Document:

Form of Allied Nevada Special Stock Option Plan

 Exhibit 10.6 
 ALLIED NEVADA GOLD CORP. 
 SPECIAL STOCK OPTION PLAN 
 February 7, 2007 
  

	1.	PURPOSE OF THE PLAN 

 The purpose of this Special
Stock Option Plan (the “Plan”) is to govern the grant of stock options (the “Options”) to purchase common shares (the “Shares”) in the capital of Allied Nevada Gold Corp. (the “Corporation”) pursuant to an
arrangement and merger agreement made as of September 22, 2006 among the Corporation, Vista Gold Corp. (“Vista”) and Carl and Janet Pescio. The options (the “Options”) under the Plan will be granted to holders of stock
options (“Vista Options”) to purchase common shares in the capital of Vista under Vista’s stock option plan dated November 1996, as amended November 1998, May 2003, May 2005 and May 2006 (the “May 2006 Plan”) as of
the effective time (the “Effective Time”) of a plan of arrangement (the “Arrangement”) involving, among others, the Corporation and Vista. Under the Plan, holders of Vista Options will exchange their Vista Options for:
(i) new options to purchase common shares in the capital of Vista and (ii) the Options issuable under the Plan. 
  

	2.	IMPLEMENTATION 

 The Plan and the grant and exercise
of any Options under the Plan are subject to compliance with all applicable securities laws and regulations and rules promulgated thereunder (including the requirements of section 16 of the Securities Exchange Act of 1934 (the “1934 Act”)
and Rule 16b-3 thereunder) and with the requirements of each stock exchange on which the Shares are listed at the time of the grant of any Options under the Plan and of any governmental authority or regulatory body to which the Corporation is
subject (collectively “Securities Laws”). 
  

	3.	ADMINISTRATION 

 The Plan shall be administered by
the Board of Directors of the Corporation which shall, without limitation, have full and final authority in its discretion, but subject to the express provisions of the Plan, to interpret the Plan, to prescribe, amend and rescind rules and
regulations relating to it and to make all other determinations deemed necessary or advisable for the administration of the Plan. 
  

	4.	MAXIMUM NUMBER OF SHARES RESERVED UNDER THE PLAN 

 Subject to the applicable requirements of each stock exchange on which the Shares are listed, the maximum number of Shares which may be issuable pursuant to Options granted under the Plan shall be equal to, but shall not exceed at any time,
that number of Options issuable to holders of Vista Options pursuant to the Arrangement. Notwithstanding any other provision in the Plan, such maximum number may not be amended by the Corporation at any time, except as provided in paragraph 6.9 of
the Plan. For greater certainty, no additional Options may be issued under the Plan for any purpose whatsoever except pursuant to the Arrangement. If Options granted to an individual under the Plan shall expire or terminate for any reason without
having been exercised in respect of certain Shares, such Shares shall not be made available for purchase upon exercise of other Options to be granted under the Plan. 
  

	5.	ELIGIBILITY 

 All Options under the Plan shall be
granted under the Plan pursuant to the Arrangement to holders of Vista Options as of the Effective Time. All holders of Options under the Plan are designated as “Participants” under the Plan. 
  

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	6.	TERMS AND CONDITIONS 

 All Options under the Plan
shall be granted upon and subject to the terms and conditions hereinafter set forth. 
  

	6.1	Option Agreement 

 All Options shall be granted
under the Plan by means of an agreement (the “Option Agreement”) between the Corporation and each Participant, to be entered into as soon as reasonably practicable after the Effective Time, substantially in the form set out in Schedule
“A” attached hereto, and which shall first be approved by the Board of Directors with such changes to such form as the Board of Directors may approve, such approval to be conclusively evidenced by the execution of the Option Agreement by
any two directors or officers of the Corporation. 
  

	6.2	Exercise Price 

 The price (the “Exercise
Price”) payable in cash at the time of exercise of an Option by a Participant for any Share will be determined after the Effective Time, in accordance with the terms of the Arrangement, and will be stated on each Option Agreement. 

 

	6.3	Length of Grant 

 Subject to paragraphs 6.8 to 6.12,
all Options granted under the Plan shall expire not later than that date which is 10 years from the date such Options were granted. 
  

	6.4	Non-Assignability of Options 

 An Option granted
under the Plan shall not be transferable or assignable (whether absolutely or by way of mortgage, pledge or other charge) by a Participant other than by will or other testamentary instrument or the laws of succession or administration and may be
exercisable during the lifetime of the Participant only by such Participant in accordance with paragraph 6.5 of the Plan. 
  

	6.5	Exercise of Options 

 Each Participant, upon
becoming entitled to exercise Options in respect of any Shares in accordance with the Option Agreement relating thereto, shall thereafter be entitled to exercise the Options to purchase such Shares at any time or times after such Options vest and
become exercisable in accordance with the Option Agreement relating thereto and prior to the expiration or other termination of the Options in accordance with the Option Agreement. 
  

