Document:

Exhibit
10.1

 

	 

 

 

September
17, 2020

 

Mr.
Eric Alexander

10691
Chadsworth Lane

Highlands
Ranch, CO 80126

United
States of America

 

Dear
Eric,

 

Further
to discussions concerning your involvement with U.S. Gold Corp. (the “Company”), I am writing to offer
you a position with the Company.

 

It
is understood that you are a senior financial mining professional and have previously held and been compensated for executive
roles with responsibilities. We would like to make the following offer to you with the understanding that, as the Company advances
and your involvement impacts the value of the Company, adjustments will be made to better reflect your role, experience, and contributions.
Such compensation may take the form of cash payments or Company stock compensation instruments and awards, in keeping with any
such plans approved by the Company’s Board of Directors (the “Board”) and its shareholders, and
as shall be set forth in a written employment or other agreement between you and the Company.

 

We
are pleased to offer you a position with the Company on the following terms and conditions (the “Offer Letter”):

 

	1.	You
                                         will be employed in the position of Chief Financial Officer (CFO) of the Company reporting
                                         to the Board or such other representative(s) of the Company as the Board may assign from
                                         time to time.

 

	 	205
    S 11th Street	www.usgoldcorp.gold
	 	Elko, NV 89801	ir@usgoldcorp.com
	 	 	+1-800-557-4550

 

    	1

    	 

    

 

	 

 

	2.	Your
                                         employment with the Company is expected to commence on the date on which the fiscal year
                                         2021 first quarter 10Q report is filed (the “Commencement Date”),
                                         which is expected to occur on or about September 10, 2020.

 

	3.	During
                                         your employment with the Company, you agree to devote on a full-time basis your time,
                                         energy, skill and best efforts to the performance of your job duties. You shall perform
                                         your duties in a diligent, trustworthy, and business-like manner, all for the purpose
                                         of advancing the business and best interests of the Company. You agree to act in a manner
                                         consistent with your position and in accordance with high business and ethical standards
                                         at all times. You shall comply with all policies and procedures of the Company. You shall
                                         also comply with all applicable laws and regulations of any jurisdiction in which the
                                         Company does business.

 

	4.	During
                                         your employment with the Company, as compensation for all services you will perform,
                                         the Company will provide you with the following:

 

		a.	Base
                                         Salary: You will receive a monthly base salary of $18,000 (annualized at $216,000),
                                         less all applicable payroll deductions and tax withholdings, which shall be paid to you
                                         in lump sum cash payments in accordance with the Company’s normal payroll practices
                                         on the last day of each month, provided that if such day falls on a weekend or holiday,
                                         you will receive this portion of your monthly base salary on the business day preceding
                                         the applicable weekend or holiday.
	 	 	 
	 	 	Your
                                         position is classified as exempt in accordance with applicable federal and state laws
                                         and as such, you are ineligible for overtime compensation, regardless of the number of
                                         hours you work in a given week.
	 	 	 
		b.	Benefits:
                                         You will be entitled to participate in any employee benefit plan, program or policy that
                                         may be offered by the Company and made generally available to other full- time employees
                                         of the Company, subject to the eligibility requirements and terms of the applicable documents
                                         governing such plan, program or policy. The continuation, modification or termination
                                         of each plan, program or policy will be at the sole discretion of the Company. Notwithstanding
                                         the foregoing, the Company will pay you an additional amount each month to reimburse
                                         you for 100% of the health insurance premiums paid by you for a given month, payable
                                         in arrears, provided that such payments are permitted by applicable law and, to the extent
                                         applicable, will be subject to all applicable payroll deductions and tax withholdings.

 

		c.	Paid
                                         Time Off: You will be eligible for paid time off, for up to four weeks per year,
                                         excluding statutory holidays of the United States and the State of Colorado, in accordance
                                         with the Company’s policies, as in effect from time to time, and applicable law.

 

		d.	Expenses.
                                         You will be eligible for expense reimbursement in accordance with the Company’s
                                         reimbursement policies, as in effect from time to time.

