Document:

Exhibit 10.2

 

FORM OF

 

THE MIDDLEBY CORPORATION

 

2011 LONG-TERM INCENTIVE PLAN
 RESTRICTED STOCK AWARD AGREEMENT

 

This RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”), dated as of the     day of          , 20   (the “Date of Grant”) is entered into by and between The Middleby Corporation, a Delaware corporation (the “Company”) and [        ] (the “Grantee” and, together with the Company, the “Parties”).

 

RECITALS

 

Pursuant to The Middleby Corporation 2011 Long-Term Incentive Plan (the “Plan”), the Board of Directors of the Company (the “Board”) and the Compensation Committee of the Board (the “Committee”), as the administrators of the Plan, have determined to grant to the Grantee restricted shares (the “Restricted Stock”) of the Company’s common stock, par value $0.01 per share (the “Common Stock”) subject to the vesting, restrictions and other terms and conditions set forth herein, and hereby grants such Restricted Stock.

 

NOW, THEREFORE, the Parties hereto agree as follows:

 

1.                                      Grant of Shares.  The Company hereby grants to the Grantee [·] shares of Restricted Stock (the “Grant”), pursuant to the terms and conditions of this Agreement and the Plan, of which [·] shares shall be subject to time-vesting pursuant to Section 2(b)(i) of this Agreement (the “Time-Based Restricted Stock”) and [·] shares shall be subject to performance-vesting pursuant to Section 2(b)(ii) of this Agreement (the “Performance-Based Restricted Stock”), it being understood that the number of shares of Performance-Based Restricted Stock subject to the Grant represent the number of shares which would vest at the maximum level of performance as set forth on Schedule A.  The Grantee shall not be required to pay any cash consideration in exchange for the Restricted Stock.

 

2.                                      Restrictions and Restricted Period.

 

(a)                                 Restrictions.  Subject to Section 4 of this Agreement, the Restricted Stock may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of and shall be subject to a risk of forfeiture as described in Section 3 of this Agreement until the lapse of the Restricted Period (as defined below).  The restrictions set forth in this Section 2(a) are referred to herein as the “Restrictions.”

 

(b)                                 Restricted Period.  The “Restricted Period” shall mean the period commencing on the Date of Grant and ending on the date on which the Restrictions lapse.  The Restricted Stock shall become vested and the Restrictions thereon shall lapse as follows:

 

(i)                                     Time-Based Restricted Stock.  The Time-Based Restricted Stock shall become vested and the Restrictions thereon shall lapse with respect to one-

 

 

third of such shares on each of the first three anniversaries of the Date of Grant, rounded down to the nearest whole share, subject to the Grantee’s continued employment with the Employer (as defined in the Plan) on each applicable vesting date, except as provided in Section 3(b) or 3(c) of this Agreement.

 

(ii)                                  EPS Performance-Based Restricted Stock.  A portion of the Performance-Based Restricted Stock shall become vested and the Restrictions thereon shall lapse on the date on which, and to the extent that, the Committee determines that the applicable annual and/or cumulative EPS growth goals, as set forth on Schedule A hereto, have been achieved for the applicable Performance Period (the date of the Committee’s determination, the “vesting date”), rounded down to the nearest whole share, subject to the Grantee’s continued employment with the Employer through the applicable vesting date, except as provided in Section 3(b) or 3(c) of this Agreement.  Subject to Sections 3(b) and 3(c) of this Agreement, any shares of such Performance-Based Restricted Stock that do not become vested as of the applicable vesting date, in accordance with Schedule A, as determined by the Committee, shall be forfeited to the Company without payment of any consideration therefor.

 

(iii)                               EBITDA Performance-Based Restricted Stock.  A portion of the Performance-Based Restricted Stock shall become vested and the Restrictions thereon shall lapse on the date on which, and to the extent that, the Committee determines that the applicable annual and/or cumulative EBITDA growth goals, as set forth on Schedule A hereto, have been achieved for the applicable Performance Period (the date of the Committee’s determination, the “vesting date”), rounded down to the nearest whole share, subject to the Grantee’s continued employment with the Employer through the applicable vesting date, except as provided in Section 3(b) or 3(c) of this Agreement.  Subject to Sections 3(b) and 3(c) of this Agreement, any shares of such Performance-Based Restricted Stock that do not become vested as of the applicable vesting date, in accordance with Schedule A, as determined by the Committee, shall be forfeited to the Company without payment of any consideration therefor.