	6.6	Exercise and Payment 

 Any Option granted under the
Plan may be exercised in whole or in part by a Participant or, if applicable, the legal representative of a Participant by delivering to the Corporation at its registered office written notice specifying the number of Shares in respect of which such
Option is being exercised, accompanied by payment (by cash or certified cheque payable to the Corporation) of the entire Exercise Price (determined in accordance with the Option Agreement) for the number of Shares specified in the notice. Upon the
exercise of an Option by a Participant the Corporation shall cause the transfer agent and registrar of Shares of the Corporation to promptly deliver to that Participant or the legal representative of that Participant, as the case may be, a share
certificate in the name of that Participant or the legal representative of that Participant, as the case may be, representing the number of Shares specified in the written notice. 
  

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	6.7	Rights of Participants 

 The Participants shall have
no rights whatsoever as shareholders in respect of any of the Shares (including, without limitation, voting rights or any right to receive dividends, warrants or rights under any rights offering) other than Shares in respect of which Participants
have exercised their Options and which have been issued by the Corporation. 
  

	6.8	Third Party Offer 

 If at any time when an Option
granted under the Plan remains unexercised with respect to any Shares, an offer to purchase all of the outstanding Shares is made by a third party, the Corporation may, upon giving each Participant written notice to that effect, require the
acceleration of the time for the exercise of the unexercised Options granted under the Plan and of the time for the fulfilment of any conditions or restrictions on such exercise. 
  

	6.9	Alterations in Shares 

 In the event of a stock
dividend, subdivision, redivision, consolidation, share reclassification, amalgamation, merger, consolidation, corporate arrangement, reorganization, liquidation or the like of or by the Corporation, the Board of Directors may, subject to any
required prior regulatory approval, make adjustments, if any, to the number of Shares that may be purchased upon exercise of unexercised Options or to the Exercise Price therefor, or both, as it shall deem appropriate and may amend the Option
Agreements relating to those Options to give effect to such adjustments and may adjust the maximum number of Shares available under the Plan as may be appropriate. If because of a proposed merger, amalgamation or other corporate arrangement or
reorganization, the exchange or replacement of Shares for shares or other securities in another company is imminent, the Board of Directors may, in a fair and equitable manner and subject to prior regulatory approval, determine the manner in which
all unexercised Options granted under the Plan shall be treated including, for example, requiring the acceleration of the time for the exercise of such Options by the Participants and of the time for the fulfilment of any conditions or restrictions
on such exercise. 
  

	6.10	Termination for Cause 

 Subject to paragraph 6.11
and section 7, if a Participant is dismissed as an officer or employee of Vista or one of its subsidiaries for cause, all unexercised Options of that Participant under the Plan shall immediately be deemed to be terminated and shall lapse
notwithstanding the original term of the Option granted to such Participant under the Plan. Nothing contained in the Plan shall be deemed to give an officer or employee the right to be retained in the employ of Vista, or to interfere with the right
of Vista to terminate the employment of an officer or employee at any time. 
  

	6.11	Termination Other Than for Cause 

 If a Participant
ceases to be a director, officer or employee of Vista or of one of its subsidiaries or ceases to provide consulting or other services to Vista for any reason other than as a result of having been dismissed for cause as provided in paragraph 6.10 or
as a result of the Participant’s death, such Participant shall have the right for a period of 30 days (or until the normal expiry date of the Option rights of such Participant if earlier) from the date of ceasing to be a director, officer,
employee or provider of services to exercise the Options of such Participant to the extent they were then exercisable. Upon the expiration of such 30 day period all unexercised Options of that Participant shall immediately be terminated
notwithstanding the original term of the Option granted to such Participant under the Plan. 
  

	6.12	Deceased Participant 

 In the event of the death of
a Participant, the legal representatives of the deceased Participant shall have the right for a period of 90 days (or until the normal expiry date of the Options of such Participant if earlier) from the date of death of the deceased Participant to
exercise the deceased Participant’s Options to the extent they were exercisable on the date of death. Upon the expiration of such period all unexercised Options of the deceased Participant shall immediately terminate and shall lapse
notwithstanding the original term of the Options granted to the deceased Participant under the Plan. 
  

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	7.	DISCONTINUANCE AND AMENDMENT OF PLAN 

 The Board of
Directors may from time to time, subject to any applicable Securities Laws and any required prior regulatory approval, suspend, terminate or discontinue the Plan at any time, or amend or revise the terms of the Plan or of any Option granted under
the Plan and the Option Agreement relating thereto, provided that no such amendment, revision, suspension, termination or discontinuance shall in any manner adversely affect any Options previously granted to a Participant under the Plan without the
consent of that Participant. Notwithstanding the foregoing, upon the exercise, expiry or termination of all Options granted hereunder, the Corporation shall discontinue the Plan. 
  

