Document:

Exhibit 4.1

 

PATRIOT GOLD CORP. 

2019 STOCK OPTION PLAN

 

 

1.       PURPOSE.

 

The purpose
of the PATRIOT GOLD CORP. 2019 Stock Option Plan (the "2019 Plan") is to provide to officers, directors, consultants
and advisors of Patriot Gold Corp., a Nevada corporation (the "Corporation"), or any of its subsidiaries, added
incentives to attract, retain and motivate eligible persons whose present and potential contributions are important to the success
of the Corporation and any future subsidiaries, for high levels of performance and to reward unusual efforts which increase the
earnings and long-term growth of the Corporation. It is intended to accomplish the foregoing by providing for the grant of "Incentive
Stock Options" and "Nonqualified Stock Options" to qualified eligible individuals (hereinafter referred to as “Optionee”
or collectively as “Optionees”). Except where the context otherwise requires, the term "Corporation" shall
include Patriot Gold Corp., a Nevada corporation, and all present and future subsidiaries of the Corporation as defined in Section
424(e) and 424(f) of the Internal Revenue Code of 1986, as amended (the "Code"). Capitalized terms not defined in the
text are defined in Section 2 hereof. The 2019 Plan is intended to be a written compensatory plan within the meaning of Rule 701
promulgated under the Securities Act.

 

2.       CERTAIN
DEFINITIONS.

 

As used
in this Plan, the following words and phrases shall have the respective meanings set forth below, unless the context clearly indicates
a contrary meaning.

 

(a)       "Board
of Directors" or "Board" shall mean the Board of Directors of the Corporation

 

(b)       "Officers"
shall mean officers of the Corporation

 

(c)       "Cause" shall mean any one or more
of the following

 

(i)       a material breach
of any term of employment, consultation or engagement with the Corporation by the Optionee

 

 (ii)      the continuing, repeated willful failure or refusal by the Optionee to substantially perform his responsibilities on behalf of the Corporation

 

(iii)     an
act or omission of the Optionee that is materially adverse to the business, goodwill or reputation of the Corporation

 

(iv)     an
act of dishonesty

 

(v)      the
commission of a felony

 

(vi)     the
breach of a fiduciary duty or fraud

 

(vii)    an
act of moral turpitude

 

 

 

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(viii)   subject
to the provisions of 42 U.S.C. Sections 12111-12117 known as the "Americans with Disabilities Act," a determination by
a physician licensed in the jurisdiction the Optionee is employed that the Optionee is a chronic alcoholic or a narcotics addict;
or

 

(ix)     any "cause"
for termination or discharge as defined herein. The determination of the Option Committee with respect to whether a termination
for Cause has occurred shall be submitted to the Board of Directors, whose decision shall be final and conclusive.

 

(d) "Change
of Control" shall mean (i) an acquisition of any voting securities of the Corporation (the "Voting
Securities") by any "Person" (as the term person is used for purposes of Section 13(d) or 14(d) of the
Exchange Act), immediately after which such Person has "Beneficial Ownership"(within the meaning of Rule 13d-3
promulgated under the Exchange Act) of forty percent (40%) or more of the then outstanding shares or the combined voting
power of the Corporation's then outstanding "Voting Securities"; (ii) the individuals who, as of the Effective Date
are members of the Board (the "Incumbent Board"), cease for any reason to constitute at least two-thirds of the
members of the Board; provided, however, that if the election, or nomination of the members of the Corporation's common
stockholders, of any new director was approved by a vote of at least two-thirds of the Incumbent Board, such new director
shall, for purposes of this Plan, be considered as a member of the Incumbent Board; (iii) the consummation of (x) a merger,
consolidation or reorganization with or into the Corporation or in which securities of the Corporation are issued unless such
merger, consolidation or reorganization is a "Non-Control Transaction"; (iv) a complete liquidation or dissolution
of the Corporation; or (v) the sale or other disposition of all or substantially all of the assets of the Corporation to any
Person (other than a transfer to a Subsidiary or the distribution to the Corporation's stockholders of the stock of a
Subsidiary or any other assets).

 

Notwithstanding the foregoing, a Change
in Control shall not be deemed to occur solely because any Person (the "Subject Person") acquired Beneficial Ownership
of more than the permitted amount of the then outstanding Shares or Voting Securities as a result of the acquisition of Shares
or Voting Securities by the Corporation which, by reducing the number of Shares or Voting Securities then outstanding, increases
the proportional number of shares Beneficially Owned by the Subject Persons, provided that if a Change in Control would occur (but
for the operation of this sentence) as a result of the acquisition of Shares or Voting Securities by the Corporation, and after
such share acquisition by the Corporation, the Subject Person becomes the Beneficial Owner of any additional Shares or Voting Securities
which increases the percentage of the then outstanding Shares or Voting Securities Beneficially Owned by the Subject Person, then
a Change in Control shall occur.

 

(e) "Disability"
shall mean the inability to engage in any substantial gainful activity by reason of any medically determined physical or mental
impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not
less than twelve (12) months as determined by the Option Committee in their sole discretion.

 

(f) "Effective
Date" shall mean the earlier date on which the 2019 Plan is approved by either the Board or a majority of the outstanding
shares of capital stock of the Corporation entitled to vote thereon.

 

(g) "Exchange
Act" shall mean the Securities and Exchange Act of 1934, as amended.

 

(h) "Fair Market
Value per Share" shall mean as of any date the fair market value of each of the Shares on such date (the "applicable
date") as determined by the Option Committee in good faith. The Option Committee is authorized to make its determination as
to the fair market value on the following basis: (i) if the Shares are traded on a securities exchange, "Fair Market Value
per Share" shall be the daily closing price of the Shares, on such securities exchange as of the applicable date; or (ii)
if the Shares are traded other than as described in (i), above, or if the Shares are not publicly traded, "Fair Market Value
per Share" shall be the value determined by the Option Committee in good faith based upon the fair market value as determined
by completely independent and well qualified experts. In the case of Shares described in (i), or (ii) above, if no prices are reported
for the Shares on the applicable date, the "Fair Market Value per Share" shall be the price reported for such Shares
on the next preceding date on which there were reported prices.