 

	 	205
    S 11th Street	www.usgoldcorp.gold
	 	Elko, NV 89801	ir@usgoldcorp.com
	 	 	+1-800-557-4550

 

    	2

    	 

    

 

	 

 

	5.	Your
                                         employment with the Company will be on an at-will basis. This means that either you or
                                         the Company may terminate your employment relationship with the Company at any time,
                                         with or without advance notice, and with or without cause, for any reason not expressly
                                         prohibited by applicable law. Notwithstanding the foregoing, it is the intent of the
                                         parties to formalize the terms of your employment in an employment agreement, which shall
                                         include change of control and other mutually agreeable provisions, within 90-days following
                                         the date of this Offer Letter.

 

	6.	During
                                         your employment with the Company you will have access to confidential, proprietary and
                                         trade secret information of the Company. Thus, your employment is conditioned on the
                                         execution of and your compliance with a confidentiality agreement in the form supplied
                                         by the Company.

 

	7.	If
                                         you have not already done so, we ask that you disclose to the Company any and all agreements
                                         relating to your prior employment that may affect your eligibility to be employed by
                                         the Company or limit the manner in which you may be employed. You represent that, except
                                         as disclosed to the Company in writing, you are not bound by the terms of any agreement
                                         with any previous employer or other party that prohibits you from using or disclosing
                                         any confidential, proprietary or trade secret information in the course of your employment
                                         with the Company or contains any non-competition, non-solicitation and/or non-recruitment
                                         obligations. You further represent that the performance of your job duties for the Company
                                         does not and will not violate or breach any agreement with any previous employer or other
                                         party, or any legal obligation that you may owe to any previous employer or other party,
                                         including, without limitation, any non-disclosure, non-competition, non-solicitation
                                         and/or non-recruitment obligations. You shall not disclose to the Company or induce the
                                         Company to use any confidential, proprietary or trade secret information belonging to
                                         any previous employer or others.

 

	8.	You
                                         acknowledge and agree that you will not engage in any other employment, occupation, consulting
                                         or other business activity during your employment, nor will you engage in any other activities
                                         that conflict with your duty of loyalty, responsibilities or obligations to the Company.
                                         Notwithstanding the foregoing, to the extent that other occupational, consulting, membership
                                         on the board of directors of other companies (including mining companies), or other business
                                         activities do not conflict with the Company’s activities or interests, you may
                                         assume or continue with those activities with the written approval of the Company, which
                                         will not be unreasonably withheld.

 

	9.	You
                                         are a resident of Highlands Ranch, Colorado and subject to Colorado laws and taxes. You
                                         will be expected to travel, as necessary, for business purposes, and your primary place
                                         of employment shall be the Denver, Colorado area.

 

	 	205
    S 11th Street	www.usgoldcorp.gold
	 	Elko, NV 89801	ir@usgoldcorp.com
	 	 	+1-800-557-4550

 

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	10.	This
                                         Offer Letter represents the entire agreement between you and the Company regarding the
                                         subject matter hereof, and fully supersedes any and all prior and contemporaneous agreements,
                                         understandings and/or representations, whether written or oral, regarding the subject
                                         matter of this Offer Letter. No oral statements or prior written material not specifically
                                         incorporated in this Offer Letter shall be of any force and effect. This Offer Letter
                                         may not be amended or modified except in writing signed by you and an authorized representative
                                         of the Company.

 

	11.	Except
                                         for the specific representations expressly made by the Company in this Offer Letter,
                                         you specifically disclaim that you are relying upon or have relied upon any communications,
                                         promises, statements, inducements, or representation(s) that may have been made, oral
                                         or written, regarding the subject matter of this Offer Letter, the terms of your employment,
                                         and any compensation or benefits to which you may be entitled. You represent that you
                                         relied solely and only on your own judgment and the advice of your personal tax advisor
                                         in making the decision to enter into this Offer Letter.

