and may reflect distinctions based on the reasons for such terminations, including,
but not limited to, death, Disability, a termination for Cause or reasons relating to the breach or threatened breach of restrictive
covenants.

 

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11.3           
FORM OF PAYMENT. Subject to the provisions of this Plan, the Award Agreement and any applicable law, payments
or transfers to be made by the Company or any Affiliate on the grant, exercise, or settlement of any Award made be made in such
form as determined by the Committee including, without limitation, cash, Stock, other Awards, or other property, or any combination
thereof, and may be made in a single payment or transfer, in installments, or any combination thereof, in each case determined
by rules adopted by the Committee.

 

11.4           
LIMITS ON TRANSFER.

 

(a)              
General. Except as provided in Section 6.1(f), Section 7.1(f), Section 11.4(b) or Section 11.5, no Award granted
under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the
laws of descent and distribution or pursuant to a domestic relations order (that would otherwise qualify as a qualified domestic
relations order as defined in the Code or Title I of ERISA but for the fact that the order pertains to an Award) in favor of a
spouse or, if applicable, until the expiration of any period during which any restrictions are applicable as determined by the
Committee.

 

(b)               Transfer
to Family Members. The Committee shall have the authority to adopt a written policy that is applicable to existing Awards,
new Awards, or both, which permits a Participant to transfer Awards during his or her lifetime to any Family Member. In the event
an Award is transferred as permitted by such policy, such transferred Award may not be subsequently transferred by the transferee
(other than another transfer meeting the conditions set forth in the policy) except by will or the laws of descent and distribution.
A transferred Award shall continue to be governed by and subject to the terms and limitations of the Plan and relevant Award Agreement,
and the transferee shall be entitled to the same rights as the Participant, as if the transfer had not taken place.

 

11.5           
BENEFICIARIES. Notwithstanding Section 11.4(a), a Participant may, in the manner determined by the Committee,
designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon
the Participant’s death, and in accordance with Section 6.2(c)(iii), upon the Participant’s Disability. A beneficiary,
legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions
of the Plan and any Award Agreement applicable to the Participant, except to the extent the Plan and Award Agreement otherwise
provide, and to any additional restrictions deemed necessary or appropriate by the Committee. If no beneficiary has been designated
or survives the Participant, payment shall be made to the person entitled thereto pursuant to the Participant’s will or the
laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant
at any time provided the change or revocation is provided to the Committee.

 

11.6           
EVIDENCE OF OWNERSHIP. Notwithstanding anything herein to the contrary, the Company shall not be required
to issue or deliver any certificates, make any book entry credits, or take any other action to evidence shares of Stock pursuant
to the exercise of any Award, unless and until the Company has determined, with advice of counsel, that the issuance and delivery
of such certificates, book entry credits, or other evidence of ownership is in compliance with all applicable laws, regulations
of governmental authorities and, if applicable, the requirements of any exchange or quotation system on which the shares of Stock
are listed, quoted or traded. All Stock certificates, book entry credits, or other evidence of ownership delivered pursuant to
the Plan are subject to any stop-transfer orders and other restrictions as the Company deems necessary or advisable to comply with
Federal, state, or foreign jurisdiction, securities or other laws, rules and regulations and the rules of any national securities
exchange or automated quotation system on which the Stock is listed, quoted, or traded. The Company may place legends on any Stock
certificate to reference restrictions applicable to the Stock. In addition to the terms and conditions provided herein, the Company
may require that a Participant make such reasonable covenants, agreements, and representations as the Company, in its discretion,
deems advisable in order to comply with any such laws, regulations, or requirements.

 

    10 

     

    

 

11.7           
CLAWBACK. Every Award issued pursuant to this Plan is subject to potential forfeiture or recovery to the
fullest extent called for by law, any applicable listing standard, or any current or future clawback policy that may be adopted
by the Company from time to time. By accepting an Award, each Participant consents to the potential forfeiture or recovery of his
or her Awards pursuant to the Company clawback policy, and agrees to be bound by and comply with the clawback policy and to return
the full amount required by the clawback policy. As a condition to the receipt of any Award, a Participant may be required to execute
any requested additional documents consenting to and agreeing to abide by the Company clawback policy as it may be amended from
time to time.

