Document:

Exhibit 10.1

 

HYCROFT
MINING HOLDING CORPORATION

8181
E. Tufts Ave., Suite 510

Denver,
CO 80237

 

September 8, 2020

 

Via E-Mail

Stephen M. Jones

65 Royal Ann Drive

Greenwood Village, CO 80111

 

Re:         Transition
and Succession Agreement

 

Dear Steve:

 

This Transition and
Succession Agreement (the “Agreement”) will confirm our mutual understanding and agreements regarding your assistance
in facilitating a successful transition to a new President and Chief Executive Officer of Hycroft Mining Holding Corporation (“HYMC”
and together with its consolidated subsidiary entities, the “Company”). Unless otherwise defined herein, capitalized
terms shall have the meaning ascribed to them in the Employment Agreement dated as of March 15, 2019 between you and Hycroft
Mining Corporation (the “Employment Agreement”), which agreement was assigned to and assumed by the Company
effective as of the closing of the business combination between HYMC, Autar Gold Corporation (f/k/a MUDS Acquisition Sub, Inc.)
and Hycroft Mining Corporation.

 

In order to effectuate
a smooth transition and succession to a new President and Chief Executive Officer and the separation of your employment by the
Company, for good and valuable consideration, the sufficiency of which is hereby agreed to and acknowledged, you, and the Company
hereby agree as follows:

 

1.            Transition
Period and Termination of Employment and Board Membership.

 

(a)            Pursuant
to the mutual agreement of you and the Company, (i) effective as of the date of this Agreement, you hereby resign from your
office as interim President and Chief Executive Officer and while you shall remain an employee of the Company, you shall no longer
be an executive officer of the Company; and (ii) you hereby agree to continue to remain as an employee of the Company through
November 30, 2020 (the “Transition Period”) and to resign and your employment by the Company shall be deemed
to be terminated effective as of November 30, 2020 (the “Termination Date”). As of the Termination Date,
your resignation shall be accepted and you will be deemed to have ceased employment with and to no longer hold any positions as
an officer with any of the Company, including without limitation, HYMC and all of its direct and indirect subsidiaries, or as a
director, member or manager of any of HYMC and its subsidiary entities.

 

(b)            You
hereby resign your position as a member or manager of all subsidiary entities as of the date of this Agreement.

 

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(c)            In
order to facilitate the continued transition to your successor as President and Chief Executive Officer, you agree that commencing
on December 1, 2020 and continuing for a period of six (6) months following the Termination Date (the “Consulting
Period”) to provide consulting, transition assistance and advice upon the reasonable request of the Board of Directors
or the Chief Executive Officer of HYMC, as described in more detail in Section 4(c) below; provided, however,
that subject to the terms of the Consulting Agreement (as hereinafter defined), such transition assistance and advice shall be
subject to your consent.

 

2.            Final
Compensation. As soon as administratively practicable after the Termination Date, the Company shall pay you all accrued but
unpaid wages, any earned but unused vacation days, subject to standard payroll deductions and withholdings, and any previously
unreimbursed business expenses incurred on behalf of the Company, subject to the presentation of documentation therefor in accordance
with the Company’s regular reimbursement procedures and practices. Any personal advances due made to you by the Company that
are not related to previously unreimbursed business expenses will be deducted from the cash amounts otherwise due to you hereunder.

 

3.            Full
Payment. You hereby acknowledge that the payments and arrangements set forth in this Agreement, if timely paid and performed
in accordance with this Agreement, constitute full and complete satisfaction of any and all amounts properly due and owing to you
as a result of your employment with the Company and the termination thereof; provided, however, that nothing herein shall
adversely affect or modify your vested rights to payments under any qualified or non-qualified benefit plans of the Company in
which you were a participant.

 

4.            Salary
Continuation Payments and Compensation Arrangements.

 

(a)            Salary
Continuation Payments. Following your resignation and termination of your employment by the Company, as of the Termination
Date, you shall receive salary continuation payments, based upon your annual salary of $425,000 as of the Termination Date, payable
for a period of 24 months, payable in cash in bi-weekly installments (“Salary Continuation Payments”), except
as set forth below, pursuant to and subject to the conditions set forth in the Employment Agreement and subject to your performance
of your obligations pursuant to this Agreement, including, without limitation, under Section 12 hereof; provided,
however, that such Salary Continuation Payments will not commence until after the expiration of the Revocation Period (as defined
below); and provided, further, that at such time when the installments remaining to be paid do not fall within the “short
term deferral” or “involuntary separation pay” exclusion from Section 409A set forth in Section 9 of
the Employment Agreement, the remaining installments shall be paid in accordance with the schedule provided in the Employment Agreement.

 

(b)            Consulting
Arrangements.

 

(i)            You
agree that following the termination of your employment, you shall enter into the form of consulting agreement (the “Consulting
Agreement”) attached as Exhibit A hereto, effective upon the expiration of the revocation periods set forth
in Section 10 hereof without revocation, and commencing on December 1, 2020 to provide consulting services on a consulting
basis to the Company as may reasonably be requested of you by the Board of Directors or the Chief Executive Officer of HYMC (collectively,
the “Consulting Services”). You shall be compensated for the provision of Consulting Services at a rate of $25,000
per month regardless of whether any request for the provision of Consulting Services is made to you during each month of the Consulting
Period. You understand and agree that, while performing Consulting Services for the Company after the Termination Date, you will
not be eligible to participate in or accrue benefits under any of the Company’s benefit plans for which status as an employee
is a condition of such participation or accrual. Except as provided in Section 6 hereof, to the extent that you may
be deemed eligible to participate in any benefit plan of the Company, you hereby waive your participation.

