Document:

Exhibit 4.2

 

WARRANT 

	NO. 2017-___	PERSHING GOLD CORPORATION	
        _______ Shares

        December 19, 2017

 

WARRANT TO PURCHASE COMMON STOCK

 

VOID AFTER THE EXPIRATION DATE

 

THIS WARRANT AND THE SECURITIES ISSUABLE
UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S.
SECURITIES ACT”) OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO PERSHING GOLD
CORPORATION (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN
COMPLIANCE WITH REGULATION S UNDER THE U.S. SECURITIES ACT, (D) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S.
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (E)
IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE LAWS AND REGULATIONS
GOVERNING THE OFFER AND SALE OF SECURITIES, AND, IN THE CASE OF (C) OR (E), ONLY IF THE HOLDER HAS PRIOR TO SUCH TRANSFER FURNISHED
TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN CUSTOMARY FORM AND SUBSTANCE AND IN THE CASE OF (D), THE HOLDER
HAS PROVIDED TO THE COMPANY CUSTOMARY DOCUMENTATION OF THE HOLDER AND ITS BROKER. THIS SECURITY AND THE SECURITIES ISSUABLE UPON
EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

FOR VALUE RECEIVED, PERSHING GOLD CORPORATION,
a Nevada corporation (the “Company”), hereby agrees to sell upon the terms and on the conditions hereinafter
set forth, any time on or after the date hereof (the “Exercise Date”) and no later than December 19, 2019 (the
“Expiration Date”), to __________ or registered assigns (the “Holder”), under the terms as
hereinafter set forth, from and after the issue date hereof (“Initial Issue Date”) up to _______ fully paid
and non-assessable shares of the Company’s common stock, par value $0.0001 per share (the “Warrant Stock”),
at a purchase price of $3.40 per share (the “Warrant Price”), pursuant to this warrant (this “Warrant”).  The
number of shares of Warrant Stock to be so issued and the Warrant Price are subject to adjustment in certain events as hereinafter
set forth.  The term “Common Stock” shall mean, when used herein, unless the context otherwise requires,
the stock and property at the time receivable upon the exercise of this Warrant.

 

    	 	 	 

     

    

 

		1.	Exercise of Warrant.

 

		a.	Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at
any time or times on or after the Exercise Date and on or before 5:30 p.m. New York City time on the Expiration Date by delivery
to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder
at the address of the Holder appearing on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise
Form annexed hereto. Within two (2) Trading Days (as defined below) following the date of exercise as aforesaid, the Holder shall
deliver the aggregate Warrant Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s
check drawn on a United States bank unless the cashless exercise procedure specified in Section 1(b) below is specified in the
applicable Notice of Exercise. Notwithstanding anything herein to the contrary (although the Holder may surrender the Warrant to,
and receive a replacement Warrant from, the Company), the Holder shall not be required to physically surrender this Warrant to
the Company until the Holder has purchased all of the Warrant Stock available hereunder and the Warrant has been exercised in full,
in which case, the Holder shall surrender this Warrant to the Company for cancellation within two (2) Trading Days of the date
the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion
of the total amount of Warrant Stock available hereunder shall have the effect of lowering the outstanding amount of Warrant Stock
purchasable hereunder in an amount equal to the applicable amount of Warrant Stock purchased. The Holder and the Company shall
maintain records showing the amount of Warrant Stock purchased and the date of such purchases. The Company shall deliver any objection
to any Notice of Exercise Form within one (1) Trading Day of delivery of such notice. “Trading Day” means a
day on which the Common Stock is traded on a Trading Market. “Trading Market” means any of the following markets
or exchanges on which the Common Stock is listed or quoted for trading on the date in question: Nasdaq Capital Market, the Nasdaq
Global Market, the Nasdaq Global Select Market, the OTCQX or OTCQB (or any successors to any of the foregoing). The Holder and
any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following
the purchase of a portion of the Warrant Stock hereunder, the amount of Warrant Stock available for purchase hereunder at any given
time may be less than the amount stated on the face hereof.

 

		b.	Cashless Exercise.  This Warrant may be exercised, in whole or in part, at any
time the Warrant Stock is not registered for resale pursuant to an effective registration statement under the U.S. Securities Act,
by means of a “cashless exercise” (in lieu of making a payment upon such exercise) in which the Holder shall be entitled
to receive a certificate for the number of shares of Warrant Stock equal to the quotient obtained by dividing [(A-B) (X)] by (A),
where:

 

(A) = the closing price of the Warrant
Stock on the Trading Market on the Trading Day immediately preceding the date on which Holder elects to exercise this Warrant by
means of a “cashless exercise,” as set forth in the applicable Notice of Exercise;

 

(B) = the Warrant Price, as adjusted
hereunder; and

 

(X) = the number of shares of Warrant
Stock that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by
means of a cash exercise rather than a cashless exercise.

 

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Notwithstanding anything herein to
the contrary, to the extent that a registration statement registering the Warrant Stock for resale is not available on the Expiration
Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 1(b).

 

		c.	Reserved.

 

		d.	No fractional shares of Common Stock will be issuable upon any exercise of this Warrant. As to
any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its
election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the
Warrant Price or round up to the next whole share.

 

		e.	Issuance of certificates for Warrant Stock shall be made without charge to the Holder for any issue
or transfer tax or other incidental expense in respect of the issuance of such certificate, including, but not limited to the cost
of any opinion of counsel, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued
in the name of the Holder or in such name or names as may be directed by the Holder. The Company shall pay all Transfer Agent (as
defined below) and legal fees required for processing of any Notice of Exercise.

 

		f.	Mechanics of Exercise.

 

		(i)	Delivery of Certificates Upon Exercise. Not later than five (5) Trading Days after the latest
of (A) the delivery to the Company of the Notice of Exercise, (B) surrender of this Warrant (if required) and (C) payment of the
aggregate Warrant Price as set forth above (including by cashless exercise, if permitted) (such date, the “Warrant Stock
Delivery Date”), the Company shall deliver, or cause to be delivered, to the exercising Holder a certificate or certificates
(bearing the restrictive legend set forth below) representing the number of shares of Warrant Stock being acquired upon the exercise
of such Warrant; provided however, if the Company is then a participant in the Depository Trust Company (“DTC”)
through its Deposit Withdrawal Agent Commission (“DWAC”) system and the Warrant Shares have been resold by the
Holder pursuant to an effective resale registration statement or an exemption from registration with respect to which an opinion
of counsel reasonably acceptable to the Company confirming such exemption has been delivered, then certificates for shares purchased
hereunder shall be transmitted by the Company’s transfer agent (the “Transfer Agent”) to the Holder by
crediting the account of the Holder’s prime broker with DTC through its DWAC system. The Company shall use commercially reasonable
efforts to deliver such shares as promptly as practicable but in any event prior to the Warrant Stock Delivery Date. The Warrant
Stock shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to
have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised, with payment to
the Company of the aggregate Warrant Price (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder,
if any, prior to the issuance of such shares, having been paid. The Company understands that a delay in the delivery of the Warrant
Stock after the Warrant Stock Delivery Date could result in economic loss to the Holder. As compensation to the Holder for such
loss, the Company agrees to pay (as liquidated damages and not as a penalty) to the Holder for late issuance of Warrant Stock upon
exercise of this Warrant the proportionate amount of $100 per “Business Day” (any day except any Saturday, any Sunday,
any day which shall be a federal legal holiday in the United States or any day on which banking institutions in the City of New
York are authorized or required by law or other governmental action to close) (increasing to $200 per Business Day after the tenth
Trading Day) commencing after the second Trading Day following the Warrant Stock Delivery Date for each $10,000 of Exercise Price
of Warrant Stock for which this Warrant is exercised which are not timely delivered. The Company shall pay any payments incurred
under this Section in immediately available funds upon demand. Furthermore, in addition to any other remedies which may be available
to the Holder, in the event that the Company fails for any reason to effect delivery of the Warrant Stock by the Warrant Stock
Delivery Date, the Holder may revoke all or part of the relevant Warrant exercise by delivery of a notice to such effect to the
Company, whereupon the Company and the Holder shall each be restored to their respective positions immediately prior to the exercise
of the relevant portion of this Warrant, except that the liquidated damages described above shall be payable through the date notice
of revocation or rescission is given to the Company.

 

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		(ii)	Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part,
the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the certificate
or certificates representing Warrant Stock, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase
the unpurchased Warrant Stock called for by this Warrant, which new Warrant shall in all other respects be identical with this
Warrant.

 

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		(iii)	Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Exercise. In addition
to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder a certificate
or the certificates representing the Warrant Stock pursuant to an exercise on or before the Warrant Stock Delivery Date, and if
after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s
brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Stock
which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash
to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any)
for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of shares of Warrant
Stock that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which
the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the
portion of the Warrant and equivalent number of shares of Warrant Stock for which such exercise was not honored (in which case
such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued
had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common
Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock
with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding
sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating
the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss.
Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including,
without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely
deliver certificates representing shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof;
provided however that the Holder shall not be entitled to recover more than once for the same damages and that the Company
shall not be liable for any consequential, or punitive damages.

 

		(iv)	Closing of Books. The Company will not close its stockholder books or records in any manner
which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

 

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		g.	Holder’s Exercise Limitations. The Company
shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant,
to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the
Holder (together with the Holder’s affiliates, and any other persons acting as a group together with the Holder or any of
the Holder’s affiliates), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below) or
the Maximum Percentage (as defined below).  For purposes of the foregoing sentence, the number of shares of Common Stock
beneficially owned by the Holder and its affiliates shall include the number of shares of Common Stock issuable upon exercise
of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock
which would be issuable upon (i) exercise of the remaining, non-exercised portion of this Warrant beneficially owned by the Holder
or any of its affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of
the Company (including, without limitation, any other Common Stock equivalents) subject to a limitation on conversion or exercise
analogous to the limitation contained herein beneficially owned by the Holder or any of its affiliates.  Except as set forth
in the preceding sentence, for purposes of this Section 1(g), beneficial ownership shall be calculated in accordance with Section
13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company
is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder
is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitations contained
in this Section 1(g) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned
by the Holder together with any affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion
of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this
Warrant is exercisable (in relation to other securities owned by the Holder together with any affiliates) and of which portion
of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation and Maximum Percentage, and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group
status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 1(g), in determining the number of outstanding shares of Common Stock, a
Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic
or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a
more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. 
Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder
the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall
be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder
or its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial
Ownership Limitation” shall be 9.99% of the number of shares of the Common Stock outstanding immediately after giving
effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon not less than 61 days’
prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 1(g), provided
that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions
of this Section 1(g) shall continue to apply. Any such increase or decrease will not be effective until the 61st day
after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 1(g) to correct this paragraph (or any portion hereof) which
may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such limitation. Notwithstanding the foregoing, the Beneficial Ownership Limitation
shall not apply if the Holder beneficially owns, as of the Initial Issue Date, in excess of 9.99% of the number of shares of the
Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this
Warrant held by such Holder. Notwithstanding anything else set forth herein, in no event shall this Warrant be exercisable by
the Holder to the extent that the Holder and its affiliates would beneficially own in excess of 19.99% of the number of shares
of the Company’s Common Stock outstanding as of the Initial Issue Date (calculated as set forth above) (the “Maximum
Percentage”) unless any issuances in excess of the foregoing limitation are approved by the Company’s common stockholders
or the Holder beneficially owns, as of the Initial Issue Date, in excess of 19.99% of the number of shares of the Common Stock
outstanding immediately and NASDAQ Marketplace Rule 5635(b) would not require approval by the Company’s common stockholders.
The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

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		2.	Disposition of Warrant Stock and Warrant.