 

For purposes of this Agreement, the “Performance Period” shall mean each of (x) the Company’s 2019 fiscal year, commencing on December 30, 2018 and ending on December 28, 2019, (y) the Company’s 2020 fiscal year, commencing on December 29, 2019 and ending on January 2, 2021, and (z) the Company’s 2021 fiscal year, commencing on January 3, 2021 and ending on January 1, 2022.

 

(c)                                  Adjustment.  The number and kind of shares of Restricted Stock set forth in this Section 2 are subject to adjustment in accordance with the terms of this Agreement and the Plan.

 

(d)                                 Notification.  The Company shall promptly notify the Grantee of the Committee’s determination of achievement of the performance goals applicable to the Performance-Based Restricted Stock pursuant to Section 2(b)(ii) of this Agreement.

 

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3.                                      Cessation of Employment; Change of Control.

 

(a)                                 Forfeiture.  If the Grantee’s employment with the Employer terminates for any reason other than those set forth in Section 3(b) of this Agreement, then any portion of the Restricted Stock with respect to which the Restrictions have not lapsed shall be forfeited to the Company without payment of any consideration therefor, and neither the Grantee nor any of his successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such shares of Restricted Stock.

 

(b)                                 Accelerated Vesting upon Certain Terminations of Employment.

 

(i)                                     With respect to the Time-Based Restricted Stock, if the Grantee’s employment is terminated during the Restricted Period (A) by the Employer for reasons other than Cause (as defined in Section 9(a) of this Agreement or the Grantee’s employment agreement, if applicable) or (B) if applicable, pursuant to the Grantee’s employment agreement, by the Grantee for good reason (as defined therein), the vesting of such Time-Based Restricted Stock will immediately accelerate as of the date of such termination with respect to a portion of the unvested shares subject thereto in an amount equal to (A) the total number of shares of Time-Based Restricted Stock granted pursuant to this Agreement multiplied by a fraction, the numerator of which is the number of days the Grantee was employed from the Date of Grant to the date of such termination, and the denominator of which is 1,095, less (B) the number of shares of Time-Based Restricted Stock granted pursuant to this Agreement that vested prior to the date of such termination, if any.  Upon such termination of the Grantee’s employment, any shares of Time-Based Restricted Stock awarded above the amount that becomes vested pursuant to this Section 3(b)(i) will be forfeited to the Company without payment of any consideration therefor.

 

(ii)                                  With respect to the Performance-Based Restricted Stock, if the Grantee’s employment is terminated during the Restricted Period (A) by the Company for reasons other than Cause (as defined in Section 9(a) of this Agreement or the Grantee’s employment agreement, if applicable) or (B) if applicable, pursuant to the Grantee’s employment agreement, by the Grantee for good reason (as defined therein), the Performance-Based Stock will vest in a number of shares that would otherwise vest based on actual performance measured as of the end of the fiscal year in which the date of such termination occurs pursuant to Schedule A hereto, as determined by the Committee, and pro-rated for the number of days during which the Grantee was employed beginning on the commencement date of the Performance Period and ending on such date of termination.  Upon such termination of the Grantee’s employment, any shares of Performance-Based Restricted Stock awarded above the amount that becomes vested pursuant to this Section 3(b)(ii) will be forfeited to the Company without payment of any consideration therefor.

 

For purposes of this Section 3(b), a termination of employment by the Company for reasons other than Cause shall not include a termination due to the death or disability of the Grantee.

 

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(c)                                  Accelerated Vesting upon Change of Control.  In the event of a Change of Control and subject to the Grantee’s continued employment with the Employer through the date of such Change of Control:

 

(i)                                     All of the shares of Time-Based Restricted Stock, to the extent not then-vested, will immediately vest as of the date of such Change of Control.

 

(ii)                                  A number of shares of Performance-Based Restricted Stock will immediately vest in an amount equal to the greater of (A) the number of shares that would vest assuming achievement of performance goals at the target level of performance as set forth on Schedule A or (B) the number of shares that would otherwise vest based on actual performance measured immediately prior to the Change of Control, as determined by the Committee.  Upon such Change of Control, any shares of Performance-Based Restricted Stock awarded above the amount that becomes vested pursuant to the foregoing clause (A) or (B) will be forfeited to the Company without payment of any consideration therefor.

 

4.                                      Restrictions on Transfer.

 

(a)                                 The Grantee acknowledges and agrees that the Restricted Stock may not be transferred or otherwise disposed of by the Grantee, including by way of sale, assignment, transfer, pledge, hypothecation or otherwise, except as permitted by the Committee, or by will or the laws of descent and distribution.