 

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(ii)            Independent
Contractor Status. You hereby acknowledge and agree that, during the Consulting Period, you will be deemed to be an independent
contractor of the Company. From and after the Termination Date, you shall not be an agent or employee of the Company and shall
not be authorized to act on behalf of the Company. The Company will not make deductions for taxes for any consulting fees payable
pursuant to Section 4(c)(i), and any personal income and self-employment taxes for such fees shall be your sole responsibility.
You hereby agree to indemnify and hold the Company and the other entities released herein harmless for any tax claims or penalties
resulting from any failure by you to make required personal income and self-employment tax payments with respect to such consulting
fees.

 

(iii)            Reimbursement
of Business-Related Expenses. Subject to prior approval and authorization, the Company will reimburse you for all reasonable
and necessary out-of-pocket expenses for travel, lodging, meals, or any other similar expenses incurred by you at the request of
the Company and in connection with the performance of the Consulting Services hereunder upon receipt of documentation therefor
in accordance with the Company’s regular reimbursement procedures and practices in effect from time to time.

 

(c)            Termination
of Salary Continuation Payments. If you recommence work with the Company as an employee (but not as a consultant pursuant to
Section 4(c) hereof) before all Salary Continuation Payments have been made to you or are determined to be in
breach of any of your obligations under this Agreement, such payments will stop as of the effective date of commencement of such
work.

 

(d)            Unemployment
Compensation. While you may not be precluded from applying for and receiving unemployment compensation benefits, if you do
receive any such benefits for the same weeks for which you are receiving Salary Continuation Payments, any amounts you receive
in unemployment compensation will be deducted from the Salary Continuation Payments made to you for those weeks. In addition, the
following will be deducted from your Salary Continuation Payments if received for the same weeks you are receiving Salary Continuation
Payments: short-term disability (STD) and worker’s compensation benefits.

 

(e)            Acceleration
of Payments upon a Change in Control. Notwithstanding anything to the contrary herein, in the event of a Change in Control
(as defined in Section 6(b) of the Employment Agreement) after the effective date of this Agreement, then your employment
shall be terminated as of the Change in Control and all remaining amounts payable to you (i) as an employee through the end
of the Transition Period shall be accelerated and become due and payable upon the Change in Control, (ii) all remaining Salary
Continuation Payments shall be accelerated and become due and payable upon the Change in Control, and (iii) all remaining
amounts payable under the Consulting Agreement shall be accelerated and become due and payable upon the Change in Control, and
a cash payment will be made to you upon such Change in Control unless if the Change in Control does not constitute a “change
in control event” pursuant to Treas. Reg. §1.409A-3(i)(5)(i), then to the extent that the cash payment does not qualify
as a short-term deferral under Code Section 409A and Treas. Reg. §1.409A-1(b)(4), or for the exclusion for separation
pay due to an involuntary separation from service to the extent permitted under Code Section 409A and Treas. Reg. §1.409A-1(b)(9)(iii) then
the payment shall be made in accordance with the Section 4(a) above; provided, however, that payments under Sections
4(a) of this Agreement are intended to qualify as short-term deferrals or otherwise be exempt from Code Section 409A;
and if the Company reasonably determines that a payment under Sections 4(a) of this Agreement above does not qualify
as a short-term deferral under Code Section 409A and Treas. Reg. §1.409A-1(b)(4), or for the exclusion for separation
pay due to an involuntary separation from service to the extent permitted under Code Section 409A and Treas. Reg. §1.409A-1(b)(9)(iii) and
you are a Specified Employee (as defined below) as of the date of the Change in Control and termination, such payment to you may
not be made before the date that is six (6) months after the date of your separation from service or, if earlier, the date
of your death. Payments to which you would otherwise be entitled during the first six (6) months following the date of separation
will be accumulated and paid on the first day of the seventh month following the date of termination. For purposes of this Agreement,
 “Specified Employee” has the meaning given in Code Section 409A and Treas. Reg. §1.409A-1(c)(i). The
Company’s “specified employee identification date” (as described in Treas. Reg. §1.409A-1(c)(i)(3)) will
be December 31 of each year, and the Company’s “specified employee effective date” (as described in Treas.
Reg. §1.409A-1(c)(i)(4)) will be February 1 of each succeeding year.

 

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5.            Employee
Benefits.

 

(a)            The
Company shall provide you with the opportunity to continue group medical and dental insurance coverage equivalent to that provided
to senior officers of HYMC for a period of eighteen (18) months following the Termination Date (the “Salary Continuation
Period”), pursuant to the terms of this Section 5(a). You and your dependents may make a timely election,
effective as of the day after the Termination Date, to continue your group medical and dental coverage under Code Section 4980B
(“COBRA”). If such a timely COBRA election is made, the Company will deduct from each Salary Continuation Payment
an amount equal to the employee portion of the bi-weekly premium payable by similarly situated senior officers for such medical
and dental coverage, to the extent you and your dependents remain eligible for COBRA continuation coverage, and the Company will
directly pay such deducted amount, and any remaining premium, for such coverage. Any taxes required to be withheld for the portion
of the bi-weekly premium for such COBRA continuation coverage that is payable by the Company will be withheld from Salary Continuation
Payments. The Company’s payment of its share of the COBRA premiums described in this Section 5(a) is subject
to the performance of your obligations pursuant to this Agreement, including, without limitation, pursuant to Section 12
hereof.

 

(b)            To
the extent permitted under any of the Company’s benefit plans, the Company shall continue to provide and you shall continue
to participate in any group accident insurance, short-term disability insurance, life insurance or long-term disability insurance
coverage for a period of eighteen (18) months following the Termination Date. Immediately thereafter, any group accident insurance,
short-term disability insurance, life insurance or long-term disability insurance coverage you have with the Company will terminate.
To the extent such continuation of coverage is not permissible under any such benefit plan, your coverage under such plan will
terminate as of the Termination Date and the Company shall pay to you an amount each month for a period of eighteen (18) months
thereafter equal to the premium under such plan that the Company paid on your behalf for coverage under such plan immediately prior
to the Termination Date (or $17.20 per month under the group accident insurance plan, $86.00 per month under the group life insurance
plan and $206.25 per month under the group long-term disability plan), which the Company shall pay coincident with any payments
you are scheduled to receive pursuant to Section 4(a) hereof.