 

(i) "Granting
Date" shall mean the date on which the grant of an Option is made effective by the Option Committee.

 

 

 

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(j) "Incentive
Stock Option" shall mean an Option intended to qualify for treatment as an incentive stock option under Section 422 of the
Code and designated as an Incentive Stock Option.

 

(k) "Non-Control
Transaction" shall mean a merger, consolidation or reorganization with or into the Corporation or in which securities of the
Corporation are issued where:

 

(a) the stockholders of the
Corporation, immediately before such merger, consolidation or reorganization, own directly or indirectly immediately following
such merger, consolidation or reorganization, at least fifty percent (50%) of the combined voting power of the outstanding voting
securities of the corporation resulting from such merger or consolidation or reorganization (the "Surviving Corporation")
in substantially the same proportion as their ownership of the Voting Securities immediately before such merger, consolidation
or reorganization,

 

(b) the individuals who were
members of the Incumbent Board immediately prior to the execution of the agreement providing for such merger, consolidation or
reorganization constitute at least two-thirds of the members of the board of directors of the Surviving Corporation, or a corporation
beneficially directly or indirectly owning a majority of the Voting Securities of the Surviving Corporation, and

 

(c) no Person other than
(1) the Corporation, (2) any Subsidiary, (3) any employee benefit plan (or any trust forming a part thereof) that, immediately
prior to such merger, consolidation or reorganization, was maintained by the Corporation or any Subsidiary, or (4) any Person who,
immediately prior to such merger, consolidation or reorganization had Beneficial Ownership of thirty percent (30%) or more of the
then outstanding Voting Securities or Shares, has Beneficial Ownership of thirty percent (30%) or more of the combined voting power
of the Surviving Corporation's then outstanding voting securities or its common stock.

 

(l) "Nonqualified Stock
Option" shall mean an Option issued under this Plan that does not constitute an Incentive Stock Option.

 

(m) "Option" shall
mean any option to purchase Shares of the Corporation granted under the 2019 Plan, which may be either an Incentive Stock Option
or a Nonqualified Stock Option.

 

(n) "Option Agreement"
shall mean the document setting forth the terms and conditions of each Option.

 

(o) "Option Committee"
shall mean the Committee selected and designated by the Board of Directors to administer the 2019 Plan, consisting of not less
than one (1) member of the Board of Directors. In the event the Board has not established an Option Committee, the functions will
be performed by the Board.

 

(p) "Optionee"
shall mean the holder of an Option.

 

(q) "Retirement" shall
have the meaning ascribed by the Option Committee.

 

(r) "Securities Act"
shall mean the Securities Act of 1933, as amended.

 

(s) "Shares" shall
mean the shares of common stock.

 

 

 

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(t) "Subsidiary"
shall mean any company (other than the Corporation) in an unbroken chain of companies beginning with the Corporation, if each of
the companies other than the last company in the unbroken chain owns stock possessing 50% or more of the total combined voting
power of all classes of stock in one of the other companies in such chain.

 

(u) "Ten Percent Shareholder"
shall mean an individual who, at the time an Option is granted, owns stock possessing more than 10% of the total combined voting
power of all classes of stock of the Corporation or its parent, if any.

 

3.       SHARES
SUBJECT TO THE 2019 PLAN.

 

Subject to Section 8(b) hereof,
the total number of Shares reserved and available for grant and issuance pursuant to this Plan will be 9,500,000 Shares. Shares
subject to awards that are cancelled, forfeited, settled in cash or that expire by their terms will again be available for grant
and issuance in connection with other awards. At all times the Company will reserve and keep available a sufficient number of Shares
as will be required to satisfy the requirements of all awards granted and outstanding under this Plan.

 

4.       STOCK
OPTIONS.

 

(a) In General.
Awards under the 2019 Plan shall be granted in the form of Common Stock Options which may either qualify for treatment as Incentive
Stock Options or as Nonqualified Stock Options.

 

(b) Limitation
on Number of Shares. The aggregate number of Shares which may be issued and purchased under the 2019 Plan shall not exceed 9,500,000
Shares, subject to any Share adjustments as outlined herein. Shares may be either authorized and unissued Shares or issued Shares
reacquired by the Corporation. The total number of Shares subject to Options authorized under the 2019 Plan shall be subject to
increase or decrease, as necessary, in order to give effect to the adjustment provisions outlined herein and to give effect to
any amendment adopted as provided herein. Notwithstanding the above limitation, any Shares subject to an Option which terminates,
is cancelled or expires for any reason without being exercised in full, may again be subject to an Option under the 2019 Plan,
unless the 2019 Plan shall have been terminated. At the discretion of the Option Committee, existing Options may be cancelled and
new options granted at a lower price in the event of a decline in the market value of the Shares. If Shares issued upon exercise
of an Option under the 2019 Plan are tendered to the Corporation in partial or full payment of the exercise price of an Option
granted under the 2019 Plan, such tendered Shares shall not be available for subsequent Option grants under the 2019 Plan.