	8.	NO FURTHER RIGHTS 

 Nothing contained in the Plan
nor in any Option granted hereunder shall give any Participant or any other person any interest or title in or to any Shares or any rights as a shareholder of the Corporation or any other legal or equitable right against the Corporation whatsoever
other than as set forth in the Plan and pursuant to the exercise of any Option, nor shall it confer upon the Participants any right to continue as an employee or executive of Vista or of its subsidiaries. 
  

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 SCHEDULE “A” 
 SPECIAL STOCK OPTION AGREEMENT 
 THIS AGREEMENT made as of the
             day of                     ,
20    . 
 BETWEEN: 
 ALLIED NEVADA GOLD CORP. 
 1360 Greg Street, Suite 203 
 Sparks, Nevada, USA 89431 
 (hereinafter called the “Corporation”) 
 AND: 
 _______________________                                   
              
 c/o Allied Nevada Gold Corp. 
 1360 Greg Street, Suite 203 
 Sparks, Nevada, USA 89431 [NTD: consider whether Participant’s address should be c/o Vista 
 or Allied Nevada] 
 (hereinafter called the “Participant”) 
 WITNESSES THAT WHEREAS: 
 A. The Corporation has entered into an arrangement
and merger agreement made as of September 22, 2006 (the “Arrangement Agreement”), pursuant to which the Corporation has established a special stock option plan (the “Plan”), a copy of which is annexed as Appendix
“A” to this Agreement; 
 B. The Participant is a holder of options to acquire common shares in the capital of Vista Gold Corp. (“Vista”)
and is entitled to receive options to acquire common shares in the capital of the Corporation (“Options”) as part of the plan of arrangement that forms a part of the Arrangement Agreement and has been designated as a
“Participant” under the Plan by the Board of Directors of the Corporation. 
 NOW THEREFORE in consideration of the premises and
mutual covenants hereinafter set forth, and for other good and valuable consideration, it is agreed between the parties hereto as follows: 
  

	1.	INTERPRETATION 

 In this Agreement defined or
capitalized words and terms used herein shall have the meanings ascribed to them in the Plan unless otherwise defined in this Agreement. 
  

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	2.	GRANT OF OPTION 

 The Corporation hereby grants to
the Participant, subject to the terms and conditions set forth in the Plan and this Agreement, an irrevocable right and option (the “Option”) to purchase
                     Common Shares (the “Shares”) of the Corporation at the price of
Cdn/US$                     per Share at any time after the date or dates set forth below with respect to the number of Shares shown opposite
such date or dates: 
  

					
	Date	 		  	No. of Shares Vested
	  	 		  	  
	  	 		  	  
	  	 		  	  
	  	 		  	  

 until the close of business on the             
day of                     ,              (the “Expiry Date”).

  

	3.	EXERCISE OF OPTION 

 The Participant shall have the
right to exercise the Option hereby granted, subject to the terms and conditions set forth in the Plan and this Agreement, until the Expiry Date at which time the Option hereby granted shall expire and terminate and be of no further force or effect
for those Shares in respect of which the Option hereby granted has not been exercised. 
  

	4.	NO REQUIREMENT TO PURCHASE 

 Nothing herein
contained shall obligate the Participant to purchase and/or pay for any Shares except those Shares in respect of which the Participant shall have duly and properly exercised his or her Option. 
  

	5.	SUBJECT TO PLAN 

 This Agreement shall be subject in
all respects to the Plan as the same shall be amended, revised or discontinued from time to time and all the terms and conditions of the Plan are hereby incorporated into this Agreement as if expressly set forth herein and as the same may be amended
from time to time. 
 IN WITNESS WHEREOF this Agreement has been executed by the parties hereto as of the date first above written.

  

			
	  
	Participant’s Signature
	
	  
	Participant’s Name
	(print or type)
	
	ALLIED NEVADA GOLD CORP.
		
	Per:  	 	  
		
	Per:  	 	  

  

 A-2Form of Allied Nevada Stock Option Plan

 Exhibit 10.7 
 ALLIED NEVADA GOLD CORP. 
 2007 STOCK OPTION PLAN 
 Section 1. Purpose. The purpose of the 2007 Stock Option Plan (the “Plan”) is to assist Allied Nevada Gold Corp. (the
“Company”) in attracting, retaining and motivating directors, officers and employees of the Company and of its subsidiaries and other persons providing consulting or other services to the Company (“Participants”) and to more
closely align the personal interests of such persons with those of the shareholders by providing them with the opportunity to acquire shares of the Company’s common stock (“Common Stock”) and to benefit from the appreciation thereof.