 

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(c)            Notwithstanding
anything to the contrary in Section 5(a) and/or Section 5(b) hereof, in the event that you receive
or obtain benefits of the type described in Section 5(a) and/or Section 5(b) hereof from another
employer, then the Company’s obligation to provide such benefits under this Agreement shall terminate. You hereby covenant
and agree to promptly inform and notify HYMC in writing of your right to receive or obtain benefits of the type described in Section 5(a) and/or
Section 5(b) hereof.

 

(d)            All
amounts allocated to your 401(k) account are subject to the vesting and other terms of the 401(k) Plan, which shall not
be deemed to have been modified by this Agreement; provided, however, that the Company acknowledges that your account is
fully vested as of the date of this Agreement. You may receive a distribution of your account balance in the 401(k) Plan following
the Termination Date. If your account balance in the 401(k) Plan is less than $5,000, it will be distributed automatically.
For the avoidance of doubt, nothing herein shall adversely affect or modify your rights to payment of vested benefits under any
qualified or non-qualified benefit plan of HYMC in which you were a participant.

 

(e)            The
Company will pay the employer portion of payroll taxes, both Social Security and Medicare, related to the Salary Continuation Payments.

 

6.            Outstanding
Equity Awards. As of the Termination Date, pursuant to equity award agreements made and entered into as of February 20,
2019 and amended as of May 29, 2020 (collectively, the “Equity Award Agreements”), you hold an aggregate
of 54,018 vested restricted stock units (“RSUs”) consisting of the following: (i) 20,998 time-based RSUs
vested on May 29, 2020; (ii) 23,098 time-based RSUs vested on June 1, 2020; (iii) 4,725 performance-based RSUs
vested on May 29, 2020; and (iv) 5,197 performance-based RSUs vesting on June 1, 2020 (collectively, “Outstanding
Equity Awards”). All of the Outstanding Equity Awards will convert into shares of HYMC Class A common stock on December 31,
2020 or such other date as is provided in the applicable Equity Award Agreement pursuant to which such awards were granted.

 

7.            Employee
Nondisclosure, Noncompetition, Nonsolicitation and Inventions Agreement. You acknowledge and agree that as a condition to any
and all payments under this Agreement and the vesting of equity awards, you shall continue to be bound in all respects to the terms
and conditions of that certain Employee Nondisclosure, Noncompetition, Nonsolicitation and Inventions Agreement in the form attached
hereto as Exhibit B (the “ENNNI Agreement”), which ENNNI Agreement was assigned to and assumed by
the Company and that the ENNNI Agreement remains in effect as a legally valid and binding agreement between you and the Company
on the date hereof (as amended pursuant to the Employment Agreement and as set forth below in this Section 7). You
acknowledge and agree that the Company will not provide compensation and/or benefits set forth above if you do not comply with
and continue to be bound by the terms of the ENNNI Agreement (as amended as set forth below in this Section 7). You
acknowledge and agree that:

 

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(a)           You
are, and will continue to be, bound by the terms of such ENNNI Agreement (as amended as set forth below in this Section 7)
as assigned to and assumed by the Company;

 

(b)           the
ENNNI Agreement shall continue in full force and effect after the date hereof, except as provided below:

 

(i)            “Confidential
Information” under such agreement shall mean “all information disclosed to you or known to you, either directly
or indirectly in writing, orally or by drawings or observation of parts or equipment, as a consequence of or through your employment
with the Company, that is not generally known to the public or in the relevant trade or industry, about the Company's business,
products, processes, services, investors and suppliers”; and

 

(ii)            The
sections of the ENNNI Agreement entitled “No Solicitation of Executives”, “No Solicitation or Acceptance of Business
from Customers or Business Partners”, and “Non-Competition”, and the applicable provisions thereunder, shall
each be amended to apply to the term of employment and 24 months following your termination of employment with the Company, so
long as you are receiving the Salary Continuation Payments pursuant to Section 4(a) hereof; provided, however,
that notwithstanding the foregoing, if Salary Continuation Payments are terminated by the Company pursuant to a breach by you of
the terms and conditions of this Agreement or the ENNNI Agreement, then the sections of the ENNNI Agreement entitled “No
Solicitation of Executives”, “No Solicitation or Acceptance of Business from Customers or Business Partners”,
and “Non-Competition”, and the applicable provisions thereunder, shall continue to apply following such termination
of Salary Continuation Payments hereunder;

 

(c)           except
as otherwise provided in Section 7(b) above, executing this Agreement does not change or alter your obligations
under the ENNNI Agreement, including, without limitation, the obligations under Section 5 – Inventions (other than to
update to expressly include patent applications files after the date of the ENNNI Agreement), Section 6 – No Solicitation
of Employees, Section 7 – No Solicitation or Acceptance of Business from Customers or Business Partners, Section 8
 – Non-Competition and Section 10 – Returning Personal Property and Confidential, Proprietary, or Trade Secret
Information;

 

(d)           the
continuing obligations under the ENNNI Agreement is supported by adequate and sufficient consideration, including but not limited
to the consideration and payments under this Agreement; and

 

(e)           the
terms of the ENNNI Agreement are incorporated herein by reference.

 

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8.             Release.