 

		a.	The Holder hereby acknowledges that this Warrant and any Warrant Stock purchased pursuant hereto
are, as of the date hereof, not registered under the Securities Act of 1933, as amended (the “U.S. Securities Act”)
or under any applicable state securities law; and that the Company’s reliance on certain exemptions under the U.S. Securities
Act and applicable state securities laws is predicated in part on the representations made by the Holder in Article IV of the Subscription
Agreement.

 

		b.	Any certificate representing Common Stock issued upon the exercise of this Warrant will bear a
legend substantially similar to the following:

 

THE SECURITIES REPRESENTED BY THIS
CERTIFICATE WERE ISSUED PURSUANT TO A DECEMBER 2017 PRIVATE PLACEMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS. SUCH SECURITIES HAVE BEEN ACQUIRED
FOR INVESTMENT PURPOSES AND MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FILED BY THE ISSUER WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION COVERING SUCH
SECURITIES UNDER THE SECURITIES ACT OR AN EXEMPTION FROM REGISTRATION. AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER MAY BE
REQUIRED BY THE ISSUER OR THE TRANSFER AGENT.

 

In addition, so long as the foregoing
legend may remain on any stock certificate delivered to the Holder, the Company may maintain appropriate “stop transfer”
orders with respect to such certificates and the shares represented thereby on its books and records and with those to whom it
may delegate registrar and transfer functions.

 

		3.	Reservation of Shares.  The Company hereby agrees that at all times there shall
be reserved for issuance upon the exercise of this Warrant such number of shares of its Common Stock as shall be required for issuance
upon exercise of this Warrant.  The Company further agrees that all shares which may be issued upon the exercise of the
rights represented by this Warrant will be duly authorized and will, upon issuance and against payment of the exercise price, be
validly issued, fully paid and non-assessable, free from all taxes, liens, charges and preemptive rights with respect to the issuance
thereof, other than taxes, if any, in respect of any transfer occurring contemporaneously with such issuance and other than transfer
restrictions imposed by federal, state or other applicable securities laws.

 

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		4.	Exchange, Transfer or Assignment of Warrant.  Subject to compliance with any applicable
securities laws, this Warrant is exchangeable, without expense, at the option of the Holder, upon presentation and surrender hereof
to the Company or at the office of the Transfer Agent, for other Warrants of different denominations, entitling the Holder or Holders
thereof to purchase in the aggregate the same number of shares of Common Stock purchasable hereunder.  Upon surrender
of this Warrant to the Company or at the office of the Transfer Agent, with the Assignment Form annexed hereto duly executed and
funds sufficient to pay any transfer tax, the Company shall, without charge, execute and deliver a new Warrant in the name of the
assignee named in such instrument of assignment and this Warrant shall promptly be canceled.

 

		5.	Capital Adjustments.  This Warrant is subject to the following further provisions:

 

		a.	Subdivision or Combination of Shares.  If the Company at any time while this Warrant
remains outstanding and unexpired shall subdivide or combine its Common Stock, the number of shares of Warrant Stock purchasable
upon exercise of this Warrant and the Warrant Price shall be proportionately adjusted such that the aggregate Warrant Price of
this Warrant shall remain unchanged.  Any adjustment under this Section 5(a) shall become effective at the close of business
on the date the subdivision or combination becomes effective or, if earlier, the record date with respect to the subdivision or
combination.

 

		b.	Stock Dividends and Distributions.  If the Company at any time while this Warrant
is outstanding and unexpired shall issue or pay the holders of its Common Stock, or take a record of the holders of its Common
Stock for the purpose of entitling them to receive, a dividend payable in, or other distribution of, Common Stock, then (i) the
Warrant Price shall be adjusted in accordance with Section 5(e) and (ii) the number of shares of Warrant Stock purchasable upon
exercise of this Warrant shall be adjusted to the number of shares of Common Stock that the Holder would have owned immediately
following such action had this Warrant been exercised immediately prior thereto.

 

		c.	Stock and Rights Offering to Stockholders.  If the Company shall at any time while
this Warrant is outstanding distribute to all holders of its Common Stock any shares of capital stock of the Company (other than
Common Stock) or evidences of its indebtedness or assets (excluding cash dividends or distributions) or rights or warrants to subscribe
for or purchase any of its securities (excluding those referred to in the immediately preceding paragraph), or securities convertible
or exchangeable into Common Stock (any of the foregoing, the “Securities”), then in each such case, the Company
shall without regard to any Beneficial Ownership Limitation or Maximum Percentage reserve shares or other units of such Securities
for distribution to the Holder upon exercise of this Warrant so that, in addition to the shares of the Common Stock to which such
Holder is entitled, such Holder will receive upon such exercise the amount and kind of such Securities which such Holder would
have received if the Holder had, immediately prior to the record date for the distribution of the Securities, exercised this Warrant.

 

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		d.	Organic Change.  Any recapitalization, reorganization, reclassification, consolidation,
merger, sale of all or substantially all of the Company’s assets to another person or entity or other transaction that is
effected in such a way that holders of Common Stock are entitled to receive (either directly or upon subsequent liquidation) stock,
securities or assets with respect to or in exchange for Common Stock is referred to herein as an “Organic Change.”

 

		(i)	In connection with any (x) bona fide sale of all or substantially all of the Company’s assets
to an acquiring person or entity or (y) other Organic Change involving an arm’s length third party or parties following which
the Company is not the surviving entity and as a result of which the then current stockholders of the Company will not, directly
or indirectly own 50% or more of the surviving entity, the Company shall elect in its sole discretion: (A) to require that the
Holder exercise this Warrant prior to the consummation of such Organic Change, and if not so exercised, that this Warrant shall
terminate upon consummation of such Organic Change, or (B) to secure from the person or entity purchasing such assets or the successor
resulting from such Organic Change (in each case, the “Acquiring Entity”) a written agreement (in form and substance
reasonably satisfactory to the Holder) to deliver to the Holder, in exchange for this Warrant, a warrant of the Acquiring Entity
(the “Replacement Warrant”) evidenced by a written instrument substantially similar in form and substance to
this Warrant and reasonably satisfactory to the Holder reflecting the adjustments required so as to preserve the value of the Warrant
applicable at the Closing of the transaction, by the terms of the Replacement Warrant.  The Replacement Warrant shall
be exercisable for such number of shares of common stock or other securities of the Acquiring Entity as the Holder would have had
the right to receive upon such Organic Change by a holder of the number of shares of Warrant Stock that such Holder would have
been entitled to receive upon exercise of this Warrant had this Warrant been exercised immediately prior to the effective date
of such Organic Change without regard to any Beneficial Ownership Limitation or Maximum Percentage.  The Company shall
give the Holder written notice of such Organic Change at least twenty (20) days prior to the closing and consummation of such Organic
Change (and shall give notice of record date pursuant to Section 6(a)). The terms of any agreement pursuant to which a Replacement
Warrant may be issued shall include terms requiring any such successor or surviving entity to comply with the provisions of this
Section 5(d) and insuring that this Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction
analogous to an Organic Change.

 

		(ii)	Prior to the consummation of any Organic Change unless not required as contemplated in subsection
(i) above, the Company shall make appropriate provision (in form and substance reasonably satisfactory to the Holder) to ensure
that the Holder will thereafter have the right to acquire and receive in lieu of or in addition to (as the case may be) the shares
of Common Stock immediately theretofore acquirable and receivable upon the exercise of this Warrant, such shares of stock, securities
or assets that would have been issued or payable in such Organic Change with respect to or in exchange for the number of shares
of Common Stock that would have been acquirable and receivable upon the exercise of this Warrant as of the date of such Organic
Change without regard to any Beneficial Ownership Limitation or Maximum Percentage.

 

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		e.	Warrant Price Adjustment.  Except as otherwise provided herein, whenever the number
of shares of Warrant Stock purchasable upon exercise of this Warrant is adjusted, as herein provided, the Warrant Price payable
upon the exercise of this Warrant shall be adjusted to that price determined by multiplying the Warrant Price immediately prior
to such adjustment by a fraction (i) the numerator of which shall be the number of shares of Warrant Stock purchasable upon exercise
of this Warrant immediately prior to such adjustment, and (ii) the denominator of which shall be the number of shares of Warrant
Stock purchasable upon exercise of this Warrant immediately thereafter.

 

		f.	Par Value.  Notwithstanding anything to the contrary contained in Section 5, if,
as a result of an adjustment pursuant to Section 5, the par value per share of Common Stock would be greater than the Warrant Price,
then the Warrant Price shall be an amount equal to the par value per share of the Common Stock but the number of shares the holder
of this Warrant shall be entitled to purchase shall be such greater number of shares of Common Stock as would have resulted from
the Warrant Price that, absent such limitation, would have been in effect pursuant to this Section 5.

 

		g.	Certain Shares Excluded. The number of shares of Common Stock outstanding at any given time
for purposes of the adjustments set forth in this Section 5 shall exclude any shares then directly or indirectly held in the treasury
of the Company.

 

		h.	Deferral and Cumulation of De Minimis Adjustments.  The Company shall not be required
to make any adjustment pursuant to this Section 5 if the amount of such adjustment would be less than one percent (1%) of the Warrant
Price in effect immediately before the event that would otherwise have given rise to such adjustment.  In such case,
however, any adjustment that would otherwise have been required to be made shall be made at the time of and together with the next
subsequent adjustment which, together with any adjustment or adjustments so carried forward, shall amount to not less than one
percent (1%) of the Warrant Price in effect immediately before the event giving rise to such next subsequent adjustment.