 Pursuant to the Plan, options to purchase the Company’s Common Stock (“Options”) may be granted to Participants by the
Company. Options granted under the Plan may be either incentive stock options, as defined in Section 422(b) of the Internal Revenue Code of 1986, as amended (the “Code”), herein referred to as “incentive stock options,” or
options which do not meet the requirements of Section 422(b) of the Code, herein referred to as “non-qualified stock options”. 
 It is intended, except as otherwise provided herein, that incentive stock options may be granted under the Plan and that such incentive stock options shall conform to the requirements of Section 422 and 424 of the Code and to the
provisions of this Plan and shall otherwise be as determined by the Committee (as hereinafter defined). The terms “subsidiaries” and “subsidiary corporation” shall have the meanings given to them by Section 424 of the Code.
All section references to the Code in this Plan are intended to include any amendments or substitutions therefor subsequent to the adoption of the Plan. 
 Notwithstanding anything in the Plan to the contrary, the Plan shall be operated in compliance with Section 409A of the Code. 
 Section 2. Administration. The Plan shall be administered by a Compensation Committee (the “Committee”) consisting of two or more members of the Board of Directors of the Company (the
“Board”), each of whom shall meet the requirements for (i) a “non-employee director” within the meaning of Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), (ii) an
“outside director” within the meaning of Section 162(m) of the Code and (iii) an “independent director” under the American Stock Exchange and other applicable listing rules and any other required independence standards.
The Committee shall have full authority to grant Options, to interpret the Plan and to make such rules and regulations and establish such procedures as it deems appropriate for the administration of the Plan, taking into consideration the
recommendations of management of the Company. The decisions of the Committee shall be binding and conclusive for all purposes and upon all persons unless and except to the extent that the Board shall have previously directed that all or specified
types of decisions of the Committee shall be subject to approval by the Board. Notwithstanding the foregoing and anything else in the Plan to the contrary, the Committee, in its sole discretion, may delegate the Committee’s authority and duties
under the Plan to the Chief Executive Officer of the Company, or to any other committee, in either case to the extent permitted under applicable law, under such conditions and limitations as the Board or the Committee may from time to time
establish, except that only the Committee may make any determinations regarding awards to Participants who are subject to Section 16 of the Exchange Act. 
  

 Section 3. Number of Shares. Subject to Section 6, the total number of shares which may
be sold under the Plan shall not exceed 3,000,000 shares of the Company’s Common Stock. The total number of shares for which Options may be granted under the Plan to any Participant shall not exceed five (5%) of the Common Stock issued and
outstanding from time to time. The shares may be authorized and unissued or issued and reacquired shares, as the Board from time to time may determine. Shares with respect to which Options are not exercised prior to termination of the Option shall
again be available for Options thereafter granted under the Plan, to the fullest extent permitted by law. 
 Section 4.
Participation. The Committee may, from time to time, grant Options to Participants and shall determine the number of shares subject to each grant. 
 Section 5. Terms and Conditions of Options. The terms and conditions of each Option shall be set forth in an agreement or agreements (each, an “Option Agreement”), substantially in the form of
Schedule “A” attached hereto, between the Company and the Participant. Such terms and conditions shall include the following as well as such other provisions, not inconsistent with the Plan, as may be deemed advisable by the Committee:

 (a) Number of Shares. The number of shares subject to the Option. 
 (b) Option Price. Subject to paragraph 5(j) hereof, the option price per share (the “Option Price”) will be not less than 100% of the
Fair Market Value of a share of the Company’s Common Stock on the date the Option is granted. The “Fair Market Value” of the Common Stock as of any date shall be deemed to be the closing price of a share of the Company’s Common
Stock on either the American Stock Exchange or the Toronto Stock Exchange, in the discretion of the Board, on the date of grant, or if the shares are not traded on a securities exchange, Fair Market Value shall be deemed to be the average of the
high bid and low asked prices of the shares in the over-the-counter market on the date of grant. Once granted, except as provided in Section 6, the Option Price of outstanding Options may not be reduced, whether by repricing, exchange or
otherwise. 
 (c) Date of Grant. The date of grant of an Option shall be the date when the Committee meets and awards such Option, or
such later date as the Committee shall designate. 
 (d) Payment. The Option Price multiplied by the number of shares to be purchased
by exercise of an Option shall be paid upon the exercise thereof. Unless the terms of an Option provide to the contrary, upon exercise, the aggregate Option Price shall be payable (i) in cash equal to such aggregate Option Price, (ii) subject
to applicable laws, rules and regulations, in shares of the Company’s Common Stock owned by the Participant (which, for so long as necessary to avoid adverse accounting treatment, must have been held by the Participant at least six months)
having a Fair Market Value on the day immediately preceding the date of exercise at least equal to such aggregate Option Price, (iii) subject to applicable laws, rules and regulations, a combination of the above methods, or (iv) by any
other means approved by the Committee, including under any approved cashless exercise mechanism. Payment of the aggregate Option Price shall be made and received by the Company prior to the delivery of the shares as to which the Option was
exercised. The right to deliver, in full or partial payment of the Option Price, any consideration other than cash shall be limited to such frequency as the Committee shall determine in its absolute discretion. A Participant shall have none of the
rights of a stockholder with respect to an Option until the shares of Common Stock underlying such Option are issued to such Participant. In order to be validly exercised, the aggregate Option Price and all necessary exercise documentation must be
submitted to the Company or its designated agent not later than the close of trading on the date of expiration of the Option or, if such date is not a trading day, the close of trading on the last trading day prior to the date of expiration of the
Option. 
  