 

(b)                                 The Grantee further acknowledges and agrees that any shares of Common Stock subject to the Grant which become vested and cease to be subject to a risk of forfeiture following the lapse of the Restricted Period shall not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of by the Grantee until the earlier of (i) the third anniversary of the Date of Grant, or (ii) the occurrence of a Change of Control (in either case, the “Lapse Date”), except that vested shares of Common Stock subject to the Grant may be withheld by the Company to satisfy the Grantee’s tax withholding obligations to the extent permitted by the Company pursuant to Section 8 of this Agreement.  Following the occurrence of the Lapse Date, such shares of Common Stock shall be freely transferable by the Grantee; provided, that such transfer is otherwise permitted in accordance with federal and state securities laws.

 

5.                                      Rights of a Stockholder.  The Grantee shall be the record owner of the shares of Restricted Stock, and as record owner shall be entitled to all rights of a common stockholder of the Company, subject to Section 4 of this Agreement, including the right to vote such shares in all matters in which common stockholders of the Company are entitled to vote; provided, that during the Restricted Period, the Grantee shall not be entitled, and hereby waives any right, to receive any cash or in-kind dividends paid with respect to the Restricted Stock as a common stockholder.  If there is any stock split or other change in character or amount of the Restricted Stock, then in such event, any and all new, substituted or additional securities to which the Grantee is entitled by reason of such changes to the Restricted Stock shall be immediately subject to the Restrictions with the same force and effect as the Restricted Stock subject to such Restrictions immediately before such event.

 

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6.                                      Certificates.  The Restricted Stock may be evidenced in such manner as the Committee shall determine.  If certificates representing Restricted Stock are registered in the name of the Grantee, then the Company may retain physical possession of the certificates until both the Restrictions and the restrictions on transfer pursuant to Section 4(b) of this Agreement have lapsed.

 

7.                                      Legends.  The Company may require, as a condition of the issuance and delivery of certificates evidencing the Restricted Stock pursuant to the terms hereof, that the certificates bear the legend as set forth immediately below, in addition to any other legends required under federal and state securities laws or as otherwise determined by the Committee.  All certificates representing any of the shares of Restricted Stock subject to the provisions of this Agreement shall have endorsed thereon the following legend:

 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS UPON TRANSFER HELD BY THE ISSUER OR ITS ASSIGNEES(S) AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE HOLDER OF THE SHARES, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY.

 

Such legend shall not be removed until both the Restrictions and the restrictions on transfer pursuant to Section 4(b) of this Agreement on such shares lapse pursuant to the terms hereof.

 

8.                                      Taxes.  The Grantee shall pay to the Company promptly upon request, at the time the Grantee recognizes taxable income in respect of the shares of Restricted Stock, an amount equal to the federal, state and/or local taxes the Company determines it is required to withhold under applicable tax laws with respect to the shares of Restricted Stock.  In lieu of collecting payment from the Grantee, the Company may, in its discretion, withhold vested shares of Common Stock net of the number of whole shares of Common Stock under the Grant with a fair market equal to the minimum amount of federal, state and local taxes required to be withheld under applicable tax laws.  The Grantee understands that he (and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contemplated by this Agreement.

 

9.                                      Miscellaneous.

 

(a)                                 Definitions.  As used in this Agreement:

 

(i)                                     “Cause” shall mean the Grantee’s gross negligence, willful misconduct, breach of fiduciary duty involving personal profit, substance abuse, or commission of a felony.

 

(ii)                                  “Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act.

 

(iii)                               “Change of Control” shall mean the occurrence of any of the following events:

 

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(1)                                 any Person (as defined below) becomes the beneficial owner directly or indirectly (within the meaning of Rule 13d-3 under the Exchange Act) of more than 35% of the Company’s then outstanding voting securities (measured on the basis of voting power);

 

(2)                                 individuals who, as of the Effective Date (as defined in the Plan), constituted the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding for this purpose any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board;

 

(3)                                 there is consummated a merger or consolidation, other than (i) a merger or consolidation immediately following which the voting securities of the Company outstanding immediately prior thereto continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company, at least 50% of the combined voting power of the voting securities of the Company, such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (ii) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person acquires more than 35% of the combined voting power of the Company’s then outstanding securities; or

 

(4)                                 the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets.

 

Notwithstanding the foregoing, a “Change of Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the common stock of the Company immediately prior to such transaction or series of transactions continue to have substantially the

 

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same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions.