 

		i.	Duration of Adjustment.  Following each computation or readjustment as provided
in this Section 5, the new adjusted Warrant Price and number of shares of Warrant Stock purchasable upon exercise of this Warrant
shall remain in effect until a further computation or readjustment thereof is required.

 

		6.	Notice to Holders.

 

		a.	Notice of Record Date.  In case:

 

		(i)	the Company shall take a record of the holders of its Common Stock (or other stock or securities
at the time receivable upon the exercise of this Warrant) for the purpose of entitling them to receive any dividend (other than
a cash dividend) or other distribution, or any right to subscribe for or purchase any shares of stock of any class or any other
securities, or to receive any other right;

 

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		(ii)	of any Organic Change; or

 

		(iii)	of any voluntary or involuntary dissolution, liquidation or winding-up of the Company;

 

then, and in each such case, the
Company will mail or cause to be mailed to the Holder hereof at the time outstanding a notice specifying, as the case may be, (i)
the date on which a record is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character
of such dividend, distribution or right, or (ii) the date on which such Organic Change, dissolution, liquidation or winding-up
is to take place, and the time, if any, is to be fixed, as of which the holders of record of Common Stock (or such stock or
securities at the time receivable upon the exercise of this Warrant) shall be entitled to exchange their shares of Common Stock
(or such other stock or securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation,
merger, conveyance, dissolution or winding-up.  Such notice shall be mailed at least fifteen (15) days prior to the record
date therein specified, or if no record date shall have been specified therein, at least fifteen (15) days prior to such specified
date, provided, however, failure to provide any such notice shall not affect the validity of such transaction. At
any time after the Exercise Date, the Holder is entitled to exercise this Warrant during the period
commencing on the date of such notice to the effective date of the event triggering such notice.

 

		b.	Certificate of Adjustment. Whenever any adjustment shall be made pursuant to Section 5 hereof,
the Company shall promptly make a certificate signed by its Chairman, Chief Executive Officer, President, Vice President, Chief
Financial Officer or Treasurer, setting forth in reasonable detail the event requiring the adjustment, the amount of the adjustment,
the method by which such adjustment was calculated and the Warrant Price and number of shares of Warrant Stock purchasable
upon exercise of this Warrant after giving effect to such adjustment, and shall promptly cause copies of such certificates to be
mailed (by first class mail, postage prepaid) to the Holder of this Warrant.

 

		7.	Loss, Theft, Destruction or Mutilation.  If this Warrant is lost, stolen, mutilated
or destroyed, upon receipt by the Company, in the case of loss, theft or destruction, of an indemnity in customary form or, in
the case of mutilation, upon surrender and cancellation of this Warrant, the Company will execute and deliver in lieu thereof,
without expense to the Holder, a new Warrant of like denomination and tenor dated the date hereof.

 

    	 	11	 

     

    

 

		8.	Warrant Holder Not a Stockholder.  The Holder of this Warrant, as such, shall
not be entitled by reason of this Warrant to any voting or other rights whatsoever as a stockholder of the Company prior to exercise
in accordance with terms hereunder.

 

		9.	Notices. All notices and other communications hereunder shall be in writing and shall be
deemed duly given (a) on the date of delivery if delivered personally, or if by facsimile or email, upon written confirmation
of receipt by facsimile, e-mail or otherwise, (b) on the first business day following the date of dispatch if delivered utilizing
a next-day service by a recognized next-day courier or (c) on the earlier of confirmed receipt or the fifth business day following
the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder
shall be delivered to the addresses set forth below, or pursuant to such other instructions as may be designated in writing by
the party to receive such notice:

 

		(1)	if to the Company, to:

 

Pershing Gold Corporation

1658 Cole Boulevard

Building 6, Suite 210

Lakewood, CO 80401

Attention: Stephen Alfers

Email: SAlfers@pershinggold.com

Facsimile: 720-974-7249

 

with a copy (which shall not constitute
notice) to:

 

Davis Graham & Stubbs LLP

1550 17th Street, Suite 500

Denver, Colorado 80202

Attention: Brian Boonstra

Email: brian.boonstra@dgslaw.com

Facsimile: 303-893-1379

 

		(2)	if to Holder to the address, email and facsimile number(s), and with such copies as indicated in
the warrant register maintained by the Company.

 

		10.	Choice of Law.  This Warrant and all disputes or controversies arising out of
or relating to this Warrant or the transactions contemplated hereby shall be governed by, and construed in accordance with, the
internal laws of the State of Nevada, without regard to the laws of any other jurisdiction that might be applied because of the
conflicts of laws principles of the State of Nevada.

 

    	 	12	 

     

    

 

		11.	Jurisdiction and Venue.  Each of the parties irrevocably agrees that any legal
action or proceeding arising out of or relating to this Warrant brought by the other party or its successors or assigns shall be
brought and determined in any appropriate Nevada state or federal court, and each of the parties hereby irrevocably submits to
the exclusive jurisdiction of the aforesaid courts for itself and with respect to its property, generally and unconditionally,
with regard to any such action or proceeding arising out of or relating to this Warrant and the transactions contemplated hereby.
Each of the parties agrees not to commence any action, suit or proceeding relating thereto except in the courts described above
in Nevada, other than actions in any court of competent jurisdiction to enforce any judgment, decree or award rendered by any such
court in Nevada as described herein. Each of the parties further agrees that notice as provided herein shall constitute sufficient
service of process and the parties further waive any argument that such service is insufficient. Each of the parties hereby irrevocably
and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any action
or proceeding arising out of or relating to this Warrant or the transactions contemplated hereby, (a) any claim that it is
not personally subject to the jurisdiction of the courts in Nevada as described herein for any reason, (b) that it or its
property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through
service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise)
and (c) that (i) the suit, action or proceeding in any such court is brought in an inconvenient forum, (ii) the
venue of such suit, action or proceeding is improper or (iii) this Warrant, or the subject matter hereof, may not be enforced
in or by such courts.

 

		12.	Amendment and Waiver.  Except as otherwise provided herein, the provisions of
this Warrant and the other Warrants may be amended and the Company may take any action herein prohibited, or omit to perform any
act herein required to be performed by it, only if the Company has obtained the written consent of the Holder.

 

		13.	Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action
or the expiration of any right required or granted herein shall not be a Trading Day, then, such action may be taken or such right
may be exercised on the next succeeding Trading Day.

 

		14.	Non-waiver and Expenses. No course of dealing or any delay or failure to exercise any right
hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers
or remedies. Without limiting any other provision of this Warrant or the Subscription Agreement, if the Company willfully and knowingly
fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay
to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’
fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise
enforcing any of its rights, powers or remedies hereunder.

 

		15.	Limitation of Liability. No provision hereof, in the absence of any affirmative action by
the Holder to exercise this Warrant to purchase Warrant Stock, and no enumeration herein of the rights or privileges of the Holder,
shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether
such liability is asserted by the Company or by creditors of the Company.

 

		16.	Remedies. The Holder, in addition to being entitled to exercise all rights granted by law,
including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that
monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this
Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would
be adequate.

 

    	 	13	 

     

    

 

		17.	Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights
and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the
Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of
any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Stock.

 

		18.	Severability. Wherever possible, each provision of this Warrant shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid
under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating
the remainder of such provisions or the remaining provisions of this Warrant.

 

		19.	Warrant Register. The Company shall register this Warrant, upon records to be maintained
by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time
to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any
exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

[signature page follows]

 

    	 	14	 

     

    

 

IN WITNESS WHEREOF, the Company has duly caused
this Warrant to be signed on its behalf, in its corporate name and by its duly authorized officers, as of the date first written
above.

 

	 	PERSHING GOLD CORPORATION
	 	 	 
	 	By:	 
	 	Name:  Eric Alexander
	 	Title:   Vice President Finance and Controller

 

[Signature Page – Private Placement Warrant]

 

    	 	 	 

     

    

 

NOTICE OF EXERCISE

 

		TO:	Pershing Gold Corporation

1658 Cole Boulevard

Building 6 – Suite 210

Lakewood, Colorado 80401

Attn: Chief Executive Officer

 

		(1)	The undersigned hereby elects to purchase ______________ shares of Warrant Stock of the Company
pursuant to the terms of the Warrant to Purchase Common Stock (the “Warrant”), and tenders herewith or will tender
payment of the exercise price in full, together with all applicable transfer taxes, if any, as required by the Warrant.

 

		(2)	Payment shall take the form of (check applicable box):

 

		 ̈	the aggregate Warrant Price in the sum of $__________________ in lawful money of the United States
in accordance with the terms of the Warrant; or

 

		 ̈	cashless exercise pursuant to Section 1(b) of the Warrant Agreement, if permitted.

 

		(3)	Please issue a certificate or certificates representing said shares of Warrant Stock in the name
of the undersigned or in such other name as is specified below:

 

The shares of Warrant Stock shall be delivered
to the following DWAC Account Number, if permitted, or by physical delivery of a certificate to:

 

DWAC Account Number:

 

Address and phone number:

 

		(4)	Accredited Investor. By executing this exercise form, the undersigned represents and warrants
that the undersigned:

 

		(a)	(i) purchased the Warrant directly from the Company for its own account or the account of another
“accredited investor”, as that term is defined in Rule 501(a) (a “U.S. Accredited Investor”)
of Regulation D promulgated under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”);
(ii) will acquire the shares of Warrant Stock upon the exercise of the Warrant contemplated hereby solely for its own account or
the account of such other U.S. Accredited Investor; (iii) was a U.S. Accredited Investor on the date the Warrant was purchased
from the Company and continues to be a U.S. Accredited Investor on the date of the exercise of the Warrant; and (iv) if the Warrant
is being exercised on behalf of another person, represents, warrants and certifies such person was a U.S. Accredited Investor,
on the date the Warrant was purchased from the Company and continues to be a U.S. Accredited Investor on the date of the exercise
of the Warrant; or

 

    	 	 	 

     

    

 

		(b)	(i) is outside the United States (as defined in Regulation S promulgated by the United States
Securities Exchange Commission under the U.S. Securities Act) and not a U.S. person (as defined in Regulation S (a “U.S.
Person”), at the time of execution and delivery of this notice; (ii) is not exercising the right provided for herein
for the account or benefit of a person in the United States or a U.S. Person; (iii) is not exercising the Warrant with the
intent to distribute either directly or indirectly any of the securities acquirable upon exercise in the United States, except
in compliance with the U.S. Securities Act; and (iv) has in all other respects complied with the terms of Regulation S
of the U.S. Securities Act.