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 (e) Term of Options. Each Option granted pursuant to the Plan shall be for the term specified in
the applicable Option Agreement but in no event longer than ten (10) years from the date of grant. 
 (f) Exercise of Option. The
Option Agreement will specify any vesting periods with respect to the Options or portions thereof. No Option may be exercised after it is terminated as provided in paragraph (g) of this Section and, in the case of an incentive stock option, no
such Option may be exercised unless the Participant is then employed by the Company or any of its subsidiaries and shall have been continuously employed by the Company or one or more of such subsidiaries since the date of the grant of the
Participant’s Option, except as provided in paragraph (g) of this Section). Non-qualified stock options and incentive stock options may be exercised regardless of whether other Options granted to the Participant pursuant to the Plan are
outstanding or whether other stock options granted to the Participant pursuant to any other plan are outstanding. 
 (g) Termination of
Options. Unless otherwise provided in the applicable Option Agreement, an Option, to the extent not validly exercised, shall terminate at the end of its stated term or earlier, upon the occurrence of the following events: 
 (i) Termination for Cause. Subject to subparagraph (g)(ii) and Section 8 hereof, if a Participant is dismissed as an
officer or employee by the Company or by one of its subsidiaries for cause, all unexercised Options of that Participant under the Plan shall immediately be deemed to be terminated and shall lapse notwithstanding the original term of the Option
granted to such Participant under the Plan. Nothing contained in the Plan shall be deemed to give an officer or employee the right to be retained in the employ of the Company, or to interfere with the right of the Company to terminate the employment
of an officer or employee at any time. 
 (ii) Termination for Other Than Cause. If a Participant ceases to be a
director, officer or employee of the Company or of one of its subsidiaries or ceases to provide consulting or other services to the Company for any reason other than as a result of having been dismissed for cause as provided in
subparagraph (g)(i) above, or as a result of the Participant’s disability or death, such Participant shall have the right for a period of 30 days (or until the normal expiry date of the Option rights of such Participant if
earlier) from the date of ceasing to be a director, officer, employee or provider of services to exercise the Options of such Participant to the extent they were then exercisable. Upon the expiration of such 30 day period all unexercised
Options of that Participant shall immediately be deemed to be terminated and shall lapse notwithstanding the original term of the Option granted to such Participant under the Plan. 
 (iii) Disability of Participant. In the event of the disability of a Participant (within the meaning of Section 422(c) of the
Code) the Participant shall have the right for a period of 90 days in the case of a non-qualified stock option or twelve months in the case of an incentive stock option (or until the normal expiry date of the Options of such Participant if earlier)
from the date of cessation of employment with the Company and/or one of its subsidiaries, as applicable, of the Participant to exercise the Participant’s Options to the extent they were exercisable on the date of such cessation of employment.
Upon the expiration of such period all unexercised Options of the Participant shall immediately be deemed to be terminated and shall lapse notwithstanding the original term of the Option granted to such Participant under the Plan. 
 (iv) Deceased Participant. In the event of the death of a Participant, the legal representatives of the deceased Participant shall
have the right for a period of 90 days in the case of a non-qualified stock option or twelve months in the case of an incentive stock option (or until the normal expiry date of the Options of such Participant if earlier) from the date of
death of the 
  