 

5.       ELIGIBILITY.

 

(a) In General.
Only officers shall be eligible to receive grants of Incentive Stock Options. Directors, consultants and advisors of the Corporation
(whether or not employees of the Corporation) shall be eligible to receive grants of Nonqualified Stock Options. Within the foregoing
limits, the Option Committee, in its sole and absolute discretion, shall, from time to time, determine (i) the individuals or the
class of individuals to whom Options may be granted hereunder, (ii) the number of Shares to be covered by each of the Options granted
hereunder, (iii) the purchase price of the Shares and the method of payment for such Shares, (iv) the terms and provisions of the
respective Option Agreement and (v) the times at which such Options shall be granted. The Option Committee shall take into account
such factors as it shall deem relevant in connection with accomplishing the purpose of the 2019 Plan as set forth herein. All such
determinations and designations of individuals eligible to receive Options under the 2019 Plan shall be made in the absolute discretion
of the Option Committee and shall not require the approval of the stockholders, except as expressly set forth herein and in the
articles and bylaws of the Corporation.

 

 

 

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(b) Additional Options.
An individual who has been granted an Option may be granted additional Options if the Option Committee or Board of Directors shall
so determine. In addition, Options may be granted to purchase shares of common stock remaining available for issuance under any
remaining plan of the Corporation or under the plan of another corporation assumed by the Corporation and any outstanding option
grants that expire or terminate, other than through exercise or share settlement, under this Plan or another plan of the Corporation,
or under the plan of another corporation assumed by the Corporation, will also become eligible for grant under the 2019 Plan. No
Options shall be granted under this Plan after the expiration of the tenth (10th) anniversary of the adoption of the 2019 Plan
by the Board of Directors.

 

(c) Option
Agreement. Each Option granted pursuant to the 2019 Plan shall be evidenced by a written Option Agreement entered into between
the Corporation and the Optionee which shall contain such terms and provisions, including, but not limited to, the period of exercise,
whether in installments or otherwise, the exercise price and such other terms and conditions as the Option Committee shall, in
its sole discretion, determine to be appropriate and within the contemplation of the 2019 Plan. The terms and conditions of such
written Option Agreement need not be the same for all Options granted under the 2019 Plan.

 

6.       ADMINISTRATION
OF PLAN.

 

(a) Option
Committee. This Plan shall be administered by the Option Committee, subject to the approval and ratification by the Board of Directors.
Any action of the Option Committee with respect to administration of the Plan shall be taken pursuant to (i) a majority vote at
a meeting of the Option Committee (to be documented by minutes), or (ii) the unanimous written consent of its members. The Option
Committee may meet in person, by telephone, or by any other means which it deems to be advisable and convenient. All actions taken
by the Option Committee shall be submitted to the Board of Directors for ratification and approval. If there is no Option Committee,
the Board of Directors shall act in lieu thereof.

 

(b) Vacancies.
Vacancies in the Option Committee shall be filled by the Board of Directors. In addition, the Board of Directors may at any time
remove one or more members of the Option Committee and substitute others, and a majority of disinterested members of the Board
of Directors shall at all times have the right to exercise any and all rights and powers of the Option Committee.

 

(c) Authority.
The Option Committee shall have the authority, exercisable in its discretion, subject to express provisions of this Plan and subject
to the approval and ratification by the Board of Directors, to: (i) construe and interpret the provisions of the Plan, decide all
questions and settle all controversies and disputes which may arise in connection with the Plan; (ii) prescribe, amend and rescind
rules and regulations relating to the administration of the Plan; (iii) determine the exercise price of the Shares covered by each
Option granted hereunder and the method of payment for such Shares, the individuals to whom, and the time or times at which, any
Option granted hereunder shall be granted and exercisable, the number of Shares covered by each Option granted hereunder, (iv)
determine the terms and provisions of the respective Option Agreements (which need not be identical); (v) determine, in the case
of employees, whether Options shall be Incentive Stock Options or Nonqualified Stock Options; (vi) determine the duration and purposes
of leaves of absence which may be granted to eligible individuals without constituting a termination of their employment for purposes
of the Plan; and (vii) make all other determinations necessary or advisable for the administration of the Plan. Determinations
of the Option Committee on matters referred to in this Section shall be conclusive and binding on all parties howsoever concerned.
With respect to Incentive Stock Options, the Option Committee shall administer the Plan in compliance with the provisions of Code
Section 422 as the same may hereafter be amended from time to time. No member of the Option Committee shall be liable for any action,
omission or determination made in good faith in connection with the Plan.

 

7.       EXERCISE
PRICE.

 

(a) Nonqualified
Stock Options. The exercise price of each Option intended to qualify as a Nonqualified Stock Option shall be determined by the
Option Committee, and in default of any specific determination shall be equal to One Hundred Percent (100%) of the Fair Market
Value per Share on the Granting Date of the Nonqualified Stock Option.

 

 

 

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(b) Incentive
Stock Option. The exercise price of each Option intended to qualify as an Incentive Stock Option shall be determined by the Option
Committee, and in default of any specific determination shall be equal to One Hundred Percent (100%) of the Fair Market Value per
Share on the Granting Date of the Incentive Stock Option. In the case of an Option intended to qualify as an Incentive Stock Option,
which is granted to a Ten Percent Shareholder, the exercise price per share shall in no event be less than 110% of the Fair Market
Value per Share determined as of the Granting Date.

 

8.        PERIOD
OF EXERCISE AND CERTAIN LIMITATIONS ON RIGHT TO EXERCISE.

 

(a) Period
of Exercise. Each Option granted under the Plan shall be exercisable at such times and under such conditions as may be determined
by the Option Committee at the Granting Date and as shall be set forth in the Option Agreement; provided, however, in no event
shall an Option be exercisable after the expiration of ten (10) years from its Granting Date. In no event may an Optionee defer
the date on which the Optionee has the right to exercise the Option under the terms of its original grant.

 

(b) Change
of Control. Unless otherwise provided in any Option Agreement, all Options granted pursuant to the Plan shall become fully and
immediately exercisable with respect to all Shares subject thereto, upon a Change of Control.