 

ARTICLE
12

AMENDMENT, MODIFICATION, AND TERMINATION

 

12.1           
AMENDMENT, MODIFICATION AND TERMINATION OF THE PLAN. The Board may at any time, and from time to time,
terminate, amend or modify the Plan; provided however, that any such action of the Board shall be subject to approval of the shareholders
to the extent required by law or regulation. Notwithstanding the above, to the extent permitted by law, the Board may delegate
to the Committee or the CEO the authority to approve non-substantive amendments to the Plan. Except as provided in Section 5.4,
neither the Board, the CEO, nor the Committee may, without the approval of the shareholders: (a) reduce the exercise price or base
value of any outstanding Award, including any Option or SAR; (b) increase the number of shares available under the Plan; (c) grant
Options or SARs with an exercise price or base value that is below Fair Market Value on the Grant Date; (d) reprice previously
granted Options or SARs or take any action relative to any Options or SARs that would be treated as a repricing; (e) cancel any
Option or SARs in exchange for cash or any other Award or in exchange for any Option or SAR with an exercise price or base value
that is less than the exercise price or base value for the original Option or SAR; (f) extend the exercise period or term of any
Option or SAR beyond 10 years from the Grant Date; (g) expand the types of Award available for grant under the Plan; or (h) expand
the class of individuals eligible to participant in the Plan.

 

12.2           
AWARDS PREVIOUSLY GRANTED. No amendment, modification, or termination of the Plan or any Award under the
Plan shall in any manner adversely affect in any material way the rights of the holder under any Award previously granted pursuant
to the Plan without the prior written consent of the holder of the Award. Such consent shall not be required if the change: (a)
is required by law or regulation; (b) does not adversely affect in any material way the rights of the holder; (c) is required to
cause the benefits under the Plan to comply with the requirements of Section 409A of the Code; or (d) is made pursuant to any adjustment
described in Section 5.4.

 

    11 

     

    

 

ARTICLE
13

TAX WITHHOLDING

 

The Company
shall have the power to withhold, or require a Participant to remit to the Company, the minimum amount necessary to satisfy federal,
state, and local withholding tax requirements on any Award under the Plan. The Company may permit the Participant to satisfy a
tax withholding obligation by: (a) directing the Company to withhold shares of Stock to which the Participant is entitled pursuant
to the Award in an amount necessary to satisfy the Company’s applicable federal, state, local or foreign income and employment
tax withholding obligations with respect to such Participant; (b) tendering previously-owned shares of Stock held by the Participant
for six (6) months or longer to satisfy the Company’s applicable federal, state, local, or foreign income and employment
tax withholding obligations with respect to the Participant (which holding period may be waived in accordance with Section 6.1(d));
(c) a broker-assisted “cashless” transaction; or (d) personal check or other cash equivalent acceptable to the Company.

 

ARTICLE
14

INDEMNIFICATION

 

Each person
who is or shall have been a member of the Committee or of the Board shall be indemnified and held harmless by the Company against
and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with
or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved
by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement
thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such action, suit, or
proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend
the same before he undertakes to handle and defend it on his or her behalf. The foregoing right of indemnification shall not be
exclusive of any other rights of indemnification to which such person may be entitled under the Company’s articles of incorporation,
bylaws, resolution or agreement, as a matter of law, or otherwise.

 

ARTICLE
15

GENERAL PROVISIONS

 

15.1           
NO RIGHTS TO AWARDS. No Participant or other person shall have any claim to be granted any Award and neither
the Company nor the Committee is obligated to treat Participants and other persons uniformly.

 

15.2            CONTINUED
EMPLOYMENT. Nothing in the Plan or any Award Agreement shall interfere with or limit in any way the right of the Company
or any Affiliate to terminate any Participant’s employment or service at any time, nor confer upon any Participant any right
to continue in the employ or service of the Company.

 

15.3           
FUNDING. The Company shall not be required to segregate any of its assets to ensure the payment of any
Award under the Plan. Neither the Participant nor any other persons shall have any interest in any fund or in any specific asset
or assets of the Company or any other entity by reason of any Award, except to the extent expressly provided hereunder. The interests
of each Participant and former Participant hereunder are unsecured and shall be subject to the general creditors of the Company.

 

    12 

     

    

 

15.4           
EXPENSES. The expenses of administering the Plan shall be borne by the Company.

 

15.5           
NO SHAREHOLDERS RIGHTS. No Award gives the Participant any of the rights of a shareholder of the Company
unless and until shares of Stock are in fact issued to such person in connection with such Award.