 

(iv)                              “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

 

(v)                                 “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its subsidiaries or affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

 

(b)                                 Retained Discretion of the Committee.  In applying the vesting criteria applicable to the Performance-Based Restricted Stock, the Committee may adjust EPS and EBITDA in its sole discretion, including without limitation adjustments made in accordance with generally accepted accounting principles, to take into account the impact of the specific adjustment items set forth in Schedule A.

 

(c)                                  Compliance with Law and Regulations.  The Restricted Stock and any obligation of the Company hereunder shall be subject to all applicable federal, state and local laws, rules and regulations and to such approvals by any government or regulatory agency as may be required.  Any purported transfer or sale of the shares of Common Stock shall, subject to Section 4 of this Agreement, be subject to restrictions on transfer imposed by any applicable state and federal securities laws.  Any transferee shall hold such shares of Common Stock subject to all the provisions hereof and shall acknowledge the same by signing a copy of this Agreement.

 

(d)                                 Invalid Transfers.  No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any of the shares of Common Stock subject to the Grant by any holder thereof before the Lapse Date or in violation of the provisions of this Agreement shall be valid, and the Company will not transfer any of said shares on its books or otherwise nor will any of said shares be entitled to vote, nor will any dividends be paid thereon, unless and until there has been full compliance with said provisions to the satisfaction of the Company.  The foregoing restrictions are in addition to and not in lieu of any other remedies, legal or equitable, available to enforce said provisions.

 

(e)                                  Incorporation of Plan.  This Agreement is made under the provisions of the Plan (which is incorporated herein by reference) and shall be interpreted in a manner consistent with it.  To the extent that this Agreement is silent with respect to, or in any way inconsistent with, the terms of the Plan, the provisions of the Plan shall govern and this Agreement shall be deemed to be modified accordingly.

 

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(f)                                   Notices.  Any notices required or permitted hereunder shall be addressed to the Company, at its principal offices, or to the Grantee at the address then on record with the Company, as the case may be, and deposited, postage prepaid, in the United States mail.  Either party may, by notice to the other given in the manner aforesaid, change his or its address for future notices.

 

(g)                                  Successor.  This Agreement shall bind and inure to the benefit of the Company, its successors and assigns, and the Grantee and his personal representatives and beneficiaries.

 

(h)                                 Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.  The Board shall have final authority to interpret and construe the Plan and this Agreement and to make any and all determinations under them, and its decision shall be binding and conclusive upon the Grantee and his personal and legal representatives in respect of any questions arising under the Plan or this Agreement.

 

(i)                                     Recoupment.  The Restricted Stock shall be subject to any clawback or recoupment policies of the Company as in effect from time to time, or as otherwise required by law or the NASDAQ Stock Market Rules.

 

(j)                                    Amendment.  This Agreement may be amended or modified by the Company at any time; provided that notice is provided to the Grantee in accordance with Section 9(f) of this Agreement; and provided further that no amendment or modification that is adverse to the rights of the Grantee as provided by this Agreement shall be effective unless set forth in a writing signed by the parties hereto.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, the Parties have executed this Agreement on the day and year first above written.

 

	
 
    	
THE MIDDLEBY CORPORATION
    
	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

The undersigned hereby accepts and agrees to all the terms and provisions of the foregoing Agreement.

 

	
 
    	
 
    
	
Grantee
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Address
    	
 
    

 

 

Schedule A

 

Performance-Based Restricted Stock

 

This Schedule A shall be incorporated in and form a part of the Restricted Stock Award Agreement to which this Schedule A is attached (the “Agreement”).  Capitalized terms not otherwise defined herein shall have the meanings set forth in the Agreement.

 

Performance Goals.  Subject to and conditioned upon the Grantee’s continued employment with the Employer through the applicable vesting date, except as provided in Section 3(b) or 3(c) of the Agreement, the Performance-Based Restricted Stock shall become vested and the Restrictions thereon shall lapse based on the Company’s achievement of the earnings per share (“EPS”) growth and EBITDA growth goals, each as set forth in the table below, as follows:

 

[·]CONSULTING
AGREEMENT

 

This
CONSULTING AGREEMENT, dated April 12, 2019 (the “Agreement”) between Ryan K. Zinke (the “Consultant”),
and U.S. Gold Corp., a Nevada corporation (the “Company”).

 

WHEREAS,
the Company desires to engage the Consultant to provide certain consulting services related to the Company’s business and
Consultant is willing to be engaged by the Company as a consultant and to provide such services, on the terms and conditions set
forth below.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained herein, the receipt and sufficiency of which are
hereby acknowledged, the Company and Consultant agree as follows:

 

1.
Consulting. The Company hereby retains Consultant, and Consultant hereby agrees to make himself available as a consultant
to the Company, upon the terms and subject to the conditions contained herein.