 

(c) Effect of Termination of
Employment or Other Relationship. The effect of the termination of an Optionee's employment or other relationship with the Corporation
on such Optionee's eligibility to exercise any Options awarded pursuant to the Plan shall be as follows:

 

		(i)	Disability or Death. If an Optionee ceases to be employed by, or ceases to have a relationship
with, the Corporation by reason of Disability or death, any Option heretofore granted which remains unexercised at the time of
termination shall become fully vested and exercisable and shall expire not later than one (1) year thereafter. During such one
(1) year period and prior to the expiration of the Option by its terms, the Optionee, or his or her executor or administrator or
the person or persons to whom the Option is transferred by will or the applicable laws of descent and distribution, may exercise
such Option, and except as so exercised, such Option shall expire at the end of one (1) year period unless such Option by its terms
expires before such date. The decision as to whether a termination by reason of Disability has occurred shall be made by the Option
Committee, whose decision shall be final and conclusive.

 

		(ii)	Voluntary Termination or Termination by the Corporation. If an Optionee's employment by, or relationship
with, the Corporation is terminated voluntarily or, by the Corporation, whether such termination is for Cause or for no reason
whatsoever, any Option heretofore granted which remains unexercised at the time of such termination shall expire immediately, provided,
however, that the Option Committee may, in its sole and absolute discretion, within thirty (30) days of such termination, waive
the expiration of any Option awarded under the Plan, by giving written notice of such waiver to the Optionee's known email address
or at such Optionee's last known physical address. In the event of such waiver, the Optionee may exercise any such Options only
to such extent, for such time, and upon such terms and conditions set forth in subparagraph (i) above. The determination as to
whether a termination is voluntary or for Cause shall be made by the Option Committee, whose decision shall be final and conclusive.

 

(d) Shares
held for Investment. The Option Committee may, if it or counsel for the Corporation shall deem it necessary or desirable for any
reason, require as a condition of exercise, that the Optionee or any other person entitled to exercise an Option hereunder, represent
in writing to the Corporation at the time of exercise of such Option that it is their intention to acquire the Shares as to which
the Option is being exercised for investment purposes and not with a view to the sale or distribution thereof.

 

 

 

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(e) Transferability.
Options granted under the Plan to an Optionee shall not be transferable other than by will or the laws of descent and distribution,
and such Options shall be exercisable, during the Optionee's lifetime, only by him or his legal guardian or legal representative.
A transfer of an Option by will or the laws of descent and distribution shall not be effective unless the Option Committee shall
have been furnished with such evidence as it may deem necessary to establish the validity of the transfer.

 

(f) Intended
Treatment as Incentive Stock Options. Incentive Stock Options granted pursuant to this Plan are intended to qualify as "incentive
stock options" pursuant to Code Section 422 and shall, whenever possible, be construed and administered so as to implement
that intent. If all or any part of an Option granted hereunder with the intention of qualifying as an Incentive Stock Option, shall
fail to so qualify, such Option or portion thereof that fails to so qualify shall be deemed a Nonqualified Stock Option granted
hereunder.

 

9.       PAYMENT OF EXERCISE PRICE AND
CANCELLATION OF OPTIONS.

 

(a) Notice
of Exercise. An Option granted under the Plan shall be exercised by giving written notice to the Secretary of the Corporation (or
such other person designated by the Option Committee) of the Optionee's intention to exercise one or more Options hereunder and
by delivering payment of the exercise price therewith, which shall be paid in full at the time of such exercise.

 

(b) Method
of Settlement. The consideration to be paid for the Shares to be issued upon exercise of an Option, shall consist of cash or, with
the approval of the Option Committee (which may be withheld in its sole discretion), Shares having a fair market value on the date
of exercise, as determined by the Option Committee, at least equal to the exercise price or a combination of cash and Shares or,
with the approval of the Option Committee (which may be withheld in its sole discretion) may also be effected wholly or partly
by monies borrowed from the Corporation pursuant to a promissory note, the terms and conditions of which shall be determined from
time to time by the Option Committee, in its discretion, separately with respect to each exercise of Options and each Optionee,
or by such other method of payment as may be determined by the Option Committee in its sole discretion; provided, that each such
method and time for payment and each such borrowing and terms and conditions of repayment shall then be permitted by and be in
compliance with applicable law. An Optionee may purchase less than the total number of Shares for which an Option is then exercisable,
provided, however, that any partial exercise of an Option may not be less than for one hundred (100) Shares and shall not include
any fractional Shares. No Optionee or legal representative of an Optionee, as the case may be, will be, or will be deemed to be,
the owner of any Shares covered by an Option unless and until certificates for the Shares are issued to the Optionee or such Optionee's
representative under the Plan.

 

10.     SHARE ADJUSTMENT.

 

If the outstanding
Shares of the class then subject to this Plan are increased or decreased, or are changed into or exchanged for a different number
or kind of shares or securities or other forms of property (including cash) or rights, as a result of one or more reorganizations,
recapitalizations, spin-offs, stock splits, reverse stock splits, stock dividends or the like, appropriate adjustments shall be
made in the number and/or kind of Shares or securities or other forms of property (including cash) or rights for which Options
may thereafter be granted under the Plan and for which Options then outstanding under the Plan may thereafter be exercised. Any
such Share adjustments shall be made without changing the aggregate value applicable to the unexercised portions of outstanding
Options and shall be treated as a "nonqualified deferred compensation plan" within the meaning of Code Section 409A or
any Options issued thereunder as being issued under a "nonqualified deferred compensation plan" within the meaning of
Code Section 409A. Any fractional Shares resulting from such adjustment shall be eliminated by rounding up to the nearest whole
number. Appropriate amendments to the Option Agreements shall be executed by the Corporation and the Optionees to the extent the
Option Committee determines that such amendments are necessary or desirable to reflect such Share adjustments. If determined by
the Option Committee to be appropriate, in the event of any Share adjustment involving the substitution of securities of a corporation
other than the Corporation, the Option Committee shall make arrangements for the assumption by such other corporation of any Options
then or thereafter outstanding under the Plan, without any change in the total exercise price applicable to the unexercised portion
of the Options but with an appropriate adjustment to the number of securities, kind of securities and exercise price for each of
the securities subject to the Options. The determination by the Option Committee as to what adjustment, amendments or arrangements
shall be made pursuant to this Section and the extent thereof, shall be final and conclusive.