 

15.6           
TITLES AND HEADINGS. The titles and headings of the Sections in the Plan are for convenience of reference
only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control.

 

15.7           
SUCCESSORS AND ASSIGNS. The Plan shall be binding upon and inure to the benefit of the successors and
permitted assigns of the Company, including without limitation, whether by way of merger, consolidation, operation of law, assignment,
purchase, or other acquisition of substantially all of the assets or business of the Company, and any and all such successors and
assigns shall absolutely and unconditionally assume all of the Company’s obligations under the Plan.

 

15.8           
SURVIVAL OF PROVISIONS. The rights, remedies, agreements, obligations and covenants contained in or made
pursuant to this Plan, any Agreement, and any other notices or agreements in connection therewith, shall survive the execution
and delivery of such notices and agreements and the delivery and receipt of such shares of Stock.

 

15.9           
REQUIREMENTS OF LAW. The granting of Awards and the issuance of shares and/or cash under the Plan shall
be subject to all applicable laws, rules, and regulations as may be required. The Company shall be under no obligation to register
pursuant to the Securities Act of 1933, any of the shares of Stock paid pursuant to the Plan. If the shares of Stock paid pursuant
to the Plan may in certain circumstances be exempt from registration pursuant to the Securities Act of 1933, the Company may restrict
the transfer of such shares in such manner as it deems advisable to ensure the availability of any such exemption. The Committee
shall impose such restrictions on any Award as it may deem advisable, including without limitation, restrictions under applicable
federal securities law, and under any other blue sky or state securities law applicable to such Award.

 

15.10         
GOVERNING LAW. The place of administration of the Plan shall be conclusively deemed to be within the State
of Colorado, and the rights and obligations of any and all persons having or claiming to have had an interest under the Plan or
any Award Agreement shall be governed by and construed exclusively and solely in accordance with the laws of the State of Colorado
without regard to the conflict of laws provisions of any jurisdictions. All parties agree to submit to the jurisdiction of the
state and federal courts of Colorado with respect to matters relating to the Plan and agree not to raise or assert the defense
that such forum is not convenient for such party. The Plan is an unfunded performance-based bonus plan for a select group of management
or highly compensated employees and is not intended to be either an employee pension or welfare benefit plan subject to
ERISA.

 

15.11         
SECTION 409A OF THE CODE.

 

(a)              
General Compliance. Some of the Awards that may be granted pursuant to the Plan (including, but not necessarily
limited to, Restricted Stock Units Awards, and Stock Unit Awards) may be considered to be “nonqualified deferred compensation”
subject to Section 409A of the Code. If an Award is subject to Section 409A of the Code, the Company intends (but cannot and does
not guarantee) that the Award Agreement and this Plan comply with and meet all of the requirements of Section 409A of the Code
or an exception thereto and the Award Agreement shall include such provisions, in addition to the provisions of this Plan, as may
be necessary to assure compliance with Section 409A of the Code or an exception thereto.

 

    13 

     

    

 

(b)              
Prohibition on Acceleration or Deferral. Under no circumstances may the time or schedule of any payment for
any Award that is subject to the requirements of Section 409A of the Code be accelerated or subject to further deferral except
as otherwise permitted or required pursuant to regulations and other guidance issued pursuant to Section 409A of the Code. If the
Company fails to make any payment pursuant to the payment provisions applicable to an Award that is subject to Section 409A of
the Code, either intentionally or unintentionally, within the time period specified in such provisions, but the payment is made
within the same calendar year, such payment will be treated as made within the specified time period. In addition, in the event
of a dispute with respect to any payment, such payment may be delayed in accordance with the regulations and other guidance issued
pursuant to Section 409A of the Code.

 

	 	FORTITUDE
    GOLD CORPORATION
	 	 
	 	By:	/s/ Bill Conrad
	 	Its:	Chairman of the Board

 

    14 

     

    

 

 GLOSSARY

 

(a)             
“Affiliate” means any member of a “controlled group of corporations” (within the meaning of
Section 414(b) of the Code as modified by Section 415(h) of the Code) that includes the Company as a member of the group. In applying
Section 1563(a)(1), (2) and (3) of the Code for purposes of determining the members of a controlled group of corporations under
Section 414(b) of the Code, the language “at least 50 percent” shall be used instead of “at least 80 percent”
each place it appears in Section 1563(a)(1), (2) and (3).