 

(a)            By
executing this Agreement, effective upon the Termination Date, you hereby, on your own behalf and on behalf of your agents, representatives,
assigns, heirs, executors and administrators (collectively, the “Employee Releasors”) fully and unconditionally
release, remise, acquit and forever discharge each of HYMC, its subsidiary entities and, for the avoidance of doubt, any obligations,
liabilities or claims relating to Hycroft Mining Corporation, and each of their respective officers, directors, stockholders, managers,
members, agents, employees, consultants, independent contractors, attorneys, advisors, successors and assigns (collectively, the
 “Company Releasees”) from any and all claims, causes of action, charges, complaints, demands, costs, rights,
losses, damages and other liability whatsoever, known or unknown (collectively, the “Claims”), which you have
or may have against any Company Releasee arising on or prior to the date you execute this Agreement, including but not limited
to any Claims arising under or in connection with your employment with, or termination of employment from, the Company or your
relationship with HYMC and its subsidiary entities, dismissal, redundancy, wrongful termination, breach of contract, fraud, deceit,
negligence, misrepresentation, defamation, disability, discrimination of any type, unlawful deduction from wages, breach of rights
or entitlements under the United States Age Discrimination in Employment Act, the United States Americans with Disabilities Act
of 1990, the United States Family and Medical Leave Act of 1993, Title VII of the United States Civil Rights Act of 1964, 42 U.S.C.
 §1981, the laws of the state of Nevada and Colorado, the laws of the United States, and any workers’ compensation or
disability claims or any other federal, state, local, foreign, common or other law, other than the Excluded Claims (as defined
below). You further agree that you will not file or permit to be filed on your behalf any such Claim and represent and warrant
that you have not instituted any such Claim or assigned or transferred any such Claim to any person or entity, in any manner, including
by subrogation, operation of law or otherwise. Notwithstanding the preceding sentence or any other provision of this Agreement,
this Agreement is not intended to interfere with your right to file a charge with the Equal Employment Opportunity Commission (the
 “EEOC”) in connection with any Claim you believe you may have against any of HYMC or its subsidiary entities.
However, by executing this Agreement, you hereby waive the right to recover in any proceeding you may bring before the EEOC or
any state human rights commission or in any proceeding brought by the EEOC or any state human rights commission on your behalf.
In addition, you agree to waive any rights you may have under any other agreement with any of HYMC or its subsidiary entities.
Notwithstanding the preceding two sentences or any other provision hereof, this Release is for any relief, no matter how denominated,
including, but not limited to, injunctive relief, wages, back pay, front pay, compensatory damages, and punitive damages. For purposes
of this Agreement, the term “Excluded Claims” shall mean claims (i) to enforce any of your rights under
or pursuant to this Agreement or any of the Equity Award Agreements, as amended hereby, (ii) for indemnification by HYMC arising
under or in connection with your position as an officer and/or employee of HYMC, subject to your entitlement to indemnification
under applicable law, the HYMC constating documents and the Indemnification Agreement dated as of May 29, 2020, (iii) any
claims that may arise and relate to facts occurring after the Termination Date, and (iv) with respect to your employment with
the Company prior to the Termination Date, claims for benefits accrued by and payable to you under the terms and conditions of
any employee benefit plan of the Company in which you were a participant prior to your Termination Date and which remain due and
payable in accordance with the terms of such plan, as in effect from time to time.

 

(b)            You
recognize that the monies, benefits and treatment of equity awards set forth in this Agreement constitute consideration for the
release set forth in Section 8 of this Agreement (the “Release”) and you agree that you will not
seek anything further from any Company Releasee; provided, however, that nothing herein shall prevent you from exercising
your rights solely in your capacity as a stockholder of the Company for claims arising after the date of this Agreement and where
such rights as a stockholder are unrelated in any way to your prior employment by the Company. You recognize that you are bound
by this Agreement and that anyone who succeeds to your rights and responsibilities, such as your heirs or the executor of your
estate, is also bound. This Agreement is made for the benefit of the Company Releasees, including the individuals and entities
collectively described herein, as well as all who succeed to their rights and responsibilities, such as the successors and assigns
of the corporate entities, and the heirs and executors of the estates of the individuals collectively referred to herein as Company
Releasees.

 

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(c)            By
executing this Agreement, effective upon the Termination Date, the Company, on behalf of all of the Company Releasees, does hereby
fully and unconditionally release, remise, acquit and forever discharge you and each of your agents, representatives, assigns,
heirs, executors and administrators (the “Executive Releasees”) from any and all Claims which any of them have
or may have against any of the Executive Releasees arising on or prior to the Termination Date, including but not limited to any
Claims relating to the activities, services, actions, failures to act or any other such deeds, misdeeds or omissions whatsoever
by you, or otherwise relating to you, not involving fraud, whether in your capacity as an employee, officer, director, stockholder
or otherwise.

 

9.            Representation;
Voluntary Execution. You are strongly encouraged to consult an attorney regarding this Agreement. You hereby acknowledge that
you are entering into this Agreement voluntarily and, by your act of signing below, you agree to all of the terms and conditions
of this Agreement and intend to be legally bound hereby.

 

10.          Acknowledgement
of Your Rights to Consider and Revoke the Release. You understand, agree and acknowledge that:

 

(a)            you
have been advised and encouraged by the Company to have this Agreement reviewed by legal counsel of your own choosing and you have
been given ample time to do so prior to signing this Agreement;

 

(b)            you
have been provided at least twenty one (21) days to consider this Agreement and to decide whether to agree to the terms contained
herein, and voluntarily waived such time period;

 

(c)            you
have the right to revoke the release set forth in Section 8 of this Agreement (the “Release”) during
the seven (7) day period following the date you sign this Agreement (the “Revocation Period”) by giving
written notice of such revocation to David S. Stone, legal counsel of the Company, on or prior to the seventh day after the date
you sign this Agreement and, if you exercise your right to revoke the Release, you will forfeit your right to receive any of the
Salary Continuation Payments;

 

(d)            No
payments, other than those that may be required pursuant to Section 2 hereof, shall be paid to you until at least eight
(8) days after you sign this Agreement and will be paid only if you do not revoke the Release contained in this Agreement
pursuant to Section 10(c) hereof;

 

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(e)            The
Company’s payments with respect to your COBRA premium provided herein will be paid only if you do not revoke the Release
contained in this Agreement pursuant to Section 10(c) hereof; and

 

(f)            by
signing this Agreement, you represent that you fully understand the terms and conditions of this Agreement and you intend to be
legally bound by them.