 

	12.	By
                                         signing this Offer Letter you warrant and represent that the statements and representations
                                         you have made to the Company concerning your background, employment experience and other
                                         matters related to the hiring process and the Company’s offer of employment to
                                         you, are true and complete.

 

	 	205
    S 11th Street	www.usgoldcorp.gold
	 	Elko, NV 89801	ir@usgoldcorp.com
	 	 	+1-800-557-4550

 

    	4

    	 

    

 

	 

 

If
you wish to accept this offer of employment on the terms and conditions set forth above, please sign a copy and return to the
undersigned.

 

Very
truly yours,

 

	/s/
    Edward Karr	 
	Edward Karr	 

Chief
Executive Officer & Director

 

U.S.
Gold Corp.

 

Accepted
and agreed:

 

	Signature:	/s/ Eric
    Alexander	 	Date:	9/17/2020
	 	Eric
    Alexander	 	 	 

 

	 	205
    S 11th Street	www.usgoldcorp.gold
	 	Elko, NV 89801	ir@usgoldcorp.com
	 	 	+1-800-557-4550

 

    	5Exhibit
10.2

 

GENERAL
RELEASE AND SEVERANCE AGREEMENT

 

This
General Release and Severance Agreement (the “Agreement”), dated as of September 17, 2020, is made and
entered into by and between David Rector (“Employee”) and U.S. Gold Corp. (the “Company”).

 

For
good and valuable consideration, receipt of which is hereby acknowledged, in order to effect a mutually satisfactory and amicable
separation of employment from the Company and to resolve and settle finally, fully and completely all matters and disputes that
now or may exist between them, as set forth below, Employee and the Company agree as follows:

 

1.
Separation from Employment. For the mutual benefit of Employee and the Company, the parties have agreed that Employee
shall transition his Chief Operating Officer position and responsibilities with the Company and shall provide the transition
services set forth in Section 5 herein through and including October 31, 2020 or such earlier date as set forth herein (the
“Separation Date”). Upon the Separation Date, Employee’s employment with the Company shall
cease, and he shall relinquish all positions, offices, and authority with the Company and any affiliates. Employee
acknowledges and agrees that, except for the payments described hereunder, Employee has no rights to any other wages and
other compensation or remuneration of any kind due or owed from the Company, including, but not limited, to all wages,
reimbursements, bonuses, advances, vacation pay, severance pay, vested or unvested equity or stock options, awards,
retention, change in control, sale bonus, or other transaction-based payments, and any other incentive-based compensation or
benefits to which Employee was or may become entitled or eligible.

 

2.
Employment Agreement. The employment agreement between Employee and the Company dated in or around October 2018 (the
“Employment Agreement”) shall terminate forever, and no party shall have any further obligation or
liability thereunder, except that Employee acknowledges and agrees that Section 4.4 (Recoupment), Section 4.5 (Clawback
Rights), Section 5 (Indemnification), Section 6 (D&O Insurance), Section 10 (Non-Solicitation), Section 11 (Confidential
Information), Section 12 (Work Product and Copyrights), Section 13 (Inventions and Patents), Section 14 (Remedies), Section
22 (Severability), Section 23 (Waivers), Section 24 (Governing Law), Section 25 (409A Savings Clause), and Section 26 (Golden
Parachute Limitation) of the Employment Agreement, and all provisions thereunder, shall remain in full force and effect in
accordance with their terms through and following the Separation Date.

 

3.
Continuing Obligations. Employee shall remain bound by, and agrees to comply with, any other obligations that survive an
employment termination as set forth in any other agreement or employee policy to which he became subject during and in
connection with his employment with the Company. For the purposes of Employee’s continuing obligations set forth herein
and as otherwise set forth in this Agreement, “Company” shall be defined as broadly as possible to include,
without limitation, any affiliates and related entities of the Company.