 

(b)              
“Award” means any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Stock Grant,
or Stock Unit Award granted to a Participant under the Plan.

 

(c)             
“Award Agreement” means any written agreement, contract, or other instrument or document, including an electronic
agreement or document, evidencing an Award.

 

(d)              
“Board” means the Company’s Board of Directors, as constituted from time to time.

 

(e)              
“Cause” means any of the following:

 

(1)              
Participant’s commission of, or assistance to or conspiracy with others to commit, fraud, misrepresentation, theft
or embezzlement of Company assets;

 

(2)               
Participant’s material intentional violations of law or of material Company policies;

 

(3)               
Participant’s repeated insubordination or willful failure to substantially perform his or her employment duties or
duties as a Director; or

 

(4)               
Participant’s willful engagement in conduct that is demonstrably and materially injurious to the Company or any Affiliate.

 

(f)              
“CEO” means the Chief Executive Officer of the Company.

 

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

 

(1)               
The sale, lease, exchange or other transfer of all or substantially all of the Company’s assets in one transaction
or in a series of related transactions;

 

(2)               
any person (as such term is used in Section 13(d) and 14(d) of the Exchange Act) becoming directly or indirectly the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), of securities representing 50% or more of the combined voting power
of the Company’s outstanding securities ordinarily having the right to vote at the elections of directors; or

 

(3)               
individuals who constitute the Board as of the Effective Date cease for any reason to constitute at least a majority of
the Board, provided that any person becoming a director subsequent to the Effective Date whose election, or nomination for election
by the Company’s shareholders, was approved by a vote of at least a majority of the directors comprising or deemed pursuant
hereto to comprise the Board as of the Effective Date (either by a specific vote or by approval of the proxy statement of the Company
in which such person is named as a nominee for director) shall be, for purposes of this clause, considered as though such person
were a member of the Board as of the Effective Date of the Plan.

 

    15 

     

    

 

(4)               
For sake of clarity, a “Change in Control” will not be deemed to have occurred for purposes of the Plan until
the transaction (or services of transactions) that would otherwise be considered a “Change in Control” closes. The
transfer of Stock or assets of the Company in connection with a bankruptcy filing by or against the Company under Title 11 of the
United States Code will not be considered to be a “Change in Control” for purposes of this Plan. Notwithstanding the
foregoing a “Change in Control” shall not occur for purposes of this Plan in the case of Awards that are subject to
the requirements of Section 409A of the Code unless such “Change in Control” constitutes a “change in control
event” as defined in Section 409A of the Code and the regulations thereunder.

 

(h)             
“Code” means the Internal Revenue Code of 1986, as amended. All references to the Code shall be interpreted
to include a reference to any applicable regulations, rulings or other official guidance promulgated pursuant to such section of
the Code.

 

(i)              
“Committee” except as set forth in Section 4.1, means the Committee appointed by the Board.

 

(j)              
“Company” means Fortitude Gold Corporation, a Colorado Company.

 

(k)             
“Consultant” means a consultant or adviser that provides bona fide services to the Company or an Affiliate
as an independent contractor and not as an employee; provided, however that such person may become a Participant in the Plan only
if the Consultant: (i) is a natural person; and (ii) does not provide services in connection with the offer or sale of the Company’s
securities in a capital-raising transaction and do not promote or maintain a market for the Company’s securities.

 

(l)              
“Disability” means the inability of a Participant to engage in any substantially gainful activity by reason
of any medically determinable physical or mental impairment that can be expected to result in death or which has lasted or can
be expected to last for a continuous period of not less than 12 months. The permanence and degree of impairment shall be supported
by medical evidence. For purposes of an Incentive Stock Option, “Disability” shall have the meaning ascribed to it
in Section 22(e)(3) of the Code.

 

(m)            
“Effective Date” means the date the Plan is approved by the Board.

 

(n)             
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. All references to a section
of ERISA shall be interpreted to include a reference to any applicable regulations, rulings or other official guidance promulgated
pursuant to such section of ERISA.

 

(o)             
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. All references to
the Exchange Act shall be interpreted to include a reference to any applicable regulations, rulings or other official guidance
promulgated pursuant to such section of the Exchange Act.