 

11.          Press
Release; No Detriment or Disparagement.

 

(a)            You
and the Company shall mutually agree on the terms of a press release announcing your transition and succession.

 

(b)            You
shall not (i) engage or intentionally cause or direct others to engage in any act detrimental to any of the Company or its
subsidiary entities, any of their officers, partners, members, associates, employees, directors, managers, parents, subsidiaries,
affiliates and related entities, and/or their business relations or (ii) except as otherwise required by law, make or intentionally
cause or direct others to make any written or oral statement that disparages or tends to disparage any of the Company or its subsidiary
entities, any of their officers, partners, members, associates, employees, directors, managers, parents, subsidiaries, affiliates
and related entities, and/or their business relations.

 

(c)            The
Company shall not (i) engage or intentionally cause or direct others to engage in any act detrimental to you or your business
relations or (ii) make or intentionally cause or direct others to make any written or oral statement that disparages or tends
to disparage you or your business relations.

 

12.          Cooperation.
You agree to fully cooperate with the Company and their attorneys in connection with the defense of any charge, investigation or
litigation in which you have relevant facts or potentially relevant testimony. Should such a request be made while you are receiving
payments for Consulting Services, you will not be further compensated for your time in connection with such cooperation, but to
the extent possible, the Company and their agents will schedule time at your convenience. If such a request is made by the Company
after we cease making payments for Consulting Services, you will be paid a reasonable rate, consistent with any statutes, rules,
regulations or case law for any time you spend in such endeavor.

 

13.          Return
of Property. On the Termination Date, you shall promptly deliver to the Company all electronic equipment, correspondence, drawings,
blueprints, models, manuals, letters, notes, notebooks, reports, programs, plans, proposals, financial documents or any other documents,
including all copies in any form or media, concerning the Company’s operations, mining plans, metallurgical data, products
or processes which contain any Confidential Information; provided, however, that you may retain your laptop computer and
have the right to continue to access Company Confidential Information solely for the purpose of providing Consulting Services at
the request of the Company.

 

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14.           Non-Admission.
This Agreement does not constitute an admission by the Company that any action taken with respect to you was wrongful, unlawful
or in violation of any local, state, or federal act, statute, constitution, or common law, and the Company specifically denies
any such wrongdoing or violation. You shall not state or imply the contrary to any person or entity.

 

15.           Continuation
of Restrictive Covenants. You hereby expressly acknowledge that the restrictive covenants of non-competition, nonsolicitation
of employees and customers and confidentiality set forth in the ENNNI Agreement by which you are bound during the Salary Continuation
Period or until such covenants and obligations expire, if at all, pursuant to their terms. In the event you materially breach any
of such covenants, the Company’s obligations to make payments pursuant to the provisions of Sections 4 and 5 hereof
shall be of no further force and effect and shall immediately cease.

 

16.           Withholding.
All payments being made to you under this Agreement will be subject to withholding for federal income taxes and, where applicable,
unemployment compensation and state, county and city taxes, and, withholding for the employee portion of Social Security and Medicare
taxes.

 

17.           Section 409A
Compliance.  With respect to any benefits provided under this Agreement that are subject to Section 409A, it is intended
that the terms of this Agreement comply with the terms and conditions of Section 409A and the regulations and guidance promulgated
thereunder and all provisions of this Agreement shall be construed in a manner consistent with the requirements for avoiding taxes
or penalties under Section 409A.  If any amount payable under this Agreement is to be paid in two or more installments,
for purposes of Section 409A, each installment shall be treated as a separate payment.

 

18.           Severability.
If any provision of this Agreement is found by a court of competent jurisdiction to be invalid or unenforceable, the court will
modify such provision to the minimum extent necessary to make such provision valid and enforceable or, if that is not possible,
the court will strike such provision from this Agreement. The invalidity or unenforceability of any provision of this Agreement
will not affect the force, effect, and validity of the remaining provisions of this Agreement; provided, however, that Section 8
of this Agreement shall be deemed to be an essential term of this Agreement and, to the extent such Section is deemed invalid
or unenforceable, in whole or in part, the remainder of this Agreement will be enforceable, if at all, solely at HYMC’s option.

 

19.           Amendment.
This Agreement cannot be amended, modified, waived, discharged or terminated, except in a writing signed both by you and a duly
authorized representative of HYMC.

 

20.           Entire
Agreement. This Agreement, collectively with the ENNNI Agreement, the Consulting Agreement and the equity award plans pursuant
to which such equity awards were granted, and any qualified or non-qualified benefit plans of any of the Company in which you were
a participant, contain the entire agreement between you and the Company with respect to the subject matter hereof and shall supersede
all other prior and contemporaneous agreements and understandings with respect to such subject matter.

 

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21.           Counterparts.
This Agreement may be executed in any number of counterparts (including by facsimile or other electronic signature), each of which
shall constitute an original and all of which taken together shall constitute one and the same instrument.