 

Capitalized terms used herein and not otherwise
defined shall have the respective meanings set forth in the Warrant.

 

Name of Registered Holder of the Warrant:

 

_____________________________________________________________________

 

Signature of Authorized Signatory of Registered
Holder:

 

_____________________________________________________________________

 

Name and Title of Authorized Signatory:

 

_____________________________________________________________________

 

Date:

 

_____________________________________________________________________

 

    	 	 2	 

     

    

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto ______________________________________________________ (include name and address of the transferee)
a Warrant exercisable for ____________ shares of common stock, represented by warrant certificate number _________, of Pershing
Gold Corporation (the “Company”) registered in the name of the undersigned on the register of the Company maintained
therefor, and hereby irrevocably appoints the attorney of the undersigned to transfer the said securities on the books maintained
by the Company with full power of substitution.

 

DATED this _______ day of ___________________,
20___.

 

	Signature of Transferor	 
	 	 
	 	 
	 	 
	 	 
	 	 
	
        Address of Transferor

         
	 

 

The undersigned transferee hereby certifies
that:

(check one)

 

_____ said transferee was not offered the Warrants
in the United States and is not in the United States or a “U.S. Person” (as defined in Regulation S under the
United States Securities Act of 1933, as amended (the “U.S. Securities Act”)), and is not acquiring the
Warrants for the account or benefit of a person in the United States or a U.S. Person; or

 

_____ enclosed herewith is an opinion of counsel
of recognized standing in a customary form to the effect that no violation of the U.S. Securities Act or applicable securities
laws will result from transfer, exercise or deemed exercise of the Warrants.

 

    	 	 	 

     

    

 

It is understood that the Company may require
additional evidence necessary to verify the foregoing.

 

	DATED:	 	 	 

 

	Address of Transferee:	 	X  	 
	 	 	Signature of individual (if Transferee is an individual)
	 	 	 
	 	 	X 	 
	 	 	Authorized signatory (if Transferee is not an individual)
	 	 	 
	 	 	 
	 	 	Name of Transferee (please print)
	 	 	 
	 	 	 
	 	 	Name of authorized signatory (please print)
	 	 	 
	 	 	 
	 	 	Official capacity of authorized signatory (please print)

 

    	 	2Exhibit 10.1

 

Instructions to subscribe for Units

in the private offering of

PERSHING GOLD CORPORATION

 

		1.	On the Signature Page for the Subscription Agreement, Date and Fill in the number
of units (the “Units”) that you wish to purchase. The price per Unit will be $_____. Each Unit consists of one (1)
share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and one (1) twenty-four
(24) month warrant (a “Warrant”) to purchase 0.4 of a share of Common Stock, with each whole warrant having an exercise
price equal to $3.40, with such exercise price to be subject to adjustment as set forth in the warrant agreement (the “Exercise
Price”). (The Common Stock and Warrants in a Unit, and any Common Stock acquired pursuant to the exercise of a Warrant, are
collectively referred to below as the “Securities”.) Then, Complete and Sign the Signature Page in this Subscription
Agreement.

 

		2.	Initial the Accredited Investor Certification attached to this Subscription Agreement.

 

		3.	Complete and Sign the Selling Stockholder Notice and Questionnaire attached hereto as Exhibit
A.

 

NOTICE: By executing this
Subscription Agreement, you (i) agree to, and will be deemed to have executed, the Registration Rights Agreement (attached as Exhibit
B), and (ii) agree to the terms of the Warrant (attached as Exhibit C).

 

		4.	Complete and Return the attached Purchaser Questionnaire and, if applicable, the Wire Transfer
Authorization attached to this Subscription Agreement.

 

For wiring
funds directly to the Company, use the following instructions:

 

COMPANY:

Pershing Gold Corporation

1658 Cole Boulevard

Building 6, Suite 210

Lakewood, CO 80401

 

BANK:

Wells Fargo Bank, N.A.

MAC C7312-080

143 Union Blvd. Ste. 500

Lakewood, CO 80228

303.906.2094

 

ACCOUNT NUMBER: [Redacted]

ABA ROUTING NUMBER:  [Redacted]

 

ALL SUBSCRIPTION DOCUMENTS MUST BE COMPLETELY
FILLED IN, AND SIGNED AS DESCRIBED ABOVE.

 

    	 	 	 

     

    

 

SUBSCRIPTION AGREEMENT

 

PERSHING GOLD CORPORATION

 

Pershing Gold Corporation

1658 Cole Boulevard

Building 6, Suite 210

Lakewood, Colorado 80401

Attn: Stephen Alfers, President & CEO

 

Ladies and Gentlemen:

 

1.           Subscription.
The undersigned (the “Purchaser”) will purchase the number of units (the “Units”) set forth on the signature
page to this subscription Agreement (the “Agreement”) at a price per Unit equal to $____ (the “Per Unit Offering
Price”). Each Unit consists of one (1) share of common stock, par value $0.0001 per share (“Common Stock”) of
Pershing Gold Corporation, a Nevada corporation (the “Company”) and one (1) twenty-four (24) month Warrant to purchase
0.4 of a share of Common Stock, with each whole warrant having an exercise price of $3.40, with such exercise price to be subject
to adjustment as set forth in the warrant agreement (the “Warrant”). The shares of Common Stock underlying the Warrant
may hereinafter be referred to as the “Warrant Shares”. The Unit, the Common Stock, the Warrant and the Warrant Shares
are collectively referred to below as the "Securities". The Units are being offered (the “Offering”) by the
Company pursuant to the offering terms set forth herein.

 

2.           Payment.
The Purchaser will immediately make a wire transfer payment to the Company pursuant to the wire instructions provided on the signature
page below, in the full amount of the purchase price of the Units being subscribed for. Together with the wire transfer of the
full purchase price, the Purchaser is delivering a completed and executed Signature Page to this Subscription Agreement, along
with a completed and executed Accredited Investor Certification, which is annexed hereto. By executing this Subscription Agreement,
you (i) agree to, and will be deemed to have executed, the Registration Rights Agreement (attached as Exhibit B), and (ii) agree
to the terms of the Warrant (attached as Exhibit C) (this Subscription Agreement, the Registration Rights Agreement and the Warrant,
collectively, the “Transaction Documents”), and (iii) will be treated for all purposes as if you reviewed, approved
and, if required, executed, each such Transaction Document, even though the you may not have physically signed the signature pages
to such documents.

 

3.            Acceptance of
Subscription. The Purchaser understands and agrees that the Company, in its sole discretion, reserves the right to accept
or reject this subscription for the Units, in whole or in part, notwithstanding prior receipt by the Purchaser of notice of acceptance
of this or any other subscription. The Company will have no obligation
hereunder until the Company returns to the Purchaser an executed copy of this Subscription Agreement. If the Purchaser’s
subscription is rejected in whole or in part (at the sole discretion of the Company), funds received from the Purchaser and not
applied to the purchase of Units will be returned without interest, penalty, expense or deduction, and this Subscription Agreement
will thereafter be of further force or effect only to the extent such subscription was accepted. The Purchaser may not revoke
this subscription or obtain a return of the subscription amount on or after the date of the closing.

 

    	 	- 1 -	 

     

    

 

4.           Representations
and Warranties of the Purchaser. The Purchaser hereby acknowledges, represents, warrants, and agrees as follows:

 

(a)           None
of the Securities has been registered under the Securities Act, or any applicable state securities laws. The Purchaser understands
that the offering and sale of the Securities is intended to be exempt from the registration requirements of the Securities Act,
by virtue of Section 4(a)(2) thereof and Rule 506 of Regulation D promulgated thereunder, based, in part, upon the representations,
warranties and agreements of the Purchaser contained in this Subscription Agreement. The Purchaser agrees to supply all requested
documents and information to ensure compliance as may be requested by the Company;

 

(b)           Prior
to the execution of this Subscription Agreement, the Purchaser and the Purchaser’s attorney, accountant, purchaser representative
and/or tax advisor, if any (collectively, “Advisors”), received and carefully reviewed this Subscription Agreement,
and each of the Transaction Documents, and all other documents requested by the Purchaser or its Advisors, and understood the information
contained therein;

 

(c)           Neither
the United States Securities and Exchange Commission (the “Commission”) nor any state securities commission has approved
or disapproved of the Securities or passed upon or endorsed the merits of the Offering. No representation to the contrary has been
made to the Purchaser, and any such representation could be a criminal offense;

 

(d)           All
documents, records, and books pertaining to the investment in the Securities including, but not limited to, all information regarding
the Company, requested by the Purchaser and its Advisors, were made available for inspection and review;

 

(e)           The
Purchaser and its Advisors have had a reasonable opportunity to ask questions of and receive answers from the Company’s officers
and any other persons authorized by the Company to answer such questions, concerning the Offering, the Securities, the Transaction
Documents and the business, financial condition, results of operations and prospects of the Company, and all such questions have
been answered by the Company to the full satisfaction of the Purchaser and its Advisors;

 

(f)           In
evaluating the suitability of an investment in the Company, the Purchaser has not relied upon any representation or other information
(oral or written) other than those contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 (as
amended, “Form 10-K”) and other periodic filings with the Commission (to the extent not superseded or amended
by subsequent filings);

 

    	 	- 2 -	 

     

    

 

(g)          The
Purchaser approached the Company with respect to a potential investment in the Company and did not become aware of the offering
of the Securities through or as a result of, any form of general solicitation or general advertising including, without limitation,
any article, notice, advertisement or other communication published in any newspaper, magazine or similar media or broadcast over
television, radio or over the Internet, in connection with the offering and sale of the Securities and is not subscribing for the
Securities and did not become aware of the Offering through or as a result of any seminar or meeting, or any solicitation of a
subscription, involving a person not previously known to the Purchaser in connection with investments in securities generally;

 

(h)          The
Purchaser has taken no action which would give rise to any claim by any person for brokerage commissions, finders’ fees or
the like relating to this Subscription Agreement or the transactions contemplated hereby;

 

(i)           The
Purchaser, either alone or together with its Advisors has such knowledge and experience in financial, tax, and business matters,
and, in particular, investments in securities, so as to enable it to utilize the information made available to it in connection
with the Offering to evaluate the merits and risks of an investment in the Securities and the Company and to make an informed investment
decision with respect thereto;

 