 

 

 

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In the event
of the proposed dissolution or liquidation of the Corporation, or a proposed sale of substantially all of the assets of the Corporation,
or in the event of any merger or consolidation of the Corporation with or into another corporation, or in the event of any corporate
separation or division, including, but not limited to, a split-up, split-off or spin-off, or other transaction in which the outstanding
Shares then subject to Options under the Plan are changed into or exchanged for property (including cash), rights and/or securities
other than, or in addition to, shares of the Corporation, the Option Committee may provide that the holder of each Option then
exercisable shall have the right to exercise such Option solely for the kind and amount of shares of stock and other securities,
property, cash or any combination thereof receivable upon such dissolution, liquidation, sale, consolidation or merger, or similar
corporate event, by a holder of the number of Shares for which such Option might have been exercised immediately prior to such
dissolution, liquidation, sale, consolidation or merger or similar corporate event; or, in the alternative, the Option Committee
may provide that each Option granted under the Plan shall terminate as of a date to be fixed by the Board of Directors, provided,
that no less than thirty (30) days prior written notice of the date so fixed shall be given to each Optionee who shall have the
right, during such thirty (30) day period preceding such termination, to exercise the Options as to all or any part of the Shares
covered thereby, including Shares as to which such Options would not otherwise be exercisable.

 

11.     SUBSTITUTE OPTIONS.

 

The Corporation
may grant options under the Plan in substitution for options held by employees of another corporation who become employees of the
Corporation as the result of a merger or consolidation of the employing corporation with the Corporation, or as a result of the
acquisition by the Corporation, of property or stock of the employing corporation. The Corporation may direct that substitute options
be granted on such terms and conditions as the Board of Directors considers appropriate in the circumstances.

 

12.     OTHER EMPLOYEE BENEFITS.

 

Except as
to plans which by their terms include such amounts as compensation, the amount of any compensation deemed to be received by an
employee as a result of the exercise of an option or the sale of Shares received upon such exercise shall not constitute compensation
for purposes of determining such employee's benefits under any other employee benefit plan or program in which the employee is
a participant at any time, including, without limitation, benefits under any bonus, pension, profit-sharing, life insurance or
salary continuation plan, except as otherwise specifically determined by the Board of Directors.

 

13.     TERMS AND CONDITIONS OF OPTIONS.

 

(a) Withholding
of Taxes. As a condition to the exercise, in whole or in part, of any Options, the Option Committee may in its sole discretion
require the Optionee to pay, in addition to the exercise price of the Shares covered by the Options an amount equal to any Federal,
state or local taxes that may be required to be withheld in connection with the exercise of such Options. Alternatively, the Corporation
may issue or transfer the Shares pursuant to exercise of the Options net of the number of Shares sufficient to satisfy the withholding
tax requirements. For withholding tax purposes, the Shares shall be valued on the date the withholding obligation is incurred.
In the event an Optionee makes a Code Section 83(b) election in connection with a Nonqualified Stock Option granted under the Plan,
the Optionee shall immediately notify the Corporation of such election. In the case of an Incentive Stock Option, an Optionee who
disposes of Shares acquired pursuant to such Incentive Stock Option either (a) within two (2) years after the Granting Date or
(b) within one (1) year after the issuance of such Shares to the Optionee upon exercise thereof, shall notify the Corporation of
such disposition and the amount realized upon such disposition.

 

(b) No Rights
to Continued Employment or Relationship. Nothing contained in the Plan or in any Option Agreement shall obligate the Corporation
to continue to employ or to continue any other relationship with any Optionee for any period or interfere in any way with the right
of the Corporation to reduce such Optionee's compensation or to terminate the Corporation's employment or relationship with any
Optionee at any time.

 

 

 

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(c) Time of
Granting Options. The Granting Date shall be the day the Corporation executes the Option Agreement; provided, however, that if
appropriate resolutions of the Option Committee indicate that an Option is to be granted as of and on some prior or future date,
the Granting Date shall be such prior or future date.

 

(d) Privileges
of Stock Ownership. No Optionee shall be entitled to the privileges of stock ownership as to any Shares not actually issued and
delivered to such Optionee. No Shares shall be issued upon the exercise of any Option unless and until, in the opinion of the Corporation's
counsel, all applicable laws, rules and regulations of any governmental or regulatory agencies and any exchanges upon which stock
of the Corporation may be listed, shall have been fully complied with.

 

(e) Securities
Laws Compliance. The Corporation will diligently comply with all applicable securities laws before any Options are granted under
the Plan and before any Shares are issued pursuant to the exercise of any Options. Without limiting the generality of the foregoing,
the Corporation may require from the Optionee such investment representation or such agreement, if any, as counsel for the Corporation
may consider necessary or advisable in order to comply with the Securities Act as then in effect, and may require that the Optionee
agree that any sale of the Shares will be made only in such manner as is permitted by the Option Committee. The Option Committee
in its discretion may cause the Options and Shares underlying such Options to be registered under the Securities Act by the filing
of a Form S-8 Registration Statement covering the Options and Shares. The Optionee shall take any action reasonably requested by
the Corporation in connection with registration or qualification of the Shares under federal and state securities laws.

 

(f) Option
Agreement. Each Incentive Stock Option and Nonqualified Stock Option granted under this Plan shall be evidenced by a written Option
Agreement executed by the Corporation and the Optionee containing such terms and conditions as are deemed desirable by the Option
Committee and are not inconsistent with the purpose of the Plan as set forth herein.