 

    16 

     

    

 

(p)              
“Expiration Date” means the tenth (10th) anniversary of the Effective Date.

 

(q)             
“Fair Market Value” means, the fair market value of Stock on a particular date determined by the reasonable
application of reasonable valuation methods or procedures as may be established from time to time by the Board. The Board shall
use such procedures to determine fair market value in compliance with Section 409A of the Code and the regulations issued thereunder.
Notwithstanding anything in the Plan to the contrary, the Board may not delegate its authority to determine fair market value.

 

(r)              
“Family Member” means a Participant’s spouse and any parent, stepparent, grandparent, child, stepchild,
or grandchild, including adoptive relationships or a trust or any other entity in which these persons (or the Participant) have
more than 50% of the beneficial interest.

 

(s)              
“Good Reason” means any of the following:

 

(1)               
A material reduction of Participant’s duties, authority or responsibilities, in effect immediately prior to such reduction;

 

(2)               
A material reduction of Participant’s then-existing base salary; or

 

(3)               
The Company’s decision to relocate a Participant’s principal place of work by more than 50 miles.

 

(t)              
“Grant Date” means the date the Committee approves the Award or a date in the future on which the Committee
determines the Award will become effective.

 

(u)             
“Incentive Stock Option” means an Option that is intended to meet the requirements of Section 422 of the
Code or any successor provision thereto.

 

(v)              
“Director” means a member of the Company’s Board.

 

(w)             
“Non-Qualified Stock Option” means an Option that is not intended to be an Incentive Stock Option.

 

(x)             
“Option” means a right granted to a Participant under Section 7. An Option may be either an Incentive Stock
Option or a Non-Qualified Stock Option.

 

(y)              
“Participant” means a person who has been granted an Award under the Plan.

 

(z)              
“Plan” means this Fortitude Resource Corporation 2020 Stock Incentive Plan, as amended from time to time.

 

(aa)            
“Restricted Stock” means Stock granted to a Participant under Section 9.

 

(bb)            
“Restricted Stock Unit” means a right granted to a Participant under Section 9.

 

    17 

     

    

 

(cc)            
“Securities Act” means the Securities Act of 1933, as amended from time to time. All references to the Securities
Act shall be interpreted to include a reference to any applicable regulations, rulings or other official guidance promulgated pursuant
to such section of the Securities Act.

 

(dd)            
“Separation from Service” is a term that applies only in the context of an Award that the Company concludes
is subject to Section 409A of the Code. In that limited context, the term “Separation from Service” means either: (i)
the termination of a Participant’s employment with the Company and all Affiliates due to death, retirement or other reasons;
or (ii) a permanent reduction in the level of bona fide services the Participant provides to the Company and all Affiliates to
an amount that is less than 50% of the average level of bona fide services the Participant provided to the Company and all Affiliates
in the immediately preceding 36 months, with the level of bona fide service calculated in accordance with Treasury Regulation Section
1.409A-1(h)(1)(ii). Solely for purposes of determining whether a Participant has a “Separation from Service,” a Participant’s
employment relationship is treated as continuing while the Participant is on military leave, medical or sick leave, or other bona
fide leave of absence (if the period of such leave does not exceed six (6) months, or if longer, so long as the Participant’s
right to reemployment with the Company or a Affiliate is provided either by statute or contract). If the Participant’s period
of leave exceeds six (6) months and the Participant’s right to reemployment is not provided either by statute or by contract,
the employment relationship is deemed to terminate on the first day immediately following the expiration of such six (6) month
period. Whether a Termination of Employment has occurred will be determined based on all of the facts and circumstances and in
accordance with Section 409A of the Code.

 

In the case of a Director,
Separation from Service means that such member has ceased to be a member of the Board. Whether an independent contractor consultant
has incurred a Separation from Service will be determined in accordance with Treasury Regulation Section 1.409A-1(h).

 

(ee)            
“Stock” means the common stock of the Company and such other securities of the Company that may be substituted
for Stock pursuant to Section 5.

 

(ff)             
“Stock Appreciation Right” or “SAR” means a right granted to a Participant under Section 7.

 

(gg)           
“Stock Grant Award” means a right granted to a Participant under Section 9.

 

(hh)           
“Stock Unit” means a right granted to a Participant under Section 9.