(j)           The
Purchaser is not relying on the Company or any of its respective employees or agents with respect to the legal, tax, economic and
related considerations of an investment in any of the Securities, and as to such matters the Purchaser has relied on the advice
of, or has consulted with, only its own Advisors;

 

(k)           The
Purchaser is acquiring the Securities solely for its own account for investment purposes and not with a view to resale or distribution
thereof, in whole or in part. The Purchaser has no agreement or arrangement, formal or informal, with any person to sell or transfer
all or any part of any of the Securities, and the Purchaser has no plans to enter into any such agreement or arrangement;

 

(l)           The
Purchaser understands and agrees that purchase of the Securities is a high-risk investment and the Purchaser is able to afford
an investment in a speculative venture having the risks and objectives of the Company. The Purchaser knows it must bear the substantial
economic risks of the investment in the Securities indefinitely because none of the Securities may be offered, sold, pledged, hypothecated
or otherwise transferred or disposed of, directly or indirectly, unless subsequently registered under the Securities Act and applicable
state securities laws or an exemption from such registration requirements is available. Legends will be placed on the certificates
representing the Securities to the effect that the Securities have not been registered under the Securities Act or applicable state
securities laws, and appropriate notations thereof will be made in the Company’s books;

 

(m)         The
Purchaser has adequate means of providing for its current financial needs and foreseeable contingencies and has no need for liquidity
from its investment in the Securities for an indefinite period of time;

 

(n)          The
Purchaser is aware that an investment in the Securities involves a number of very significant risks and has carefully read and
considered the Form 10-K, in particular, the matters under the caption “Risk Factors” therein, as well as the Company’s
other periodic filings with the Commission (to the extent not superseded or amended by subsequent filings), and understands any
of such risk may materially adversely affect the Company’s operations and future prospects;

 

    	 	- 3 -	 

     

    

 

(o)          At
the time the Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each date on which it exercises
any Warrants, it will be, an “accredited investor” within the meaning of Regulation D, Rule 501(a), promulgated by
the Commission under the Securities Act; the Purchaser has truthfully and accurately completed the Purchaser Questionnaire attached
to this Subscription Agreement and will submit to the Company in writing such further assurances and information of such status
as may be reasonably requested by the Company in order to verify Accredited Investor status under Rule 506 promulgated under Regulation
D of the Securities Act;

 

(p)           The
Purchaser: (i) if a natural person, represents that the Purchaser has reached the age of 21 and has full power and authority to
execute and deliver this Subscription Agreement and all other related agreements or certificates and to carry out the provisions
hereof and thereof; (ii) if a corporation, partnership, or limited liability company, or association, joint stock company, trust,
unincorporated organization or other entity, represents that such entity was not formed for the specific purpose of acquiring the
Securities, such entity is duly organized, validly existing and in good standing under the laws of the state of its organization,
the consummation of the transactions contemplated hereby is authorized by, and will not result in a violation of state law or its
charter or other organizational documents, such entity has full power and authority to execute and deliver this Subscription Agreement
and all other related agreements or certificates and to carry out the provisions hereof and thereof and to purchase and hold the
Securities, the execution and delivery of this Subscription Agreement has been duly authorized by all necessary action, this Subscription
Agreement has been duly executed and delivered on behalf of such entity and is a legal, valid and binding obligation of such entity;
or (iii) if executing this Subscription Agreement in a representative or fiduciary capacity, represents that it has full power
and authority to execute and deliver this Subscription Agreement in such capacity and on behalf of the subscribing individual,
ward, partnership, trust, estate, corporation, or limited liability company or partnership, or other entity for whom the Purchaser
is executing this Subscription Agreement, and such individual, partnership, ward, trust, estate, corporation, or limited liability
company or partnership, or other entity has full right and power to perform pursuant to this Subscription Agreement and make an
investment in the Company, and represents that this Subscription Agreement constitutes a legal, valid and binding obligation of
such entity. The execution and delivery of this Subscription Agreement will not violate or be in conflict with any order, judgment,
injunction, agreement or controlling document to which the Purchaser is a party or by which it is bound;

 

(q)           The
Purchaser hereby acknowledges receipt and careful review of the Transaction Documents and all other exhibits, annexes and appendices
thereto, and has had access to the Company’s Form 10-K and the exhibits thereto as well as the Company’s other periodic
filings with the Commission (to the extent not superseded or amended by subsequent filings) as available at the website of the
Commission which can be accessed at www.sec.gov;

 

    	 	- 4 -	 

     

    

 

(r)           The
Purchaser represents to the Company that any information which the Purchaser has heretofore furnished or is furnishing herewith
to the Company is complete and accurate and may be relied upon by the Company in determining the availability of an exemption or
exclusion from registration under the Securities Act and any state securities laws in connection with the offering of Securities;

 

(s)           The
Purchaser has significant prior investment experience, including investment in non-listed and unregistered securities. The Purchaser
has a sufficient net worth to sustain a loss of its entire investment in the Company in the event such a loss should occur. The
Purchaser’s overall commitment to investments which are not readily marketable is not excessive in view of the Purchaser’s
net worth and financial circumstances and the purchase of the Securities will not cause such commitment to become excessive. This
investment is a suitable one for the Purchaser;

 

(t)           The
Purchaser is satisfied that it has received adequate information with respect to all matters which it or its Advisors, if any,
consider material to its decision to make this investment;

 

(u)           No
oral or written representations have been made, or oral or written information furnished, to the Purchaser or its Advisors, if
any, in connection with the offering of the Securities;

 

(v)          Within
five (5) days after receipt of a request from the Company, the Purchaser will provide such information and deliver such documents
as may reasonably be necessary to comply with any and all laws to which the Company or this Offering is subject;

 

(w)          THE
SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE AND ARE BEING OFFERED
AND SOLD IN RELIANCE ON EXEMPTIONS OR EXCLUSIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. THE SECURITIES ARE
SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED, TRANSFERRED OR DISPOSED
OF, DIRECTLY OR INDIRECTLY, EXCEPT AS PERMITTED UNDER SAID ACT AND SUCH LAWS PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. THE
SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY OTHER REGULATORY AUTHORITY,
NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THE
TRANSACTION DOCUMENTS. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL;

 

(x)           In
making an investment decision, the Purchaser has relied on its own examination of Company and the terms of the Offering, including
the merits and risks involved;

 

    	 	- 5 -	 

     

    

 

(y)          The Purchaser consents
to the placement of a legend on any certificate or other document evidencing the Securities and, when issued, the Warrant Shares,
to the effect that such securities have not been registered under the Securities Act or any state securities or “blue sky”
laws and setting forth or referring to the restrictions on transferability and sale applicable thereto and referenced in this
Subscription Agreement. The Purchaser is aware that the Company will make a notation in its appropriate records with respect to
the restrictions on the transferability of such Securities. The legend to be placed on each certificate shall be in form substantially
similar to the following:

 

“THE SECURITIES REPRESENTED HEREBY
WERE ISSUED PURSUANT TO A DECEMBER 2017 PRIVATE PLACEMENT AND HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “ACT”) OR ANY STATE SECURITIES OR “BLUE SKY LAWS,” AND MAY NOT BE OFFERED, SOLD,
TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED ABSENT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR COMPLIANCE WITH RULE
144 PROMULGATED UNDER SUCH ACT, OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE COMPANY
AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.”

 

(z)           The
Purchaser acknowledges that if he or she is a registered representative of a Financial Industry Regulatory Authority (“FINRA”)
member firm, he or she must give such firm the notice required by the FINRA’s Rules of Fair Practice, receipt of which must
be acknowledged by such firm prior to an investment in the Securities;

 

(aa)         The Purchaser agrees
not to issue any public statement with respect to the Offering, the Purchaser’s investment or proposed investment in the
Company or the terms of any agreement or covenant between them and the Company without the Company’s prior written consent,
except such disclosures as may be required under applicable law; and

 

(bb)        The Purchaser understands
that the Securities are “restricted securities” as defined in Rule 144 of the Securities Act and are therefore subject
to restrictions on resale. The Purchaser understands and hereby acknowledges that, except as provided in the Registration Rights
Agreement, the Company is under no obligation to register the Securities under the Securities Act or any state securities or “blue
sky” laws or to assist the Purchaser in obtaining an exemption from various registration requirements, other than as set
forth herein.

 

    	 	- 6 -	 

     

    

 

5.           Representations
and Warranties of the Company. The Company hereby represents and warrants to the Purchaser that:

 

(a)           Organization,
Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing under
the laws of the State of Nevada and has full corporate power and authority to own and use its properties and its assets and conduct
its business as currently conducted. Each of the Company’s subsidiaries identified on Schedule 5.1 hereto (the “Subsidiaries”)
is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation with
the requisite corporate power and authority to own and use its properties and assets and to conduct its business as currently
conducted. Neither the Company, nor any of its Subsidiaries is in violation of any of the provisions of its respective articles
of incorporation, by-laws or other organizational or charter documents, including, but not limited to the Charter Documents (as
defined below). Each of the Company and its Subsidiaries is duly qualified to conduct business and is in good standing as a foreign
corporation in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be, would not result in a direct and/or
indirect (i) material adverse effect on the legality, validity or enforceability of any of the Securities and/or this Subscription
Agreement, (ii) material adverse effect on the results of operations, assets, business or condition (financial and other)
of the Company and its Subsidiaries, taken as a whole, or (iii) material adverse effect on the Company’s ability to perform
in any material respect on a timely basis its obligations under the Transaction Documents and all exhibits, supplements and schedules
thereto, as such may be amended from time to time (any of (i), (ii) or (iii), a “Material Adverse Effect”).