 

14.     RESTRICTED SHARES.

 

(a) In General.
The Option Committee may, in its discretion, issue restricted Shares upon the exercise of any Options granted under the Plan. Such
restricted Shares shall be subject to such vesting requirements and restrictions on transferability as may be determined by the
Option Committee.

 

(b) Legend.
All stock certificates issued with respect to restricted Shares shall bear an appropriate legend referring to the terms, conditions,
and restrictions applicable to such Shares.

 

(c) Rights
Appurtenant to Restricted Shares. The issuance of restricted Shares shall not affect the rights of the Optionee as a stockholder
of the Corporation including, but not limited to the right to receive dividends on and to vote with respect to such restricted
Shares, except that additional shares issued with respect to restricted Shares including, but not limited to, stock dividends or
stock splits or any securities issued in exchange for restricted Shares shall be subject to the same restrictions as are applicable
to the restricted Shares.

 

15.     PLAN AMENDMENT AND TERMINATION.

 

(a) Authority
of Option Committee. In addition to the authority of the Option Committee set forth herein, the Option Committee or Board of Directors,
as applicable, may at any time discontinue granting Options under the Plan or otherwise suspend, amend or terminate the Plan and
may, without the consent of an Optionee, make such modification of the terms and conditions of Options theretofore granted as it
shall deem advisable. Any amendment or modification made pursuant to the provisions of this Section shall be effective immediately
upon adoption, unless otherwise provided therein, subject to approval thereof (i) within twelve (12) months before or after the
effective date of such amendment or modification by stockholders of the Corporation holding not less than a majority vote of the
voting power of the Corporation voting in person or by proxy at a duly held stockholders meeting when required to maintain or satisfy
the requirements of Code Section 422 with respect to Incentive Stock Options, or Code Section 162(m) with respect to performance-based
compensation, (ii) by any appropriate governmental agency if required, or (iii) by a securities exchange or automated quotation
system if required. No Option may be granted during any suspension or after termination of the Plan.

 

 

 

    	 	9	 

     

    

 

(a) Ten (10)
Year Maximum Term. Unless previously terminated by the Option Committee, this Plan shall terminate on the tenth (10th) anniversary
of the Effective Date. No Options shall be granted under the Plan thereafter.

 

(b) Effect
on Options Granted. Any amendment, suspension or termination of the Plan shall not, without the consent of the Optionee, alter
or impair any rights or obligations under any Option theretofore granted.

 

15.     EFFECTIVE DATE OF PLAN.

 

The Plan shall
be effective upon the approval of the Board of Directors of the Corporation (the "Effective Date").

 

16.     MISCELLANEOUS PROVISIONS.

 

(a) Limitation
on Benefits. No Option may be exercised, to the extent such exercise will create an "excess parachute payment" as defined
in Section 280G of the Code.

 

(b) Exculpation
and Indemnification. The Corporation shall indemnify and hold harmless the Option Committee and Board of Directors from and against
any and all liabilities, costs and expenses incurred by such persons as a result of any act, or omission to act, in connection
with the performance of such persons' duties, responsibilities and obligations under the Plan, other than such liabilities, costs
and expenses as may result from gross negligence, bad faith, willful conduct and/or criminal acts of such persons.

 

(c) Use of
Proceeds. The proceeds from the exercise of Shares granted under the Plan shall constitute and be considered as general funds of
the Corporation which may be used for any and all corporate purposes as determined by the Board of Directors.

 

(d) Compliance
with Applicable Laws. The inability of the Corporation to obtain from any regulatory body having jurisdiction, the authority deemed
by the Corporation's counsel to be necessary to the lawful issuance and sale of any Shares upon the exercise of an Option shall
relieve the Corporation of any liability in respect of the non-issuance or sale of such Shares as to which requisite authority
shall not have been obtained.

 

(e) Non-Uniform
Determinations. The Option Committee's determination under the Plan (including without limitation determinations of the persons
to receive Options, the form, amount and timing of such Options, the terms and provisions of such Options and the Option Agreements
evidencing same) need not be uniform and may be made by it selectively among persons who receive, or are eligible to receive, Options
under the Plan, whether or not such persons are similarly situated.

 

 

ADOPTED
ON BEHALF OF THE BOARD OF DIRECTORS:

 

/s/
Trevor Newton                         

			

Trevor
Newton, President

 

Dated:
June 28, 2019

 

 

 

 

    	 	10Exhibit 4.2

 

PATRIOT GOLD CORP.

STOCK OPTION AGREEMENT

 

This
Stock Option Agreement (this "Agreement") is entered into as of _________________, by and between PATRIOT GOLD
CORP., a Nevada corporation (the "Corporation"), and ________________ (the "Optionee").

 

WITNESSETH:

 

The Corporation
desires to afford the Optionee an opportunity to purchase certain shares of the Corporation's common stock so as to acquire a proprietary
interest as a shareholder of the Corporation and to provide the Optionee with an incentive to use his best efforts in the service
of the Corporation.

 

Grant of Option.

 

The Corporation
hereby grants to Optionee the right to purchase up to the aggregate number of Shares set forth in Exhibit A attached hereto at
the exercise price per Share stated therein (the "Option"). The right to purchase such Shares shall be subject to all
of the provisions, terms and conditions set forth in this Agreement and in the Patriot Gold Corp. 2019 Stock Option (the "Plan"),
a copy of which is annexed hereto and made a part hereof. Unless defined in this Agreement, capitalized terms used herein shall
have the meaning ascribed to them in the Plan.

 

This
Option is intended to be, and shall be treated as, an Incentive Stock Option pursuant to 26 U.S.C. §422 of the US Code (the
"Code") unless this sentence has been manually crossed out and its deletion is followed by the signature of the corporate
officer who signed this Option on behalf of the Corporation.