 

(ii)             
“Termination of Employment” or Termination of Service” means the cessation of performance of services
for the Company. For this purpose, the transfer of a Participant among the Company and any Affiliate, or transfer from a position
as a member of the Board to Employee, shall not be considered a Termination of Service or a Termination of Employment with the
Company. In the context of an Award that is subject to the requirements of Section 409A of the Code, the terms “Termination
of Service” and “Termination of Employment” mean a Separation from Service.

 

    18Exhibit 4.1.2

 

FORTITUDE GOLD CORPORATION 

2020 EQUITY INCENTIVE PLAN

NOTICE OF GRANT OF NON-QUALIFIED STOCK
OPTIONS

 

This Non-Qualified
Stock Option Agreement consists of this Notice of Grant of Non-Qualified Stock Options (the “Grant Notice”)
and the Non-Qualified Stock Option Award Agreement immediately following. The Non-Qualified Stock Option Agreement sets forth the
specific terms and conditions governing Non-Qualified Stock Option Awards under the Fortitude Gold Corporation 2020 Equity Incentive
Plan (the “Plan”). All of the terms of the Plan are incorporated herein by reference.

 

	Name of Optionee:	 
	 	 
	Total No. of shares of Stock subject to the Option:	 
	 	 
	Grant Date:	 
	 	 
	Expiration Date:	 
	 	 
	Exercise Price:	 
	 	 
	Vesting Schedule:	[Insert Schedule]

 

by
executing this NON-QUALIFIED stock option AGREEMENT, optionee accepts participation in the plan, acknowledges that he or she has
read and understands the provisions of this grant NOTICE and the plan, and agrees that this grant NOTICE, the award agreement AND
THE pLAN shall govern the terms and conditions of thIS AWARD.

 

IN WITNESS WHEREOF,
the Company and the Optionee have duly executed this Non-Qualified Stock Option Agreement, and this Non-Qualified Stock Option
Agreement shall be effective as of the Grant Date set forth above.

 

	FORTITUDE GOLD CORPORATION	
        

OPTIONEE

	 	 
	By:	 
	 	 
		 	 
	Print Name:	 	Signature
	 	
        

	Its: CEO and President	 
	 	 
	 	Print Name

 

    1

     

    

 

NON-QUALIFIED STOCK OPTION AWARD AGREEMENT

UNDER THE FORTITUDE GOLD CORPORATION

2020 EQUITY INCENTIVE PLAN

 

This Non-Qualified
Stock Option Award Agreement (this “Agreement”) is between Fortitude Gold Corporation, a Colorado corporation
(the “Company”) and the individual (the “Optionee”) identified in the Notice of Grant of
Non-Qualified Stock Options (the “Grant Notice”), and is effective as of the date of grant referenced in the
Grant Notice (the “Grant Date”). This Agreement supplements the Grant Notice to which it is attached, and, together,
with the Grant Notice, constitutes the “Non-Qualified Stock Option Agreement” referenced in the Grant Notice.

 

RECITALS

 

A.            
The Board of Directors of the Company (the “Board”) has adopted and the shareholders have approved
the Fortitude Gold Corporation 2020 Equity Incentive Plan (the “Plan”) to promote the success an enhance the
value of the Company by linking the personal interests of the Plan’s participants to those of the Company’s shareholders
by providing such individuals with an incentive for outstanding performance.

 

B.           
The Committee and/or the Board has approved the grant of Non-Qualified Stock Options to Optionee pursuant to Section
6.1 of the Plan.

 

C.           
To the extent not specifically defined in this Agreement, all capitalized terms used in this Agreement shall have the
meaning set forth in the Plan.

 

D.           
In consideration of the mutual covenants and conditions hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and the Optionee agree as follows:

 

AGREEMENT

 

1.             
Grant of Option. Subject to the terms of this Agreement and Section 6.1 of the Plan, the Company grants
to Optionee the right and option to purchase from the Company all or any part of the aggregate number of shares of Stock specified
in the Grant Notice (“Option”). The Option granted under this Agreement is not intended to be an “Incentive
Stock Option” under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).

 

2.            
Exercise Price. The exercise price under this Agreement is the exercise price per share of Stock specified in
the Grant Notice, as determined by the Committee, which shall not be less than the Fair Market Value of a share of Stock on the
Grant Date.