 

22.           Governing
Law and Forum for Disputes. The laws of the State of Colorado will govern the validity, interpretation, construction and performance
of this Agreement, without regard to the conflict of laws principles thereof. Any action or proceeding against the parties relating
in any way to this Agreement (a “Dispute”) must be brought and enforced in the courts of the State of Colorado,
and the parties irrevocably (i) submit to the jurisdiction of such courts in respect of any such action or proceeding and
(ii) waive any right to a trial by jury of any Dispute.

 

23.           Successors
and Assigns. This Agreement shall be binding upon you and the Company and shall inure to the benefit of each such party and
their successors and assigns, and shall be binding upon you, your heirs and personal representatives. None of your rights or obligations
hereunder may be assigned or delegated, except that in the event of your death or disability, any of your rights hereunder shall
be transferred to your estate or personal representative, as the case may be. The Company may assign any of their rights and obligations
under this Agreement in whole or in part to affiliates of HYMC without your prior consent. Any entity into which any of the Company
is merged, or with which the any of the Company is consolidated, or which acquires the business of the Company shall be deemed
to be a successor of the Company for purposes hereof, as the case may be.

 

24.           Notices.
All notices, requests, consents, and other communications required or permitted to be given under this Agreement shall be in writing
and shall be deemed to have been duly given if delivered personally, or mailed first-class, postage prepaid, by registered or certified
mail. If notice is delivered via email, notice shall be deemed given on the date that the notice is transmitted and written confirmation
of such transmission is obtained. If notice is delivered via mail, notice shall be deemed given on the earlier of (a) the
actual day of delivery or (b) the third day after the date of mailing. All notices shall be addressed to the intended recipient
as set forth below (or to such other address as either party shall designate by notice in writing to the other):

 

If to the Company:

Hycroft Mining Holding Corporation

8181 E. Tufts Ave., Suite 510

Denver, CO 80237

Attn: Diane R. Garrett, Ph.D.,
President and CEO

Telephone Number: (303) 524-1947
(Office)

Email: dianegarrett@hycroftmining.com

 

With a copy to:

 

David S. Stone, Esq.

Neal, Gerber & Eisenberg
LLP

2 North LaSalle Street

Suite 1700

Chicago, IL 60602

Telephone Number: (312) 269-8411

Email: dstone@nge.com

 

    	 	11	 

     

    

 

If to Executive:

 

Stephen M. Jones

65 Royal Ann Drive

Greenwood Village, CO 80111

Telephone Number: (713) 927-7048

Email: stevemjones1@gmail.com

 

25.           Continued
Indemnification. Nothing herein shall adversely affect your right to be indemnified by HYMC following the Termination Date
for any claims made against you by third parties due to your position as a director, officer and employee of the Company. Additionally,
the Company shall indemnify you to the fullest extent provided by applicable law against all costs, expenses, liabilities and losses
(including, without limitation, attorney’s fees, judgements, fines, penalties, ERISA excise taxes, penalties and amounts
paid in settlement) reasonably incurred by you in connection with any proceeding brought against you related to your provision
of Consulting Services to the Company.

 

26.           No
Mitigation; No Offset. You shall be under no obligation to seek other employment and, except as expressly provided in this
Agreement, there shall be no offset against amounts due to you under this Agreement on account of any compensation attributable
to any subsequent employment that you may obtain.

 

[SIGNATURE PAGE TO FOLLOW]

 

    	 	12	 

     

    

 

You may formally accept
the terms of this Agreement by signing below and returning it to me.

 

	 	Very truly yours,
	 	 
	 	 
	 	Hycroft Mining Holding Corporation
	 	 
	 
	 	By:	/s/ Jeffrey Stieber
	 	 	Jeffrey Stieber
	 	 	Vice President and Interim Chief Financial Officer
	 	 	 
	 
	 	Autar Gold Corporation
	 	 
	 
	 	By:	 /s/ Jeffrey Stieber
	 	 	Jeffrey Stieber
	 	 	Vice President and Interim Chief Financial Officer

 

I acknowledge that I have read and understand
and agree to all the terms of this Agreement and further acknowledge that I have had the opportunity to review it with an attorney.

 

 

	Dated:  September 8, 2020	By:	/s/ Stephen M. Jones
	 	 	  Stephen M. Jones

 

    	 	13	 

     

    

 

EXHIBIT A

CONSULTING AGREEMENT

 

    	 	1	 

     

    

 

EXHIBIT B

 

ENNNI AGREEMENT

 

    	 	2Exhibit 10.2

 

consulting
agreement

 

This Consulting Agreement
(this “Agreement”) is made and entered into as of this 8th day of September, 2020, by and among Hycroft Mining
Holding Corporation, a Delaware corporation (“HYMC”), and Stephen M. Jones, an individual (“Consultant”).

 

WHEREAS, prior
to the date hereof, Consultant was the Interim President and Chief Executive Officer and former Executive Vice President, Chief
Financial Officer and Secretary of HYMC;

 

WHEREAS, Consultant
and HYMC entered into that certain Transition and Succession Agreement, dated as of September 8, 2020, to provide certain
benefits to Consultant and HYMC upon his resignation as an officer and director of HYMC and its subsidiaries (the “Transition
and Succession Agreement”);

 

WHEREAS, Consultant’s
employment with HYMC and its subsidiaries will be deemed to be terminated as of his resignation effective November 30, 2020
pursuant to the terms of the Transition and Succession Agreement; and

 

WHEREAS, HYMC
desires to receive consulting services on a consulting basis in Consultant’s areas of experience and expertise relating to
the Company and to receive such other services as may reasonably be requested of Consultant by the Board of Directors or Chief
Executive Officer of HYMC (collectively, the “Consulting Services”) effective upon the termination of the Transition
Period, as defined and set forth in the Transition and Succession Agreement.