 

(b)           Capitalization
and Voting Rights. The authorized, issued and outstanding capital stock of the Company is as set forth in Schedule 5.2
hereto and all issued and outstanding shares of capital stock of the Company are validly issued, fully paid and nonassessable.
Except as set forth in Schedule 5.2 hereto, (i) there are no outstanding securities of the Company or any of its Subsidiaries
which contain any preemptive, redemption or similar provisions, nor is any holder of securities of the Company or any Subsidiary
entitled to preemptive or similar rights arising out of any agreement or understanding with the Company or any Subsidiary by virtue
of any of the Transaction Documents, and there are no contracts, commitments, understandings or arrangements by which the Company
or any of its Subsidiaries is or may become bound to redeem a security of the Company or any of its Subsidiaries; (ii) neither
the Company nor any Subsidiary has any stock appreciation rights or “phantom stock” plans or agreements or any similar
plan or agreement except for its equity incentive plans set forth on Schedule 5.2; and (iii) except as set forth in Schedule
5.2 there are no outstanding options, warrants, agreements, convertible securities, preemptive rights or other rights to subscribe
for or to purchase or acquire, any shares of capital stock of the Company or any Subsidiary or contracts, commitments, understandings,
or arrangements by which the Company or any Subsidiary is or may become bound to issue any shares of capital stock of the Company
or any Subsidiary, or securities or rights convertible or exchangeable into shares of capital stock of the Company or any Subsidiary.
Except as set forth in Schedule 5.2 and as otherwise required by law, there are no restrictions upon the voting or transfer
of any of the shares of capital stock of the Company pursuant to the Company’s Charter Documents (as defined below) or other
governing documents or any agreement or other instruments to which the Company is a party or by which the Company is bound. All
of the issued and outstanding shares of capital stock of the Company are validly issued, fully paid and nonassessable and the
shares of capital stock of the Subsidiaries are owned by the Company, free and clear of any mortgages, pledges, liens, claims,
charges, encumbrances or other restrictions (collectively, “Encumbrances”). All of such outstanding capital stock
has been issued in compliance with applicable federal and state securities laws. The issuance and sale of the Securities and,
upon issuance, the Common Stock issuable upon exercise of the Warrants (the “Warrant Shares”), as contemplated hereby
will not obligate the Company to issue shares of Common Stock or other securities to any other person and except as set forth
in Schedule 5.2 will not result in the adjustment of the exercise, conversion, exchange or reset price of any outstanding
security. The Company is not a party to any outstanding stockholder purchase rights and does not have a “poison pill”
or any similar arrangement in effect giving any person the right to purchase any equity interest in the Company upon the occurrence
of certain events.

 

    	 	- 7 -	 

     

    

 

(c)           Authorization;
Enforceability. The Company has all corporate right, power and authority to enter into, execute and deliver this Subscription
Agreement and each other agreement, document, instrument and certificate to be executed by the Company in connection with the
consummation of the transactions contemplated hereby, including, but not limited to, the Transaction Documents, and to perform
fully its obligations hereunder and thereunder. All corporate action on the part of the Company, its directors and stockholders
necessary for the (a) authorization, execution, delivery and performance of this Subscription Agreement and the Transaction Documents
by the Company; and (b) authorization, sale, issuance and delivery of the Securities and upon exercise, the Warrant Shares contemplated
hereby and the performance of the Company’s obligations under this Subscription Agreement and the Transaction Documents
has been taken. This Subscription Agreement and the Transaction Documents have been duly executed and delivered by the Company
and each constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with
its respective terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors and
rules of law governing specific performance, injunctive relief or other equitable remedies, and to limitations of public policy.
The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will
be duly and validly issued, fully paid and nonassessable, free and clear of all Encumbrances other than restrictions on transfer
provided for in the Transaction Documents. The Warrant Shares, when issued and paid for in accordance with the terms of the Transaction
Documents, will be validly issued, fully paid and nonassessable, free and clear of all Encumbrances imposed by the Company other
than restrictions on transfer provided for in the Transaction Documents. The Company has reserved a sufficient number of Warrant
Shares for issuance upon the exercise of the Warrants, free and clear of all Encumbrances, except for restrictions on transfer
set forth in the Transaction Documents or imposed by applicable securities laws. Except as set forth on Schedule 5.3 hereto,
the issuance and sale of the Securities contemplated hereby will not give rise to any preemptive rights or rights of first refusal
on behalf of any person other than the Purchaser.

 

    	 	- 8 -	 

     

    

 

(d)          No Conflict; Governmental
Consents.

 

(i)           The execution
and delivery by the Company of this Subscription Agreement and the Transaction Documents, the issuance and sale of the Securities
(including, when issued, the Warrant Shares) and the consummation of the other transactions contemplated hereby or thereby do
not and will not (i) result in the violation of any law, statute, rule, regulation, order, writ, injunction, judgment or decree
of any court or governmental authority to or by which the Company is bound including without limitation all foreign, federal,
state and local laws applicable to its business and all such laws that affect the environment, except in each case as could not
have or reasonably be expected to result in a Material Adverse Effect, (ii) conflict with or violate any provision of the Company’s
Articles of Incorporation (the “Articles”), as amended or the Bylaws, (and collectively with the Articles, the “Charter
Documents”) of the Company, and (iii) conflict with, or result in a material breach or violation of, any of the terms or
provisions of, or constitute (with or without due notice or lapse of time or both) a default or give to others any rights of termination,
amendment, acceleration or cancellation (with or without due notice, lapse of time or both) under any agreement, credit facility,
lease, loan agreement, mortgage, security agreement, trust indenture or other agreement or instrument to which the Company or
any Subsidiary is a party or by which any of them is bound or to which any of their respective properties or assets is subject,
nor result in the creation or imposition of any Encumbrances upon any of the properties or assets of the Company or any Subsidiary.

 

(ii)          No
approval by the holders of Common Stock or other equity securities of the Company is required to be obtained by the Company in
connection with the authorization, execution, delivery and performance of this Subscription Agreement and the other Transaction
Documents or in connection with the authorization, issue and sale of the Securities and, upon issuance, the Warrant Shares, except
as has been previously obtained.

 

(iii)         No
consent, approval, authorization or other order of any governmental authority or any other person is required to be obtained by
the Company in connection with the authorization, execution, delivery and performance of this Subscription Agreement and the other
Transaction Documents or in connection with the authorization, issue and sale of the Securities and, upon issuance, the Warrant
Shares, except for filings and approvals required to be made or obtained from NASDAQ Global Market (“NASDAQ”) and
such post-sale filings as may
be required to be made with the SEC and with any state securities regulatory authority, all of which shall be made when required.

 

(e)           Consents
of Third Parties. No vote, approval or consent of any holder of capital stock of the Company or any other third parties
is required or necessary to be obtained by the Company in connection with the authorization, execution, deliver and performance
of this Subscription Agreement and the other Transaction Documents or in connection with the authorization, issue and sale of
the Securities and, upon issuance, the Warrant Shares, except as previously obtained, each of which is in full force and effect.

 

6.           Indemnification.
The Purchaser agrees to indemnify and hold harmless the Company and each of its respective officers, directors, managers, employees,
agents, attorneys, control persons and affiliates upon demand from and against all losses, liabilities, claims, damages, costs,
fees and expenses whatsoever (including, but not limited to, any and all expenses incurred in investigating, preparing or defending
against any litigation commenced or threatened) based upon or arising out of any actual or alleged false acknowledgment, representation
or warranty, or misrepresentation or omission to state a material fact, or breach by the Purchaser of any covenant or agreement
made by the Purchaser herein or in any other document delivered in connection with this Subscription Agreement or any other Transaction
Document.

 

    	 	- 9 -	 

     

    

 

7.           Binding
Effect. This Subscription Agreement will survive the death or disability of the Purchaser and will be binding upon and inure
to the benefit of the parties and their heirs, executors, administrators, successors, legal representatives, and permitted assigns.
If the Purchaser is more than one person, the obligations of the Purchaser hereunder will be joint and several and the agreements,
representations, warranties and acknowledgments herein will be deemed to be made by and be binding upon each such person and such
person’s heirs, executors, administrators, successors, legal representatives and permitted assigns.

 

8.           Modification.
This Subscription Agreement will not be modified or waived except by an instrument in writing signed by the party against whom
any such modification or waiver is sought.

 

9.           Notices.
Any notice or other communication required or permitted to be given hereunder will be in writing and will be mailed by certified
mail, return receipt requested, or delivered by reputable overnight courier such as FedEx against receipt to the party to whom
it is to be given (a) if to the Company, at the address set forth on the signature page below or (b) if to the Purchaser, at the
address set forth on the signature page hereof (or, in either case, to such other address as the party being notified will have
furnished in writing in accordance with the provisions of this Section 9). Any notice or other communication given by certified
mail will be deemed given at the time of certification thereof, except for a notice changing a party’s address which will
be deemed given at the time of receipt thereof. Any notice or other communication given by overnight courier will be deemed given
at the time of delivery.

 

10.         Assignability.
This Subscription Agreement and the rights, interests and obligations hereunder are not transferable or assignable by the Purchaser
and the transfer or assignment of any of the Securities will be made only in accordance with all applicable laws.

 

11.         Applicable
Law. This Subscription Agreement will be governed by and construed under the laws of the State of Nevada as applied to agreements
among Nevada residents entered into and to be performed entirely within Nevada. The parties hereto (1) agree that any legal suit,
action or proceeding arising out of or relating to this Subscription Agreement will be instituted exclusively in the state or
federal courts sitting in the State of Nevada (2) waive any objection which the parties may have now or hereafter to the venue
of any such suit, action or proceeding, and (3) irrevocably consent to the jurisdiction of the state or federal courts sitting
in Nevada in any such suit, action or proceeding. Each of the parties hereto further agrees to accept and acknowledge service
of any and all process which may be served in any such suit, action or proceeding in the state or federal courts sitting in Nevada
and agrees that service of process upon it mailed by certified mail to its address will be deemed in every respect effective service
of process upon it, in any such suit, action or proceeding. THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY
TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS SUBSCRIPTION AGREEMENT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED
HEREBY.

 

    	 	- 10 -	 

     

    

 

12.         Blue
Sky Qualification. The purchase of Securities pursuant to this Subscription Agreement is expressly conditioned upon the exemption
from qualification of the offer and sale of the Securities from applicable federal and state securities laws.

 

13.         Use
of Pronouns. All pronouns and any variations thereof used herein will be deemed to refer to the masculine, feminine, neuter,
singular or plural as the identity of the person or persons referred to may require.

 

14.         Confidentiality.
The Purchaser acknowledges and agrees that any information or data the Purchaser has acquired from or about the Company not otherwise
properly in the public domain, was received in confidence. The Purchaser agrees not to divulge, communicate or disclose, except
as may be required by law or for the performance of this Subscription Agreement, or use to the detriment of the Company or for
the benefit of any other person or persons, or misuse in any way, any confidential information of the Company, including any trade
or business secrets of the Company and any business materials that are treated by the Company as confidential or proprietary, including,
without limitation, confidential information obtained by or given to the Company about or belonging to third parties.

 

15.         Miscellaneous.

 

(a)           This
Subscription Agreement, together with the other Transaction Documents, constitutes the entire agreement between the Purchaser and
the Company with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings, if
any, relating to the subject matter hereof. The terms and provisions of this Subscription Agreement may be waived, or consent for
the departure therefrom granted, only by a written document executed by the party entitled to the benefits of such terms or provisions.