 

    	 

    	 

    

 

4.
Consideration. In consideration of this Agreement and the release herein, his compliance with his obligations hereunder,
and his waiver of any right or eligibility to receive any future change in control, transaction bonus, sale bonus, or similar
payments, the Company will provide Employee with the following: (i) a prorated annual bonus for the 2020 calendar year and
through the Separation Date equal to $150,000 (the “Prorated Bonus”), payable in the number of
fully vested shares of restricted common stock of the Company equal to the Prorated Bonus determined based on the common
stock’s fair market value on the date of grant, and subject to the terms and conditions of the U.S. Gold Corp. 2020
Stock Incentive Plan (the “2020 Plan”) and the Company’s standard form Restricted Stock Award
Agreement; and (ii) any equity awards granted to Employee by the Company pursuant to its 2014 Equity Incentive Plan (the
“2014 Plan”), 2017 Equity Incentive Plan (the “2017 Plan”), or 2020 Plan
(the 2014 Plan, 2017 Plan, and 2020 Plan are collectively referred to herein as, the “Equity
Plans”) during the term of Employee’s employment, shall be 100% vested and retained by Employee,
notwithstanding any terms in an award agreement or plan document regarding forfeiture of such awards under the Equity Plans
upon termination of employment (provided that the foregoing shall not in any way extend the awards beyond their original
term). For the avoidance of any doubt, Employee acknowledges and agrees that he shall not be eligible for any additional
compensation or benefits set forth in Section 9 of the Employment Agreement or any future change in control, sale bonus, or
other transaction-based payments from the Company or any affiliate.

 

5.
Transition Services. From the date hereof through the Separation Date, Employee shall continue as the Company’s
Chief Operating Officer and shall perform such transition services as the Company may request, including, without limitation,
those relating to the transition of his positions, offices, authority, duties, or responsibilities with the Company. Employee
also agrees to assist with the execution of all documents and all other instruments which the Company shall deem necessary to
accomplish any such transition (“Transition Services”). Notwithstanding the foregoing, the Company
may immediately terminate the Transition Services for any reason it determines, in its sole discretion, to constitute Cause
(as defined in the Employment Agreement) and shall have no further obligation to provide the consideration set forth in
Section 4 hereunder. Following the Separation Date through December 31, 2020, or such later date as is mutually agreed to by
the parties, Employee shall provide consulting services to the Company concerning such matters and responsibilities as are
reasonably requested by the Company, for a monthly fee of $15,000.

 

6.
Cooperation. Employee further agrees to cooperate fully and make himself reasonably available to the Company (and its
representatives and advisors) in any pending or future governmental or regulatory investigation, inquiry, or request for
information, or civil, criminal, or administrative proceeding or arbitration, in each case involving the Company. Employee
agrees that, upon reasonable notice and without the necessity of the Company’s obtaining a subpoena or court order, he
shall reasonably respond to all reasonable inquiries of the Company about any matters concerning the Company or its affairs
that occurred or arose during his employment by the Company, of which matters he has knowledge or information.

 