 

NOW, THEREFORE,
in consideration of the premises and the representations and warranties, covenants and agreements contained herein, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.           Engagement.
Effective on December 1, 2020 following the termination of the Transition Period, as defined and set forth in the Transition
and Succession Agreement, HYMC hereby engages Consultant to perform the Consulting Services during the Term (as defined in Section 2),
and Consultant hereby accepts such engagement upon the terms and conditions set forth in this Agreement.

 

2.           Term.
This Agreement shall commence as of December 1, 2020 and shall continue until the earliest to occur of:

 

(a)            that
date that is six (6) months from the date hereof; and

 

(b)            termination
in accordance with Section 6 (the “Consulting Period”).

 

3.            Consulting
Services. In order to transition to Consultant’s successor as President and
Chief Executive Officer, Consultant agrees that for the Consulting Period Consultant shall be available to provide consulting,
technical advice and transition assistance upon the reasonable request of the Board of Directors or the Chief Executive Officer
of HYMC; provided, however, that such transition assistance and advice shall be subject to Consultant’s consent. In
no event shall Consultant be required to provide more than 15 hours of Consulting Services during any weekly period or more than
50 hours of Consulting Services during any monthly period.

 

     

     

    

 

4.            Compensation.
As compensation for the Consulting Services rendered by Consultant during the Term, HYMC shall pay to Consultant compensation at
a rate of $25,000 per month regardless of whether any request for the provision of Consulting Services is made to you during each
month of the Consulting Period, subject to acceleration in the event of a Change in Control, as provided in the Transition and
Succession Agreement.

 

5.            Payment
Procedures. HYMC shall issue payments to Consultant on a monthly basis due on the
last day of the month, subject to acceleration in the event of a Change in Control, as provided in the Transition and Succession
Agreement.

 

6.            Termination.

 

(a)          This
Agreement may be terminated:

 

(i)            by
mutual written agreement of HYMC and Consultant at any time; or

 

(ii)            by
HYMC for Cause (as hereinafter defined).

 

(b)          In
the event that this Agreement is terminated in accordance with its terms for any reason, HYMC shall have no further obligation
to Consultant other than the payment for Consulting Services already rendered in accordance with Section 4.

 

(c)          Definition
of Cause. For purposes of this Agreement, the term “Cause” shall mean (i) Consultant has been convicted
of, or plead nolo contendere to, a felony or crime involving moral turpitude; (ii) Consultant has committed an act of personal
dishonesty or fraud involving personal profit in connection with Consultant’s provision of the Consulting Services to HYMC;
(iii) Consultant has committed a material breach of any material covenant, provision, term or condition set forth in or incorporated
by reference into this Agreement, including, without limitation, the provisions contained in Section 7 of the Transition and
Succession Agreement or in sections of the Employee Nondisclosure, Noncompetition, Nonsolicitation and Inventions Agreement entered
into by you (the “ENNNI Agreement”) entitled “No Solicitation of Executives”, “No Solicitation
or Acceptance of Business from Customers or Business Partners”, and “Non-Competition”, and the applicable provisions
thereunder, (iv) Consultant has committed an act which involved willful misconduct or gross negligence on the part of Consultant;
(v) any material failure or unreasonable refusal to perform the Consulting Services in a reasonably satisfactory manner; (vi) any
material failure or refusal to comply with the lawful written rules and policies of HYMC and its subsidiaries applicable to
consultants to HYMC; or (vii) Consultant has committed any act that has or reasonably is expected to result in material injury
to the business or reputation of HYMC or its subsidiaries; provided, however, that no termination under clause (iii),
(v) or (vi) above shall be effective unless Consultant shall have first received written notice describing in reasonable
detail the basis for the termination and within fifteen (15) days following delivery of such notice, Consultant shall have failed
to cure such alleged behavior constituting “cause”; provided, further, that this notice requirement prior
to termination shall be applicable only if such behavior or breach is capable of being cured.

 

     

     

    

 

7.           Continued
Restrictive Covenants. Consultant hereby expressly acknowledges that the restrictive
covenants of non-solicitation of employees and customers and confidentiality set forth in sections of the ENNNI Agreement entitled
 “No Solicitation of Executives”, “No Solicitation or Acceptance of Business from Customers or Business Partners”,
and “Non-Competition”, and the applicable provisions thereunder, by which Consultant is bound during the Consulting
Period shall remain in full force and effect until they expire, if at all, according to their terms. In the event Consultant breaches
any of such covenants, HYMC’s obligations to make payments pursuant to the provisions of Section 4 hereof shall
be of no further force and effect and shall immediately cease. The terms of this Section 7 shall survive the termination
of this Agreement.

 

8.            Independent
Contractor Status. Consultant’s relationship to HYMC and its subsidiaries hereunder
is one of independent contractor, and nothing contained in this Agreement shall be construed to imply that Consultant is an agent
or employee of HYMC or its subsidiaries for any purpose, including, without limitation, withholding for purposes of Social Security
or income taxes, or entitlement to any insurance, retirement or other employee benefits offered by HYMC or its subsidiaries. This
Agreement shall not create any partnership or joint venture between the parties hereto. Consultant shall not have the right, power
or authority to create any obligation, express or implied, or to make any representation on behalf of HYMC or its subsidiaries,
except as may be expressly authorized in writing from time to time by HYMC or its subsidiaries, and then only to the extent of
such written authorization.

 

9.            Consultant
Representations, Warranties and Covenants. Consultant hereby represents, warrants
and covenants to HYMC and its subsidiaries as follows: (a) Consultant shall comply with all applicable laws, ordinances, codes
and regulations in performing the Consulting Services under this Agreement and (b) Consultant has full authority to execute
and deliver this Agreement and to provide the Consulting Services, and this Agreement does not and will not violate any other agreement
to which Consultant is or becomes a party, nor any law, court order or decree to which Consultant is subject.