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 deceased Participant to exercise the deceased Participant’s Options to the extent they were
exercisable on the date of death. Upon the expiration of such period all unexercised Options of the deceased Participant shall immediately be deemed to be terminated and shall lapse notwithstanding the original term of the Option granted to the
deceased Participant under the Plan. 
 (h) Non-transferability of Options. Options shall not be transferable or assignable by the
Participant other than by will or the laws of descent and distribution, and Options shall during a Participant’s lifetime be exercisable only by the Participant; provided, however, that the Committee may, in its sole discretion,
allow for transfer of Options (other than incentive stock options, unless such transferability would not adversely affect incentive stock option tax treatment) but only for estate planning purposes and when permitted by applicable laws, rules and
regulations. 
 (i) Applicable Laws or Regulations. The Company’s obligation to sell and deliver Common Stock under Options is
subject to such compliance as the Company deems necessary or advisable with federal, and state and provincial laws, rules and regulations and the rules and regulations of applicable stock exchanges. 
 (j) Limitations on Incentive Stock Options. Incentive stock options may be granted only to employees who are, at the time of grant, actual so
called “common law employees” of the Company and not a consultant, advisor, service provided or independent contractor. To the extent that the aggregate Fair Market Value of the Company’s Common Stock, determined at the time of grant,
with respect to which incentive stock options granted under this or any other Plan of the Company are exercisable for the first time by a Participant during any calendar year exceeds $100,000, or such other amount as may be permitted under the Code,
such excess shall be considered non-qualified stock options. 
 Notwithstanding anything in the Plan to the contrary, any incentive stock
option granted to any Participant who, at the time of grant, is the owner, directly or indirectly, of Common Stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any
subsidiary thereof, shall (i) have a term not exceeding five years from the date of grant and (ii) shall have an Option Price of not less than 110% of the Fair Market Value of the Company’s Common Stock on the date the incentive stock
option is granted. 
 Section 6. Adjustment in Event of Change in Stock. Subject to Section 7, in the event of a stock
split, stock dividend, cash dividend (other than a regular cash dividend), combination of shares, merger, or other relevant change in the Company’s capitalization, the Committee shall, subject to the approval of the Board of Directors and
compliance with federal, state and provincial laws, rules and regulations and the rules and regulations of applicable stock exchanges, appropriately adjust the number and kind of shares available for issuance under the Plan, the maximum number of
shares for which Options may be granted to any Participant during any one fiscal year of the Company, the number, kind and Option Price of shares subject to outstanding Options; provided, however, that to the extent permitted in the case of
incentive stock options by Sections 422 and 424 of the Code, in the event that the outstanding shares of Common Stock of the Company are increased or decreased or changed into or exchanged for a different number or kind of shares or other securities
of the Company or of another corporation, through reorganization, merger, consolidation, liquidation, recapitalization, reclassification, stock split-up, combination of shares or dividend, appropriate adjustment in the number and kind of shares as
to which Options may be granted and as to which Options or portions thereof then unexercised shall be exercisable, and in the Option Price thereof, shall be made to the end that the proportionate number of shares or other securities as to which
Options may be granted and the Participant’s proportionate interests under outstanding Options shall be maintained as before the occurrence of such event; provided, that any such adjustment in shares subject to outstanding Options (including
any 

  

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adjustments in the Option Price) shall be made in such manner as not to constitute a modification as defined by subsection (h)(3) of Section 424 of the
Code. 
 Section 7. Third Party Offer. If at any time when an Option granted under the Plan remains unexercised with respect to
any shares of Common Stock, an offer to purchase all of the outstanding shares of the Company’s Common Stock is made by a third party (such offer, a “Third Party Offer”), the Company may, upon giving each Participant written notice to
that effect, require the acceleration of the time for the exercise of the unexercised Options granted under the Plan and of the time for the fulfillment of any conditions or restrictions on such exercise. 
 Section 8. Amendment and Discontinuance. The Board of Directors of the Company may from time to time amend or revise the terms of the Plan,
or may discontinue the Plan at any time as permitted by law, provided, however, that such amendment shall not (except as provided in Section 6), without further approval of the stockholders, (i) increase the aggregate number of shares with
respect to which awards may be made under the Plan; (ii) change the manner of determining the Option Price (other than determining the Fair Market Value of the Common Stock to conform with applicable provisions of the Code or regulations and
interpretations thereunder); (iii) extend the term of the Plan or the maximum period during which any Option may be exercised or (iv) make any other change which, in the absence of stockholder approval, would be prohibited by the listing
requirements of the national stock exchange on which the Common Stock is listed and traded, or would cause awards granted under the Plan which are then outstanding, or which may be granted in the future, and which are intended to qualify as
performance-based compensation under Section 162(m) of the Code, to fail to meet the exemptions provided by Section 162(m) of the Code. No amendments, revision or discontinuance of the Plan shall, without the consent of a Participant, in
any manner adversely affect his or her rights under any awards theretofore granted under the Plan, provided, however, that the Committee reserves the right to amend, revise or discontinue the Plan, any Option Agreement, any provision
of the Plan, including, without limitation, Section 7, or any provision of an Option Agreement where such amendment, revision or discontinuance is necessary or desirable to comply with any applicable law or to ensure that, with respect to any
Option, or the cash or shares of common stock into which they are converted, the Participant is not subject to federal income tax prior to delivery to such Participant or any additional tax under Section 409A of the Code. 
 Section 9. Effective Date and Duration. The Plan was adopted by the Board of Directors of the Company on February 7, 2007, subject to
approval by the stockholders of the Company at the first annual meeting of the stockholders currently expected to be held on or about __________ ___, 200__. Neither the Plan nor any award shall become binding until the Plan is approved by a vote of
the stockholders in a manner which complies with Sections 162(m) and 422(b)(1) of the Code, as applicable, and any other applicable law or regulation. No Option may be granted under the Plan before February __, 2007, nor after February __, 2017,
unless such grant is approved by the stockholders of the Company in a manner which complies with Sections 162(m) and 422(b)(1) of the Code. 
 Section 10. Tax Withholding. Notwithstanding any other provision of the Plan, the Company or its subsidiaries, as appropriate, shall have the right to deduct from all awards under the Plan cash and/or stock, valued at Fair
Market Value on the date of payment, an amount necessary to satisfy all federal, state, provincial or local taxes as required by law to be withheld with respect to such awards. In the case of awards paid in the Company’s Common Stock, the
Participant or permitted transferee may be required to pay to the Company or a subsidiary thereof, as appropriate, the amount of any such taxes which the Company or subsidiary is required to withhold, if any, with respect to such stock. Subject in
particular cases to the disapproval of the Committee, the Company may, if permitted under applicable 