 

(b)           Each
of the Purchaser’s and the Company’s representations and warranties made in this Subscription Agreement will survive
the execution and delivery hereof and delivery of the Securities.

 

(c)           Each
of the parties hereto will pay its own fees and expenses (including the fees of any attorneys, accountants, appraisers or others
engaged by such party) in connection with this Subscription Agreement and the transactions contemplated hereby whether or not the
transactions contemplated hereby are consummated.

 

(d)           This
Subscription Agreement may be executed in one or more counterparts each of which will be deemed an original, but all of which will
together constitute one and the same instrument.

 

    	 	- 11 -	 

     

    

 

(e)           Each
provision of this Subscription Agreement will be considered separable and, if for any reason any provision or provisions hereof
are determined to be invalid or contrary to applicable law, such invalidity or illegality will not impair the operation of or affect
the remaining portions of this Subscription Agreement.

 

(f)           Paragraph
titles are for descriptive purposes only and will not control or alter the meaning of this Subscription Agreement as set forth
in the text.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	- 12 -	 

     

    

 

ANTI-MONEY LAUNDERING REQUIREMENTS

 

	The USA PATRIOT Act	 	
        What is money 

        laundering?
	 	
        How big is the problem 

        and why is it important?

	 	 	 	 	 
	
        The USA PATRIOT Act is designed to detect, deter, and punish terrorists
        in the United States and abroad. The Act imposes new anti-money laundering requirements on brokerage firms and financial institutions.
        Since April 24, 2002 all brokerage firms have been required to have new, comprehensive anti-money laundering programs.

         

        To help you understand these efforts, we want to provide you with
        some information about money laundering and our steps to implement the USA PATRIOT Act.
	 	
        Money laundering is the process of
disguising illegally obtained money so that the funds appear to come from legitimate sources or activities. Money laundering occurs
in connection with a wide variety of crimes, including illegal arms sales, drug trafficking, robbery, fraud, racketeering, and
terrorism.
		
        The use of the U.S. financial system
by criminals to facilitate terrorism or other crimes could well taint our financial markets. According to the U.S. State Department,
one recent estimate puts the amount of worldwide money laundering activity at $1 trillion a year.

 

What are we required to do to eliminate money laundering?

 

	Under new rules required by the USA PATRIOT Act, our anti-money laundering program must designate a special compliance officer, set up employee training, conduct independent audits, and establish policies and procedures to detect and report suspicious transaction and ensure compliance with the new laws.	 	As part of our required program, we may ask you to provide various identification documents or other information. Until you provide the information or documents we need, we may not be able to effect any transactions for you.

 

    	 	- 13 -	 

     

    

 

PERSHING GOLD CORPORATION

SIGNATURE PAGE TO

SUBSCRIPTION AGREEMENT

 

Purchaser hereby elects to purchase a total
of $_________, representing ______ Unit(s) at the Per Unit Offering Price (NOTE: to be completed by the Purchaser).

 

	 

 

If the Purchaser
is an INDIVIDUAL, and if purchased as JOINT TENANTS, as TENANTS IN COMMON, or as COMMUNITY PROPERTY:

 

	 	 	 
	Print Name(s)	 	Social Security Number(s)
	 	 	 
	 	 	 
	Signature(s) of Purchaser(s)	 	Signature
	 	 	 
	 	 	 
	Date	 	Address

 

If the Purchaser
is a PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY or TRUST:

 

	 	 	 
	Name of Partnership, Corporation, Limited	 	Federal Taxpayer
	Liability Company or Trust	 	Identification Number

 

	By:	 	 	 
	 	Name:	 	 	State of Organization
	 	Title:	 	 	 

 

	 	 	 
	Date	 	Address

 

	AGREED AND ACCEPTED:	 	 
	 	 	 
	PERSHING GOLD CORPORATION	 	 
	 	 	 
	By:	 	 	 
	 	Name:	 	 	Date
	 	Title:	 	 	 

 

    	 	 	 

     

    

 

PERSHING GOLD CORPORATION

ACCREDITED INVESTOR CERTIFICATION

 

For Individual Investors Only

(All individual investors must INITIAL
where appropriate. Where there are joint investors both parties must INITIAL):

 

		Initial _______	I certify that I have a “net worth” of at
least $1 million either individually or through aggregating my individual holdings and those in which I have a joint, community
property or other similar shared ownership interest with my spouse. For purposes of calculating net worth under this paragraph,
(i) the primary residence shall not be included as an asset, (ii) to the extent that the indebtedness that is secured by the primary
residence is in excess of the fair market value of the primary residence, the excess amount shall be included as a liability,
and (iii) if the amount of outstanding indebtedness that is secured by the primary residence exceeds the amount outstanding 60
days prior to the execution of this Subscription Agreement, other than as a result of the acquisition of the primary residence,
the amount of such excess shall be included as a liability.

 

		Initial _______	I certify that I have had an annual gross income for
the past two years of at least $200,000 (or $300,000 jointly with my spouse) and expect my income (or joint income, as appropriate)
to reach the same level in the current year.

 

For Non-Individual Investors

(all Non-Individual
Investors must INITIAL where appropriate):

 

		Initial _______	The undersigned certifies that it is a partnership, corporation,
limited liability company or business trust that is 100% owned by persons who meet either of the criteria for Individual Investors,
above.

 

		Initial _______	The undersigned certifies that it is a partnership, corporation,
limited liability company or business trust that has total assets of at least $5 million and was not formed for the purpose of
investing in Company.

 

		Initial _______	The undersigned certifies that it is an employee benefit
plan whose investment decision is made by a plan fiduciary (as defined in ERISA §3(21)) that is a bank, savings and loan
association, insurance company or registered investment adviser.

 

		Initial _______	The undersigned certifies that it is an employee benefit
plan whose total assets exceed $5,000,000 as of the date of the Subscription Agreement.

 

		Initial _______	The undersigned certifies that it is a self-directed
employee benefit plan whose investment decisions are made solely by persons who meet either of the criteria for Individual Investors,
above.

 

		Initial _______	The undersigned certifies that it is a U.S. bank, U.S.
savings and loan association or other similar U.S. institution acting in its individual or fiduciary capacity.

 

		Initial _______	The undersigned certifies that it is a broker-dealer
registered pursuant to §15 of the Securities Exchange Act of 1934.

 

    	 	 	 

     

    

 

		Initial _______	The undersigned certifies that it is an organization
described in §501(c)(3) of the Internal Revenue Code with total assets exceeding $5,000,000 and not formed for the specific
purpose of investing in Company.

 

		Initial _______	The undersigned certifies that it is a trust with total
assets of at least $5,000,000, not formed for the specific purpose of investing in Company, and whose purchase is directed by
a person with such knowledge and experience in financial and business matters that he is capable of evaluating the merits and
risks of the prospective investment.

 

		Initial _______	The undersigned certifies that it is a plan established
and maintained by a state or its political subdivisions, or any agency or instrumentality thereof, for the benefit of its employees,
and which has total assets in excess of $5,000,000.

 

		Initial _______	The undersigned certifies that it is an insurance company
as defined in §2(a)(13) of the Securities Act of 1933, as amended, or a registered investment company.

 

    	 	 	 

     

    

 

PERSHING GOLD CORPORATION

Purchaser Questionnaire

(Must be completed by Purchaser)

 

Section A - Individual Purchaser Information

 

	Purchaser Name(s):	 

 

	Individual executing Profile or Trustee:	 

 

	Social Security Numbers / Federal I.D. Number:	 

 

	Date of Birth: 	 	 	Marital Status:	 

 

	Joint Party Date of Birth:	 	 

 

	Investment Experience (Years):	 	 

 

	Annual Income:	 	 

 

	Liquid
    Net Worth:	 	 

 

	Net Worth:	 	 

 

	Home Street Address:	 

 

	Home City, State & Zip Code:	 

 

	Home Phone:	 	 	Home Fax:	 

 

	Home Email:	 

 

	Employer:	 

 

	Employer Street Address:	 

 

	Employer City, State & Zip Code:	 

 

	Bus. Phone:	 	 	Bus. Fax:	 

 

	Bus. Email:	 

 

	Type of Business:	 

 

	Please check if you are a FINRA member or affiliate of a FINRA member firm:	 

 

    	 	 	 

     

    

 

  PERSHING GOLD CORPORATION

  Purchaser Questionnaire

(Must be completed by Purchaser)

  Section B – Entity Purchaser Information

 

	Purchaser Name(s):	 

 

	Authorized Individual executing Profile or Trustee:	 

 

	Social Security Numbers / Federal I.D. Number:	 

 

	Investment Experience (Years):	 

 

	Annual Income:	 

 

	Net Worth:	 

 

Was the Entity formed for the specific purpose of purchasing the
Common Stock and Warrants?

 

 ̈ Yes
 ̈ No

 

	Principal Purpose (Trust)	 

 

	Type of Business:	 

 

	Street Address:	 

 

	City, State & Zip Code:	 

 

	Phone: 	 	 	Fax:	 

 

	Email:	 

 

	Please check if you are a FINRA member or affiliate of a FINRA member firm: 	 

 

    	 	 	 

     

    

 

 

Section C – Purchaser Instructions for Payments
of any Dividends

 

		x	Please make out any dividend and any other payment checks pursuant to the Units in the registered name of the Purchaser set
forth in the signature page to the Subscription Agreement for the Units and mail such checks to me at the address specified in
such signature page.

 

Section D – Securities Delivery Instructions
(check one)

 

		____	Please deliver my securities to the address listed in the above Purchaser Questionnaire.

 

		____	Please deliver my securities to the below address:

_________________

_________________

_________________

_________________

 

	
        Purchaser

        Signature(s):
	 	 	Date:	 

 

    	 	 	 

     

    

 

Exhibit A

 

Selling Stockholder Notice and Questionnaire

 

Pershing
Gold Corporation

 

Selling
Stockholder Notice and Questionnaire

 

The undersigned beneficial
owners of shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) and warrants
to purchase shares of Common Stock (each, a “Warrant”) of Pershing Gold Corporation (the “Company”),
understand that the Company has filed or intends to file with the Securities and Exchange Commission (the “Commission”)
a registration statement (the “Registration Statement”) under the Securities Act of 1933, as amended (the “Securities
Act”) for the registration of the resale of the shares of Common Stock and the shares of Common Stock issuable upon exercise
of the Warrants (the “Warrant Shares”) held by the undersigned (the “Registrable Securities”).
This Questionnaire is being furnished to you with respect to the inclusion of your shares of Common Stock and Warrant Shares in
the Registration Statement. This Questionnaire seeks information necessary to complete the registration of these shares with the
Commission.