 

3.            
Vesting of Option. The Option shall vest and become exercisable according to the vesting schedule set forth in
the Grant Notice.

 

4.             Exercise
of Option. This Option may be exercised in whole or in part at any time after it vests in accordance with Section
3 and before the Option expires by delivery of a written notice of exercise (under Section 5 below) and payment of
the exercise price. The exercise price may be paid in cash, or shares of Stock held for longer than six months (through
actual tender or by attestation), or such other method permitted by the Committee (including broker-assisted “cashless
exercise” and “net-exercise” arrangements) and communicated to the Optionee before the date the Optionee
exercises the Option.

 

    2

     

    

 

5.            
Method of Exercising Option. Subject to the terms of this Agreement, the Option may be exercised by timely delivery
to the Company of written notice in the form of Exhibit A attached hereto, which notice shall be effective on the date received
by the Company. The notice shall state the Optionee’s election to exercise the Option and the number of underlying shares
in respect of which an election to exercise has been made. Such notice shall be signed by the Optionee, or if the Option is exercised
by a person or persons other than the Optionee because of the Optionee’s death, such notice must be signed by such other
person or persons and shall be accompanied by proof acceptable to the Committee of the legal right of such person or persons to
exercise the Option.

 

6.            
Term of Option. The Option granted under this Agreement expires, unless sooner terminated, ten (10) years from
the Grant Date, through and including the normal close of business of the Company on the tenth (10th) anniversary of
the Grant Date (the “Expiration Date”).

 

7.            
Termination of Employment (or Service). 

 

(a)             
If the Optionee terminates employment (or service) for any reason other than death, Disability, or Cause, the Option
shall lapse on the earlier of: (i) the Expiration Date; or (ii) ninety (90) days after the date the Optionee terminates employment
(or service). The Option may be exercised following the Optionee’s termination of employment (or service) only if the Option
was exercisable by Optionee immediately prior to his or her termination of employment (or service). In no event shall the Option
be exercisable after the Expiration Date.

 

(b)            
If the Optionee terminates employment (or service) by reason of death or Disability, the Option shall lapse on the earlier
of: (i) the Expiration Date; or (ii) twelve (12) months after the date the Optionee terminates employment (or service) due to death
or Disability. The Option may be exercised following the death or Disability of Optionee only if the Option was exercisable by
Optionee immediately prior to his or her death or Disability. In no event shall the Option be exercisable after the Expiration
Date.

 

(c)             
If the Optionee terminates employment (or service) for Cause, the Option shall immediately terminate and lapse, which
means that the Option shall not be exercisable by the Optionee regardless of whether it is already vested.

 

8.            
Withholding. As described in Article 13 of the Plan, the Company shall have the right to deduct or withhold,
or to require the Optionee to remit to the Company, an amount necessary to satisfy any federal, state or local taxes (including
the Optionee’s FICA obligation) as are required by law to be withheld with respect to the Options granted pursuant this Agreement.

 

9.            
Nontransferability of Options. The Options granted by this Agreement shall not be transferable by the Optionee
or any other person claiming through the Optionee, either voluntarily or involuntarily, except by will or the laws of descent and
distribution or as otherwise provided by the Committee pursuant to Section 6.1(f) and Article 11 of the Plan.

 

10.          No
Right to Continued Employment (or Service). This Agreement shall not be construed to confer upon the Optionee
any right to continue employment (or service) with the Company and shall not limit the right of the Company, in its sole and
absolute discretion, to terminate Optionee’s employment (or service) at any time.

 

    3

     

    

 

11.         
Administration. This Agreement shall at all times be subject to the terms and conditions of the Plan and the
Plan shall in all respects be administered by the Committee in accordance with the terms of and as provided in the Plan. The Committee
shall have the sole and complete discretion with respect to all matters reserved to it by the Plan and decisions of the Committee
with respect thereto and to this Agreement shall be final and binding upon the Optionee and the Company. In the event of any conflict
between the terms and conditions of this Agreement and the Plan, the provisions of the Plan shall control.

 

12.          
Adjustments. The number of shares of Stock issued to Optionee pursuant to this Agreement shall be adjusted by
the Committee pursuant to Section 5.4 of the Plan, in its discretion, in the event of a change in the Company’s capital
structure.