  

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law, accept shares of the Company’s Common Stock of equivalent fair market value in payment of such withholding tax obligations if the Participant
elects to make payment in such manner. 
 Section 11. Construction and Conditions. The Plan and Options granted hereunder shall
be governed by and construed in accordance with the laws of the State of Delaware and in accordance with such federal law as may be applicable thereto. 
 Neither the existence of the Plan nor the grant of any Options pursuant to the Plan shall create in any Participant the right to continue to be employed by the Company or its subsidiaries. Employment shall be “at
will” and shall be terminable “at will” by the Company or the Participant with or without cause. Any oral statements or promises to the contrary are not binding upon the Company or the Participant. 
  

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 Schedule “A” to Allied Nevada Gold Corp. 2007 Stock Option Plan 
 ALLIED NEVADA GOLD CORP. 
 STOCK OPTION
AGREEMENT 
 (Phased Vesting) 
  

			
	[Name]	 	Under: 2007 Stock Option Plan
	[Address]	 	
		 	Date of Grant:
		
		 	Option Price:
		
		 	Incentive Stock Option Shares:
		
		 	Non-Qualified Stock Option Shares:

 1. Under the terms and conditions of this Agreement and of the Allied Nevada Gold Corp. (the
“Company”) 2007 Stock Option Plan set forth above (the “Plan”), a copy of which is attached hereto and incorporated herein by reference, the Company (at the request of the Company’s subsidiary employing Optionee, if
applicable) hereby grants to Optionee an option or options (together, the “Option”) to purchase the number of shares of the Company’s Common Stock as specified above (“Option Shares”) at the option price also above
specified. Capitalized terms not otherwise defined herein have the meanings assigned to them in the Plan. 
 2. This Option may be exercised,
in whole or in part from time to time in any whole number of Option Shares, upon and after the earlier of (i) in the case of the Incentive Stock Option, if any, and Non-Qualified Stock Option, respectively, with respect to one-third of the
Option Shares (rounded down), the date that is one year from the date of grant of this Option, with respect to an additional one-third of the Option Shares (rounded down), the date that is two years from the date of grant of this Option and, with
respect to the remaining one-third of the Option Shares, the date that is three years from the date of grant of this Option subject to the provisions of Section 5 of the Plan. Once this Option becomes exercisable, it shall remain exercisable
until its expiration as described in paragraph 3 below. To the extent Option Shares have been purchased pursuant to the exercise of this Option, such shares shall no longer be available for purchase hereunder. The date after which this Option may be
exercised may be accelerated upon a Third Party Offer (as defined in the Plan). 
 3. This Option shall expire upon the date that is ten
years from the date of grant or earlier as provided in Section 5 of the Plan which provides, among other things, that Options shall expire upon the first to occur of the following: (i) immediately upon the date of the termination with the
Company and its subsidiaries of Optionee’s employment by the Company or any of its subsidiaries for cause, (ii) the date that is thirty days from the date that the Optionee ceases to be a director, officer or employee of the Company or of
one of its subsidiaries or ceases to provide consulting or other services to the Company for any reason other than as a result of having been dismissed for cause as provided in the preceding clause (i), or as a result of the Optionee’s
disability or death, (iii) in the event of the disability of the Optionee, the date that is ninety days (or twelve months in the case of an Incentive Stock Option) from the date of cessation of employment with the Company and/or one of its
subsidiaries, as applicable, or (iv) the date that is ninety days (or twelve months in the case of an Incentive Stock Option) from the date of death of a deceased Optionee. 
  