 

_____
(check if applicable).

 

Vesting Schedule and Expiration.

 

This
Option shall not be exercisable prior to the vesting date set forth in Exhibit A attached hereto or subsequent to the expiration
date set forth therein unless extended by the Board of Directors or the Option Committee. During the exercise period, the Option
may be exercised by the Optionee (or such other person or persons authorized to exercise Options under the Plan), in whole or in
part, from time to time, subject to the maximum percentage of Options then exercisable in accordance with the schedule set forth
in Exhibit A attached hereto. The Corporation agrees to maintain during such exercise period a sufficient number of Shares (which
may be authorized and unissued Shares or issued Shares that have been reacquired by the Corporation) corresponding to the number
of unexercised Options granted to the Optionee after taking into account any Share adjustment under the Plan.

 

Restrictions on Transferability
of Options.

 

This
Option may not be transferred by the Optionee other than by will or the laws of descent and distribution and may be exercised during
the Optionee's lifetime only by the Optionee or the Optionee's guardian or legal representative. A transfer of an Option by will
or the laws of descent and distribution shall not be effective unless the Option Committee shall have been furnished with such
evidence as it may deem necessary to establish the validity and effectiveness of the transfer.

 

Termination Provisions.

 

Except
as provided herein, if an Optionee's employment by, or relationship with, the Corporation is terminated voluntarily or, by the
Corporation, whether such termination is for Cause or for no reason whatsoever, any Option heretofore granted which remains unexercised
at the time of such termination shall expire immediately, provided, however, that the Option Committee may, in its sole and absolute
discretion, within thirty (30) days of such termination, waive the expiration of any Option awarded under the Plan, by giving written
notice of such waiver to the Optionee at such Optionee's last known address. In the event of such waiver, the Optionee may exercise
any such Options only to such extent, for such time, and upon such terms and conditions as set forth herein.

 

 

 

    	 	1	 

     

    

 

If an
Optionee ceases to be employed by or ceases to perform services to the Corporation by reason of death or Disability, the aggregate
amount of unexercised Options granted hereunder shall thereupon become fully vested and immediately exercisable and shall expire
no later than one (1) year thereafter unless such Options by their terms expire before such date. During such one (1) year period,
the Optionee or, in the case of death, the Optionee's estate or the person or persons to whom the Option was transferred by will
or the laws of descent and distribution, may exercise any such Options, and if not exercised, shall expire at the end of such one
(1) year period unless such Options by their terms expire before such date.

 

Exercise, Payment and Delivery
of Stock.

 

This
Option may be exercised by the Optionee or other person then entitled to exercise it by delivery of a written notice to the Secretary
of the Corporation together with this Option Agreement specifying the number of Options intended to be exercised and the exercise
price and accompanied by payment in full of the exercise price for the number of Shares with respect to which the Option is exercised.

 

If the
Corporation is required to withhold any federal, state or local tax as a result of such exercise, the notice shall also be accompanied
by a check payable to the Corporation in payment of the applicable amount required to be withheld, unless alternate arrangements
have been agreed to between the parties to satisfy any applicable withholding obligations.

 

Payment
for Shares may be made in cash, or with the approval of the Option Committee (which may be withheld in its sole discretion)
with Shares having a fair market value on the date of exercise equal to the exercise price, or a combination of cash and
Shares. In addition, subject to the approval of the Option Committee (which may be withheld in its sole discretion), payment
may be affected wholly or partly by monies borrowed from the Corporation pursuant to the terms of a promissory note, the
terms and conditions of which shall be determined from time to time by the Option Committee. An Optionee may purchase less
than the total number of Shares for which Options are then exercisable, provided, however, that any partial exercise shall
not be for less than 100 Shares and shall not include any fractional Shares. No Optionee, legal representative of such
Optionee, as the case may be, shall be, or shall be deemed to be, the owner of any Shares covered by an Option unless and
until certificates for the Shares are issued to the Optionee or such Optionee's representative under the Plan.

 

Adjustments.

 

In the
event that there is any change in the Shares of the Corporation arising through merger, consolidation, reorganization, recapitalization,
stock dividend, stock split or combination thereof, the Board of Directors shall make such adjustments in the aggregate number
of Options subject to this Agreement and/or the price per share of such Options in order to prevent dilution or enlargement of
the Optionee's rights and of the value represented by the Options; provided however, no such adjustments will be made to the extent
that such adjustments cause the Plan to be treated as a "nonqualified deferred compensation plan" within the meaning
of Code Section 409A or any Options issued thereunder as being issued under a "nonqualified deferred compensation plan"
within the meaning of Section 409A of the Internal Revenue Code (“Code Section 409A”). Upon any adjustment in the number
or exercise price of Shares subject to an Option, a new Option may be granted in place of such Option which has been so adjusted.
In the event of a dissolution or liquidation of the Corporation or a merger, consolidation, sale of all or substantially all of
the Corporation's assets, or other corporate reorganization in which the Corporation is not the surviving corporation, or any merger
in which the Corporation is the surviving corporation but the holders of Shares receive securities of another corporation, outstanding
Options shall terminate, provided that the holder of each Option shall, in such event, if no provision has been made for the substitution
of a new option for such outstanding option, have the right immediately prior to such event to exercise the holder's Options in
whole or in part without regard to the date on which the Options otherwise would be first exercisable.

 

Compliance with Laws and Regulations.

 

The Optionee
represents and warrants to the Corporation that the services rendered by him to the Corporation shall under no circumstance include
(a) any activities which could be deemed by the Securities and Exchange Commission ("SEC") to constitute investment banking
or any other activities requiring the Optionee to register as a broker-dealer under the Securities Exchange Act of 1934; (b) any
activities which could be deemed by the SEC to be in connection with the offer or sale of securities; or (c) any activities which
directly or indirectly promote or maintain a market for the Corporation's securities.