 

13.          
Securities Laws Compliance. The Company shall not be required to deliver any shares of Stock pursuant to the
exercise of the Option if, in the opinion of counsel for the Company, such issuance would violate the Securities Act of 1933, as
amended, the Securities Exchange Act of 1934, as amended, or any other applicable federal or state securities laws or regulations.

 

14.          
No Shareholders Rights. The Optionee will have no voting rights or any other rights as a shareholder of the Company
with respect to the Option until the Company issues the stock certificates representing the shares of Stock underlying the Option.

 

15.          
Copy of Plan. By the execution of this Agreement, the Optionee acknowledges receipt of a copy of the Plan.

 

16.          
Governing Law. This Agreement shall be interpreted and administered under the laws of the State of Colorado.

 

17.          
Amendment. Except as otherwise provided in the Plan, this Agreement may be amended only by a written agreement
executed by the Company and the Optionee. The provisions of this Agreement may not be waived or modified unless such waiver or
modification is in writing and signed by a representative of the Committee.

 

18.          
Clawback. Pursuant to Section 11.7 of the Plan, every Award issued pursuant to the Plan is subject
to potential forfeiture or “clawback” to the fullest extent called for by applicable federal or state law or any policy
of the Company. By accepting this Award, Optionee agrees to be bound by, and comply with, the terms of any such forfeiture or “clawback”
provision imposed by applicable federal or state law or prescribed by any policy of the Company.

 

MANY OF THE PROVISION OF THIS AWARD
AGREEMENT ARE SUMMARIES OF SIMILAR PERTINENT PROVISIONS OF THE PLAN. TO THE EXTENT THAT THIS AGREEMENT IS SILENT ON AN ISSUE OR
THERE IS A CONFLICT BETWEEN THE PLAN AND THIS AGREEMENT, THE PLAN PROVISIONS SHALL CONTROL.

 

    4

     

    

 

EXHIBIT A 

 

NOTICE AND AGREEMENT OF EXERCISE OF 

NON-QUALIFIED STOCK OPTION AWARD UNDER
THE 

2020 EQUITY INCENTIVE PLAN

 

 

I hereby exercise my
Fortitude Gold Corporation Stock Option granted pursuant to that Non-Qualified Stock Option Award Agreement dated ______ (the “Agreement”)
as to _______________ shares of Fortitude Gold Corporation Common Stock (the “Option Shares”).

 

Enclosed are the documents
and payment specified in Paragraphs 5 and 8 of the Agreement.

 

I understand that no
Option Shares will be issued unless and until, in the opinion of Fortitude Gold Corporation (the “Corporation”), any
applicable registration requirements of the Securities Act of 1933, as amended (the “Act”), and any applicable listing
requirements of any securities exchange on which stock of the same class is then listed, and any other requirements of law or any
regulatory bodies having jurisdiction over such issuance and delivery, shall have been fully complied with. I hereby acknowledge,
represent, warrant and agree, to and with the Corporation as follows:

 

a.     Unless
the shares have been registered, the Option Shares I am purchasing are being acquired for my own account for investment purposes
only and with no view to their resale or other distribution of any kind, and no other person (except, if I am married, my spouse)
will own any interest therein.

 

b.     I
will not sell or dispose of my Option Shares in violation of the Act or any other applicable federal or state securities laws.

 

c.     If
and so long as I am subject to reporting requirements under Section 16(a) of the Securities Exchange Act of 1934, as amended (the
 “Exchange Act”), I recognize that any sale by me or my immediate family of the Corporation’s Common Stock within
six months before the date of grant of my stock option may create liability for me under Section 16(b) of the Exchange Act.

 

d.     I
have consulted with counsel regarding the application of Section 16(b) to this exercise of my option.

 

e.     I
will consult with counsel before I make any sale of the Corporation’s Common Stock, including the Option Shares.

 

f.      I
agree that the Company may, without liability for its good faith actions, place legend restrictions upon my Option Shares and issue
 “stop transfer” instructions requiring compliance with applicable securities laws and the terms of the Agreement.

 

    5

     

    

 

The number of Option Shares specified above
are to be issued in the following registration:

 

	 	 	
	 	 	(Date)
	 	 	 
	 	 	 
	(Print
    Full Name)	 	(Signature)
	 	 	 
	 	 	 
	(Optional—Spouse’s
    full name if you wish joint registration)	 	(Address)
		 	
	 	 	 

 

    6

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