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 4. To the extent any Incentive Stock Option granted hereby becomes exercisable for the first time in the
aggregate amount of more that $100,000 (fair market value at time of grant) during any calendar year (including for this purpose any other Incentive Stock Options previously granted to Optionee by the Company), such excess will be treated as a
non-qualified stock option under U.S. federal tax provisions, if applicable. In addition, any such incentive stock option exercised by Optionee after three months after separation from service to the Company (or after one year after death or total
and permanent disability of the Optionee) will be treated as a non-qualified stock option under applicable U.S. federal tax provisions. 
 5.
In order to exercise this Option, Optionee must either (i) follow the procedures required by the third party processing administrator (the “processing administrator”) designated by the Company’s Treasurer, or (ii) if
Optionee has not been notified of the designation of the processing administrator, send the Company’s Treasurer an option exercise notice indicating the number of Option Shares for which the Option is to be exercised at that time and the form
in which the certificates are to be registered for Option Shares purchased (in the name of Optionee or in Optionee’s name and that of another person (s) as joint tenants with the right of survivorship). At the time of exercise, Optionee
shall make payment of the Option Price for the Option Shares being purchased in accordance with the processing administrator’s procedures or, if applicable, by submitting to the Company’s Treasurer, together with the option exercise
notice, such payment in the form of (x) a personal or bank check in U.S. Dollars payable to Allied Nevada Gold Corp. and drawn on or payable at a United States bank, and /or (y) subject to applicable laws, rules and regulations, shares of the
Company’s common stock issued in Optionee’s name which were either (i) acquired by the Optionee from a person other than the Company or (ii) held by the Optionee for at least six months, which shares shall be duly assigned to the
Company, or (z) by a combination of the foregoing methods or by any other form of consideration which has been approved by the Compensation Committee, as and to the extent provided and permitted by Section 5(d) of the Plan. Notwithstanding
anything to the contrary herein, the processing administrator, the Company or its subsidiaries shall have the right to deduct from the gross cash proceeds or the number of Option Shares to be delivered upon exercise of this Option or any similar
options previously granted by the Company to Optionee such cash or the number of Option Shares, respectively, as may be necessary to satisfy the minimum amount of federal, state or local taxes or other deductions legally required to be withheld
before disbursing the net proceeds (less any related administrative fees and expenses) or Option Shares to Optionee or in the alternative such parties may require Optionee to deliver to the processing administrator, the Company or its subsidiaries
an amount of cash or number of shares of common stock of the Company to satisfy such fees, expenses and withholding before disbursing the net proceeds or Option Shares to Optionee. 
 6. This Agreement and this Option as well as the Company’s obligation to sell and deliver Option Shares covered by this Option is subject to all
federal, state, provincial and other laws, rules and regulations of the United States and Canada and/or of the country wherein Optionee resides or is employed. Compliance with any recording, protocolization or registration requirements and payment
of any fees or taxes applicable to this Agreement or the transactions it contemplates are the exclusive responsibility of Optionee. 
 7.
This Option is not transferable or assignable other than by will or by the laws of descent and distribution and may be exercised during Optionee’s lifetime only by such Optionee. After Optionee’s death, the Option may be exercised only by
Optionee’s legal representative or legatee or such other person designated by an appropriate court as the person entitled to make such exercise. The Option may be exercised after Optionee’s death only to the extent that Optionee was
entitled to exercise it at the time of Optionee’s death, in accordance with paragraph 4, above. 
  

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 8. Subject to the express provisions of the Plan, this Agreement and the Plan are to be interpreted and
administered by the Compensation Committee, whose determination will be final. This Agreement shall be subject in all respects to the Plan as the same shall be amended, revised or discontinued from time to time and in the event of any inconsistency
between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall govern. 
 9. By signing this Option Agreement,
Optionee hereby unambiguously consents to and authorizes the disclosure of information related to the grant of the Option, including without limitation, information regarding Optionee’s age, date of birth and details regarding the Option or any
similar options previously granted by the Company, to Optionee, the Company, any third party retained by the Company to administer the exercise of the Option, the Company’s subsidiary(ies) currently and/or previously employing Optionee and
governmental and regulatory authorities having jurisdiction over this Agreement or the transactions it contemplates. The purpose of the information transfer is to allow Optionee to exercise the Options in accordance with (i) the terms under
which they were granted and (ii) applicable laws; the information disclosed will be retained for the period of time necessary to achieve this purpose. 
 10. This Agreement shall be governed by the laws of the State of Delaware and in accordance with such federal law as may be applicable. 
 Allied Nevada Gold Corp. 
 By: _______________________________ 
         Name:

         Title: 
 Accepted and agreed to:_______________________________ 
 Optionee’s Signature

  

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