 

10.          Binding
Effect; Assignment; Substitution.

 

(a)           This
Agreement shall be binding upon and inure to the benefit of all of the parties hereto, their heirs, administrators, personal representatives,
successors and assigns; provided, however, that Consultant may not assign (as a matter of law or otherwise) this
Agreement without the prior, express written consent of HYMC. Any attempt to assign, transfer, pledge, hypothecate or otherwise
dispose of this Agreement in violation of this Agreement shall be null and void.

 

(b)            Consultant
acknowledges that HYMC expects Consultant specifically to perform the Consulting Services. Consultant agrees that he may not substitute
any other person or entity to perform any of his obligations under this Agreement.

 

     

     

    

 

11.           Amendments;
Waiver. This Agreement may only be amended and any term hereof waived in a written
agreement signed both by Consultant and by HYMC. No delay or omission by any party to this Agreement to exercise its rights under
this Agreement shall impair any such right or power or shall be construed as a waiver or acquiescence of any default. If a written
waiver occurs, no such written waiver in any particular instance or with respect to any particular term will be held or construed
to constitute a waiver of any other or subsequent breach.

 

12.           Entire
Agreement. This Agreement, together with the Transition and Succession Agreement,
the ENNNI Agreement and the equity award plans pursuant to which such equity awards were granted, and any qualified or non-qualified
benefit plans of any of HYMC in which Consultant was a participant, sets forth the entire understanding of the parties hereto with
respect to the subject matter hereof and supersedes and cancels any prior agreements, arrangements, representations, warranties
or communications (whether oral or written) between the parties hereto relating to the subject matter hereof.

 

13.           Governing
Law and Forum for Disputes. The laws of the State of Colorado will govern the validity,
interpretation, construction and performance of this Agreement, without regard to the conflict of laws principles thereof. Any
action or proceeding against the parties relating in any way to this Agreement (a “Dispute”) must be brought
and enforced in the courts of the State of Colorado, and the parties irrevocably (i) submit to the jurisdiction of such courts
in respect of any such action or proceeding and (ii) waive any right to a trial by jury of any Dispute.

 

14.           No
Presumption Against Drafter; Representation by Counsel. Each of the parties hereto
has jointly participated in the negotiation and drafting of this Agreement. In the event there arises any ambiguity or question
of intent or interpretation with respect to this Agreement, this Agreement shall be construed as if drafted collectively by the
parties hereto and no presumptions or burdens of proof shall arise favoring any party by virtue of the authorship of any of the
provisions of this Agreement. Each of the parties hereto acknowledges that he or it has had the opportunity to consult independent
and experienced counsel of his or its own choice in connection with the negotiation and preparation of this Agreement and to seek
advice as to the legal effect thereof. Each of the parties hereto represents that he or it has entered into this Agreement without
coercion or undue influence.

 

15.           Interpretation.
The headings in this Agreement are included solely for convenience and shall not affect the interpretation of this Agreement. Unless
the context requires otherwise, any pronouns used in this Agreement shall include the corresponding singular, plural, masculine,
feminine or neuter pronouns, as the case may be. Underscored references to Sections shall refer to those Sections of this Agreement.
The use of the terms “including” or “include” shall in all cases herein mean “including, without
limitation” or “include, without limitation,” respectively.

 

16.           Notices.
Any notice required or permitted under the terms of this Agreement shall be in writing and shall be delivered by personal delivery,
via overnight carrier, via email or via registered or certified mail, return receipt requested, first class postage prepaid. If
notice is delivered by personal delivery or via overnight carrier, notice shall be deemed given on the date that actual delivery
is made. If notice is delivered via email, notice shall be deemed given on the date that the notice is transmitted and written
confirmation of such transmission is obtained. If notice is delivered via mail, notice shall be deemed given on the earlier of
(a) the actual day of delivery or (b) the third day after the date of mailing. All notices shall be addressed to the
intended recipient as set forth below:

 

     

     

    

 

If to Consultant, to:

 

Stephen M. Jones

65 Royal Ann Drive

Greenwood Village, CO 80111

Telephone Number: (713) 927-7048

Email: stevemjones@gmail.com

 

If to HYMC:

Hycroft Mining Holding Corporation

8181 E. Tufts Ave., Suite 510

Denver, CO 80237

Attn: Diane R. Garrett, Ph.D.,
President and CEO

Telephone Number: (303) 524-1947
(Office)

Email: dianegarrett@hycroftmining.com

 

With a copy to:

 

David S. Stone, Esq.

Neal, Gerber & Eisenberg
LLP

2 North LaSalle Street

Suite 1700

Chicago, IL 60602

Telephone Number: (312) 269-8411

Email: dstone@nge.com

 

or to such other address or to the attention of the person or
persons as the recipient party has specified by proper prior written notice to the sending party. If more than one method for sending
notice as set forth above is used, the earliest notice date established as set forth above shall control.

 

17.           Counterparts.
This Agreement may be signed in multiple counterparts, each of which taken together will constitute one and the same agreement.
This Agreement may be executed and delivered by facsimile or other electronic transmission and, if executed and delivered in such
manner, shall be binding as though an executed original shall have been delivered by hand.

 

18.           Severability.
If any term or provision of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, then such
term or provision will be limited to the extent necessary or stricken so as to make the provision valid and enforceable to the
fullest extent permitted by law. Such limitation or striking will not affect any of the remaining provisions of this Agreement,
which will continue in full force and effect as written.

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the day and year first above written.

 

	 	/s/ Stephen M. Jones
	 	Stephen M. Jones
	 	 
	 	 
	 	HYCROFT MINING HOLDING CORPORATION
	 	 
	 	 
	 	/s/ Jeffrey Stieber
	 	Name: Jeffrey Stieber
	 	Title: Vice President and Chief Financial Officer

 

[Signature Page to
Jones Consulting Agreement]

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