 

To sell or otherwise dispose
of any Registrable Securities in the offering, a holder or beneficial owner of Registrable Securities will be required to agree
to be named as a selling stockholder in the related prospectus and execute and return this Selling Stockholder Questionnaire.

 

Please respond to every
question unless otherwise directed. If the answer is “none” or “not applicable,” please so state. Please
include all information sought by the related question. Unless stated otherwise, answers should be given as of the date you complete
this Questionnaire. If there is any response or underlying factual matter about which you are uncertain, please discuss the matter
fully and include any additional explanation or information which you believe is helpful.

 

Certain legal consequences
arise from being named as a selling stockholder in the Registration Statement and the related prospectus. Accordingly, holders
and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences
of being named or not being named as a selling stockholder in the Registration Statement and the related prospectus.

 

Please complete, sign, date and email or
fax this Questionnaire as soon as possible to Justin Nyberg at Davis Graham & Stubbs LLP, fax:
(303) 893-1379, email: Justin.Nyberg@dgslaw.com. Please call Justin Nyberg at (303) 892-7451 or Brian Boonstra at (303) 892-7348
with any questions regarding this Questionnaire.

 

NOTICE

 

The undersigned beneficial
owner (the “Selling Stockholder”) of Registrable Securities hereby elects to register for resale the Registrable
Securities owned by it and listed below in Question 5 (unless otherwise specified under such Question 5) in the Registration Statement.

 

    	 	1	 

     

    

 

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

		1.	Name. Full Legal Name of Selling Stockholder:

 

	 

 

		2.	Address for Notices to Selling Stockholder.

 

	 
	 
	 
	 
	 

 

	Telephone:	 

 

	Fax:	 

 

	Email address:	 

 

	Contact Person:	 

 

		3.	Relationship with the Company.

 

Describe the nature of any position,
office or other material relationship the Selling Stockholder has had with the Company during the past three years:

 

	 
	 

 

		4.	Organizational Structure. Please indicate or (if applicable) describe how the Selling Stockholder is organized.

 

		(a)	Is the Selling Stockholder a natural person? (If so, please mark the box and skip to Question
5.)

 

Yes  ̈           No
 ̈

 

		(b)	Is the Selling Stockholder a reporting company under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”)? (If so, please mark the box and skip to Question 5.)

 

Yes  ̈           No
 ̈

 

    	 	2	 

     

    

 

		(c)	Is the Selling Stockholder a majority-owned subsidiary of a reporting company under the Exchange
Act? (If so, please mark the box and skip to Question 5.)

 

Yes  ̈           No
 ̈

 

		(d)	Is the Selling Stockholder a registered investment company under the Investment Company Act of
1940? (If so, please mark the box and skip to Question 5.)

 

Yes
 ̈           No
 ̈

 

If the answer to all
of the foregoing questions is “no,” please complete the following:

 

		(e)	Legal Description of Selling Stockholder:

 

Please describe
the type of legal entity that the Selling Stockholder is (e.g., corporation, partnership, limited liability company, etc.);

 

	 

 

		(f)	Please indicate whether the Selling Stockholder is controlled by another entity (such
as a parent company, a corporate member, corporate shareholder, etc.) or is controlled by a natural person.

  

	Controlled by:	Natural Person(s)  ̈	Entity  ̈

 

 

If you checked
“Natural Person(s)”:

 

Please indicate the name of the natural
person(s) who has voting or investment control over the shares held by the Selling Stockholder and the position of control that
person(s) holds in or over the Selling Stockholder, then move to Question 5.

 

Name of natural person(s):_____________________________________

 

Controlling position
in Selling Stockholder (e.g., sole member, controlling shareholder, sole stockholder, trustee, etc.): _______________________________________________________________________

 

If you checked
“Entity”:

 

Please indicate
the name and type of entity that controls the Selling Stockholder.

 

Name of controlling
entity: ____________________________________

 

Type of legal entity
(e.g., corporation, partnership, limited liability company, etc.): ______________________________________________

 

Controlling position
in Selling Stockholder (e.g., sole member, controlling shareholder, sole stockholder, general partner, etc.): __________________________________________________________

 

    	 	3	 

     

    

 

Is this
entity controlled by another entity (such as a parent company, a corporate member, corporate shareholder, etc.) or is it
controlled by a natural person?

 

	Controlled by:	Natural Person(s)  ̈	Entity*  ̈

 

If you checked
“Natural Person(s)”:

 

Name of natural person(s) who controls
this entity and has voting or investment control over the shares held by the Selling Stockholder the Selling Stockholder: ____________________________________________________

 

Natural person’s position in this
entity (e.g., sole member, controlling shareholder, sole stockholder, trustee, etc.): ____________________________________________________

 

*If you answered
“Entity” here, please repeat step (f) for each controlling entity moving up the corporate chain of control until you
reach the level at which there is only a natural person or persons in control (e.g., Acme LLC is controlled by ABC Corp., its member,
which is controlled by X shareholder, its controlling shareholder). List the name of the entities along that chain of control,
the types of entity each is, the natural person(s) in control of the ultimately controlling entity, and his or her control position
over that entity in the lines below:

 

	 
	 
	 
	 

 

(Continued on
next page...)

 

    	 	4	 

     

    

 

		5.	Beneficial Ownership of Registrable Securities:

 

This question covers
beneficial ownership of the Company's securities. Please consult Appendix A to this Questionnaire for information
as to the meaning of “beneficial ownership.”

 

		(a)	Please state the number of shares of the Company’s Common Stock (including any shares issuable
upon exercise of warrants or other convertible securities) that the Selling Stockholder beneficially owns as of the date of this
Questionnaire. DO NOT INCLUDE SHARES BEING PURCHASED IN THIS OFFERING:

 

	 
	 
	 

 

		(b)	Please state the number of shares of the Registrable Securities that the Selling Stockholder is
purchasing in this offering and wishes to have registered for resale in the Registration Statement.

 

Common Stock:
______________________

 

Warrants: _________________
(convertible into ______________ shares of Common Stock).

 

		6.	Broker-Dealer Status:

 

		(a)	Is the Selling Stockholder a broker-dealer?

 

Yes  ̈           No
 ̈

 

		(b)	If “yes” to Question 6(a), did the Selling Stockholder receive the Registrable Securities
as compensation for investment banking services to the Company?

 

Yes  ̈           No
 ̈

 

		Note:	If the answer to Question 6(b) is no, Commission’s staff has indicated that you should be
identified as an underwriter in the Registration Statement.

 

		(c)	Is the Selling Stockholder an affiliate of a broker-dealer?

 

Yes  ̈           No
 ̈

 

		(d)	If the Selling Stockholder is an affiliate of a broker-dealer, does the Selling Stockholder certify
that it purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, the Selling Stockholder had no agreements or understandings, directly or indirectly, with any person to
distribute the Registrable Securities?

 

Yes  ̈           No
 ̈

 

    	 	5	 

     

    

 

		Note:	If the answer to Question 6(d) no, the Commission’s staff has indicated that you should be
identified as an underwriter in the Registration Statement.

 

		7.	Legal Proceedings with the Company. Is the Company a party to any pending legal proceeding
in which the Selling Stockholder is named as an adverse party?

 

Yes  ̈           No
 ̈

 

State any exceptions
here:

 

	 

 

		8.	Reliance on Responses. The undersigned acknowledges and agrees that the Company and its
legal counsel shall be entitled to rely on its responses in this Questionnaire in all matters pertaining to the Registration Statement
and the sale of any Registrable Securities pursuant to the Registration Statement.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 	6	 

     

    

 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Registration Statement remains effective.

 

By signing below, the undersigned
consents to the disclosure of the information contained herein in its answers to Questions 1 through 7 and the inclusion of such
information in the Registration Statement and the related prospectus and any amendments or supplements thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Dated:	 	 	Beneficial Owner:	 
	 	 	 	 	 

	 	 	 	By:	 
	 	 	 	 	Name:	 
	 	 	 	 	Title:	 

 

PLEASE FAX OR PDF A COPY OF THE COMPLETED
AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL TO:

 

Davis
Graham & Stubbs LLP

1550
Seventeenth Street, Suite 500

Denver,
Colorado 80202

Attn:
Justin Nyberg, Esq.

Justin.Nyberg@dgslaw.com

Fax:
(303) 893-1379

 

    	 	7	 

     

    

 

APPENDIX
A

 

DEFINITION
OF “BENEFICIAL OWNERSHIP”

 

		1.	A “Beneficial Owner” of a security includes any person who, directly or indirectly,
through any contract, arrangement, understanding, relationship or otherwise has or shares:

 

(a)           Voting
power which includes the power to vote, or to direct the voting of, such security; and/or

 

(b)           Investment
power which includes the power to dispose, or direct the disposition of, such security.

 

Please note that either voting power
or investment power, or both, is sufficient for you to be considered the beneficial owner of shares.

 

		2.	Any person who, directly or indirectly, creates or uses a trust, proxy, power of attorney, pooling
arrangement or any other contract, arrangement or device with the purpose or effect of divesting such person of beneficial ownership
of a security or preventing the vesting of such beneficial ownership as part of a plan or scheme to evade the reporting requirements
of the federal securities acts shall be deemed to be the beneficial owner of such security.

 

		3.	Notwithstanding the provisions of paragraph (1), a person is deemed to be the “beneficial
owner” of a security if that person has the right to acquire beneficial ownership of such security within 60 days, including
but not limited to any right to acquire: (a) through the exercise of any option, warrant or right; (b) through the conversion of
a security; (c) pursuant to the power to revoke a trust, discretionary account or similar arrangement; or (d) pursuant to the automatic
termination of a trust, discretionary account or similar arrangement; provided, however, any person who acquires a security or
power specified in (a), (b) or (c) above, with the purpose or effect of changing or influencing the control of the issuer, or in
connection with or as a participant in any transaction having such purpose or effect, immediately upon such acquisition shall be
deemed to be the beneficial owner of the securities which may be acquired through the exercise or conversion of such security or
power.

 

    	 	8	 

     

    

 

Exhibit
B

 

Registration
Rights Agreement

 

(See attached)

 

    	 	 	 

     

    

 

Exhibit
C

 

Warrant

 

(See attached)

 

    	 	 	 

     

    

 

Schedules
to Subscription Agreement

 

(See attached)

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