 

 

 

    	 	2	 

     

    

 

By accepting
this Option, the Optionee represents and agrees for himself and his transferees by will or the laws of descent and distribution
that, unless a registration statement under Securities Act of 1933 is in effect as to Shares purchased upon any exercise of this
Option, (a) any and all Shares so purchased shall be acquired for his personal account and not with a view to or for sale in connection
with distribution, and (b) each notice of exercise of all or any portion of this Option shall, if the Option Committee so requests,
be accompanied by a representation and warranty in writing, signed by the person entitled to exercise the same, that the Shares
are being so acquired in good faith for his or her personal account and not with a view to or for sale in connection with any distribution.

 

No
certificates for Shares purchased upon exercise of this Option shall be issued and delivered unless and until, in the opinion
of legal counsel for the Corporation, such securities may be issued and delivered without causing the Corporation to be in
violation of or incur any liability under any federal, state or other securities law or any other requirement of law or of
any regulatory body having jurisdiction over the Corporation. Without limiting the generality of the foregoing, the Optionee
acknowledges and understands that the Shares subject to the Options granted hereunder have not been registered under the
Securities Act of 1933, as amended, or under the blue sky or securities laws of any state, that the Corporation has no
obligation to so register any of such Shares and that, except to the extent the Shares are so registered, the Shares will be
restricted securities and may be sold, transferred or otherwise disposed of only if an exemption from such registration is
available. Unless the Shares have been so registered, there shall be noted conspicuously upon each stock certificate
representing such Shares, the following statement:

 

"The shares of stock
represented by this certificate have not been registered under the Securities Act of 1933 (1933 Act) nor under any applicable state
securities act and may not be offered or sold except pursuant to (i) an effective registration statement relating to such stock
under the 1933 Act and any applicable state securities act, (ii) to the extent applicable, Rule 144 under the 1933 Act (or any
similar rule under such act or acts relating to the disposition of securities), or (iii) an opinion of counsel satisfactory to
the Corporation that an exemption from registration under Act or Acts is available."

 

Invalidity; Severability.

 

If any
clause or provision of this Agreement shall be adjudged invalid, the same shall not affect the validity of any other clause or
provision of this Agreement, or of any other document pertaining to the subject matter thereof, or constitute by reason thereof,
any claim or cause of action in favor of Optionee as against the Corporation. In addition, the provisions of this Agreement shall
be read and construed and shall have effect as separate, severable and independent provisions or restrictions, and shall be enforceable
accordingly.

 

Entire Agreement; No Waiver;
Remedies.

 

This
Agreement contains the entire agreement of the parties and incorporates and supersedes any and all prior or contemporaneous oral
or written agreements with respect to the matters referred to in it. No waiver of any breach or default hereunder shall be considered
valid unless in writing and signed by the party giving such waiver, and no such waiver shall be deemed a waiver of any subsequent
breach or default of the same or similar nature. No failure on the part of any party to exercise, and no delay in exercising any
right, remedy, power or privilege hereunder shall operate as a waiver thereof; no waiver whatsoever shall be valid unless in writing
signed by the party or parties to be charged and then only to the extent specifically set forth in such writing. All remedies,
rights, powers and privileges, either under this Agreement or by law or otherwise afforded the parties to this Agreement, shall
be cumulative and shall not be exclusive of any remedies, rights, powers and privileges provided by law.

 

Successors and Assigns.

 

The rights
and obligations of the Corporation under this Agreement shall inure to the benefit of and shall be binding upon the successors
and assigns of the Corporation.

 

 

 

    	 	3	 

     

    

 

Headings; Counterparts; Governing
Law.

 

The headings
in this Agreement are for convenience of reference only and are not intended to define or limit the contents of any section or
paragraph. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. This Agreement shall in all respects be governed by the laws (without reference
to conflicts of laws principles) of the State of Nevada applicable to contracts made and performed within the State of Nevada.

 

Execution.

 

The grant
of the Option hereunder shall be binding and effective only if this Agreement is duly executed by or on behalf of the Corporation
and by the Optionee, and a signed copy is returned to the Corporation.

 

The Optionee
acknowledges that no assurances or representations are made by the Corporation as to the present or future market value of the
Shares or as to the business, affairs, financial condition or prospects of the Corporation.

 

Governing Provisions.

 

In the
event of any conflict between the terms and provisions contained in this Agreement and the terms and provisions contained in the
Plan, the terms, provisions and conditions set forth in the Plan shall govern.

 

Optionee Bound by Plan.

 

OPTIONEE
ACKNOWLEDGES RECEIPT OF THE ATTACHED COPY OF THE PATRIOT GOLD CORP. 2019 STOCK OPTION PLAN AND AGREES TO BE BOUND BY ALL THE TERMS
AND PROVISIONS THEREOF.

 

	AGREED AND ACCEPTED:	PATRIOT GOLD CORP.
	 	 
	 	 
	 	 
	_______________________________________	By: ____________________________________
	Optionee	Trevor Newton, President
	Print Name: ________________________	 

 

 

 

 

    	 	4	 

     

    

 

EXHIBIT A

 

PURSUANT TO THE PATRIOT
GOLD CORP.

 

2019 STOCK OPTION PLAN

 

with

 

________________________
(the OPTIONEE)

 

 

_____ (check if
applicable) The Option awarded under this Agreement is intended to be a Nonqualifying Stock Option.

 

_____ (check if
applicable) The Option awarded under this Agreement is intended to qualify as an Incentive Stock Option pursuant to
Section 422 of the Code.

 

(a) Number of shares of the Common
Stock covered by the Option: ____________

 

(b) Exercise price per share:
$ __________

 

(c) Vesting Schedule and Exercise
price:

 

	Number Vested	Vesting Date	Exercise price  per share	Expiration Date

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