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7.
Release of Claims. For and in consideration of the right to receive the consideration described in Section 4 of this
Agreement, Employee fully and irrevocably releases and discharges the Company, including all of its affiliates, parent
companies, subsidiary companies, employees, owners, directors, officers, principals, agents, insurers, and attorneys
(collectively, the “Releasees”) from any and all actions, causes of action, suits, debts, sums of
money, attorneys’ fees, costs, accounts, covenants, controversies, agreements, promises, damages, claims, grievances,
arbitrations, and demands whatsoever, known or unknown, at law or in equity, by contract (express or implied), in tort, or
pursuant to statute, or otherwise (collectively, “Claims”) arising or existing on, or at any time
prior to, the date this Agreement is signed by Employee. Such released Claims include, without limitation, Claims relating to
or arising out of: (i) Employee’s hiring, compensation, benefits and employment with the Company, (ii) Employee’s
separation from employment with the Company, and (iii) all Claims known or unknown or which could or have been asserted by
Employee against the Company, at law or in equity, or sounding in contract (express or implied) or tort, including claims
arising under any federal, state, or local laws of any jurisdiction that prohibit age, sex, race, national origin, color,
disability, religion, veteran, military status, pregnancy, sexual orientation, or any other form of discrimination,
harassment, or retaliation, including, without limitation, age discrimination claims under the Age Discrimination in
Employment Act; the Americans with Disabilities Act; claims under Title VII of the Civil Rights Act of 1964; the
Rehabilitation Act; the Equal Pay Act; the Family and Medical Leave Act, 42 U.S.C. §1981; the Civil Rights Act of 1991;
the Civil Rights Act of 1866 and/or 1871; the Sarbanes Oxley Act; the Employee Polygraph Protection Act; the Uniform Services
and Employment and Re-Employment Rights Act; the Worker Adjustment Retraining Notification Act; the National Labor Relations
Act and the Labor Management Relations Act; Nevada’s anti-discrimination laws any other similar or equivalent state
laws; and any other federal, state, local, municipal or common law whistleblower protection claim, discrimination or
anti-retaliation statute or ordinance; claims arising under the Employee Retirement Income Security Act; claims arising under
the Fair Labor Standards Act; or any other statutory, contractual or common law claims.

 

8.
No Legal Actions. Employee represents that Employee has not filed or caused to be filed any lawsuit, complaint, or charge
against the Company in any court, any municipal, state, or federal agency, or any other tribunal. To the fullest extent
permitted by law, Employee agrees not to sue or file a complaint in any court, or file or pursue a demand for arbitration,
pursuing any Claims released under this Agreement, or assist or otherwise participate in any such proceeding asserting such a
Claim. Employee warrants further that he has not assigned or conveyed to any other person or entity any of his or its rights,
including any of the Claims released in this Agreement. Employee further expressly waives any claim to any monetary or other
damages or any other form of recovery in connection with any proceeding made by him in violation of this
Agreement.

 

9.
No Interference. Nothing in this Agreement is intended to interfere with Employee’s right to report possible
violations of federal, state or local law or regulation to any governmental or law enforcement agency or entity (including,
without limitation, the Securities and Exchange Commission), or to make other disclosures that are protected under the
whistleblower provisions of federal or state law or regulation. Employee further acknowledges that nothing in this Agreement
is intended to interfere with Employee’s right to file a claim or charge with, or testify, assist, or participate in an
investigation, hearing, or proceeding conducted by, the Equal Employment Opportunity Commission (the
“EEOC”), any state human rights commission, or any other government agency or entity. However, by
executing this Agreement, Employee hereby waives the right to recover any damages or benefits in any proceeding Employee may
bring before the EEOC, any state human rights commission, or any other government agency or in any proceeding brought by the
EEOC, any state human rights commission, or any other government agency on Employee’s behalf with respect to any claim
released in this Agreement; provided, however, for purposes of clarity, Employee does not waive any right to any
whistleblower award pursuant to Section 21F of the Securities Exchange Act of 1934 or any other similar provision.

 

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10.
Review and Consultation. Employee acknowledges that: (a) this Agreement is written in terms and sets forth conditions in
a manner which he understands; (b) he has carefully read and understands all of the terms and conditions of this Agreement;
(c) he agrees with the terms and conditions of this Agreement; and (d) he enters into this Agreement knowingly and
voluntarily. Employee acknowledges that he does not waive rights or claims that may arise after the date this Agreement is
executed, that he has been given twenty-one (21) days from receipt of this Agreement in which to consider whether he wanted
to sign it, that any modifications, material or otherwise made to this Agreement do not restart or affect in any manner the
original twenty-one (21) day consideration period, and that the Company advises Employee to consult with an attorney before
he signs this Agreement. The Company agrees, and Employee represents that he understands, that he may revoke his acceptance
of this Agreement at any time for seven (7) days following his execution of the Agreement and must provide notice of such
revocation by giving written notice to the Company. If not revoked by written notice received on or before the eighth (8th)
day following the date of his execution of the Agreement, this Agreement shall be deemed to have become enforceable and on
such eighth (8th) day.

 

11.
No Further Services. Employee agrees that he will not seek, apply for, accept, or otherwise pursue employment,
engagement, or arrangement to provide further services with or for the Company, as an employee, independent contractor or
otherwise, except as provided herein.

 

12.
Confidentiality of Agreement. Employee agrees that he will keep both the fact of this Agreement and the terms of this
Agreement confidential, and will not disclose the fact of this Agreement or the terms of this Agreement to anyone other than
Employee’s spouse/registered domestic partner, attorney or accountant/tax advisor, unless otherwise required to under
applicable law or regulation after providing reasonable notice in writing to the Company and a reasonable opportunity to
challenge any such disclosure.

 

13.
Governing Law/Venue. The parties agree that the Agreement shall be governed by and construed under the laws of the State
of Nevada. In the event of any dispute regarding this Agreement or Employee’s employment, the parties hereby
irrevocably agree to submit to the federal and state courts situated in [Nevada], and Employee agrees that he shall not
challenge personal or subject matter jurisdiction in such courts. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (I) ARISING
UNDER THIS AGREEMENT OR (II) IN ANY WAY CONNECTED WITH, OR RELATED OR INCIDENTAL TO, THE DEALINGS OF THE PARTIES HERETO IN
RESPECT OF THIS AGREEMENT, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, OR IN
EQUITY, OR OTHERWISE.

 

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14.
Voluntary. This Agreement is executed voluntarily and without any duress or undue influence on the part or behalf of the
parties hereto. The parties acknowledge that they have had ample opportunity to have this Agreement reviewed by the counsel
of their choice.

 

15.
Acknowledgment. Employee acknowledges and agrees that the consideration provided herein is consideration to which
Employee is not otherwise entitled except pursuant to the terms of this Agreement and are being provided in exchange for
Employee’s compliance with his obligations set forth hereunder.

 

16.
No Admission of Liability. This Agreement shall not in any way be construed as an admission by the Company or Employee of
any acts of wrongdoing or violation of any statute, law or legal right.

 

17.
No Third-Party Beneficiaries. Except as expressly provided to the contrary in this Agreement, no third party is intended
to be, and no third party shall be deemed to be, a beneficiary of any provision of this Agreement. Employee agrees that all
Releasees shall be express third-party beneficiaries of this Agreement (and the release of Claims contained herein) and shall
be permitted to enforce the terms of this Agreement as if they were parties hereto.

 

18.
Sole Agreement and Severability. Except as set forth herein, this Agreement is the sole, entire and complete agreement of
the parties relating in any way to the subject matter hereof and supersedes all prior agreements and understandings among the
parties with respect to such subject matter. No statements, promises or representations have been made by any party to any
other party, or relied upon, and no consideration has been offered, promised, expected or held out other than as expressly
set forth herein, provided only that the release of claims in any prior agreement or release shall remain in full force and
effect. The covenants contained in this Agreement are intended by the parties hereto as separate and divisible provisions,
and in the event that any or all of the covenants expressed herein shall be determined by a court of competent jurisdiction
to be invalid or unenforceable, the remaining parts, terms or provisions of this Agreement shall not be affected and such
provisions shall remain in full force and effect.

 

SIGNATURE
PAGE FOLLOWS

 

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PLEASE
READ CAREFULLY. THIS GENERAL RELEASE AND SEVERANCE AGREEMENT INCLUDES A RELEASE OF ANY AND ALL CLAIMS, KNOWN OR UNKNOWN, AGAINST
THE COMPANY.

 

	THE
    COMPANY		EMPLOYEE
	 	 	 
	By:	/s/
    Edward M. Karr	 	/s/
    David Rector
	 	 	 
	Title:	Chief
    Executive Officer	 	Date:	September
    17, 2020
	 	 	 
	Date:	September
    17, 2020	 	 

 

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