 

2.
Duties of Consultant. During the Consultant Term (as hereinafter defined), Consultant shall provide the Company with such
regular and customary capital markets and corporate consulting advice as is reasonably requested by the Company, provided that
Consultant shall not be required to undertake duties not reasonably within the scope of this Agreement. It is understood and acknowledged
by the parties that the value of Consultant’s advice is not readily quantifiable, and that although Consultant shall be
obligated to render the advice contemplated by this Agreement upon the reasonable request of the Company, in good faith, Consultant
shall not be obligated to spend any specific amount of time in so doing. Consultant’s duties may include but will not necessarily
be limited to, providing recommendations concerning the following matters:

 

-
Investor introductions, strategic introductions to potential industry partners.

 

-
Assistance with governmental relations including permitting, Bureau of Land Management interaction and coordination with State
of Wyoming regulators.

 

Notwithstanding
the foregoing, the services to be rendered by the Consultant to the Company shall not (unless the Consultant is appropriately
licensed, registered or there is an exemption available from such licensing or registration) include, directly or indirectly:
any activities which require the Consultant to register as a broker-dealer under the Securities Exchange Act of 1934.

 

3.
Term. Subject to the provisions for termination hereinafter provided, the term of this Agreement shall commence on the
date hereof (the “Effective Date”) and shall continue for a period of 365 days. The Consultant Term may be
extended upon the mutual agreement of the Company and the Consultant.

 

4.
Compensation. In consideration of the services to be rendered by Consultant hereunder, during the Consultant Term the Company
agrees compensate the Consultant with an annual fee of $90,000.00 USD (the “Fees”), consisting of shares of
the Company’s common stock with a value of $45,000 and a cash payment of $45,000. The Company shall pay the Fee as follows:
(i) shares of the Company’s common stock will be issued to the Consultant within five (5) days of the Effective Date based
on the closing price of the Company’s common stock on the Effective Date; and (ii) the Company will pay the Consultant $3,750
per month in cash payable [on the first] of each month.

 

5.
Termination. The Company may, in its sole discretion, terminate this Agreement at any time.

 

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6.
Reimbursement. The Company will reimburse the Consultant for all reasonable out-of-pocket expenses incurred in connection
with this Agreement; provided that in no event will the aggregate amount of the Fees and such expense reimbursement
under this Section 6 exceed $120,000.00 USD within any 12 month period or otherwise disqualify the Consultant as an Independent
Director as defined in the Nasdaq Rule 5605(a)(2).

 

7.
Confidential Information. Consultant recognizes and acknowledges that by reason of Consultant’s retention by and
service to the Company before, during and, if applicable, after the Consulting Term, Consultant will have access to certain confidential
and proprietary information relating to the Company’s business, which may include, but is not limited to, trade secrets,
trade “know-how,” product development techniques and plans, formulas, customer lists and addresses, financing services,
funding programs, cost and pricing information, marketing and sales techniques, strategy and programs, computer programs and software
and financial information (collectively referred to as “Confidential Information”). Consultant acknowledges
that such Confidential Information is a valuable and unique asset of the Company and Consultant covenants that he will not, unless
expressly authorized in writing by the Company, at any time during the Consulting Term use any Confidential Information or divulge
or disclose any Confidential Information to any person, firm or corporation except in connection with the performance of Consultant’s
duties for the Company and in a manner consistent with the Company’s policies regarding Confidential Information. Consultant
also covenants that at any time after the termination of this Agreement, directly or indirectly, he will not use any Confidential
Information nor divulge nor disclose any Confidential Information to any person, firm or corporation, unless such information
is in the public domain through no fault of Consultant or except when required to do so by a court of law, by any governmental
agency having supervisory authority over the business of the Company or by any administrative or legislative body (including a
committee thereof) with apparent jurisdiction to order Consultant to divulge, disclose or make accessible such information. All
written Confidential Information (including, without limitation, in any computer or other electronic format) which comes into
Consultant’s possession during the Consulting Term shall remain the property of the Company. Except as required in the performance
of Consultant’s duties for the Company, or unless expressly authorized in writing by the Company, Consultant shall not remove
any written Confidential Information from the Company’s premises, except in connection with the performance of Consultant’s
duties for the Company and in a manner consistent with the Company’s policies regarding Confidential Information. Upon termination
of this Agreement, the Consultant agrees to return immediately to the Company all written Confidential Information (including,
without limitation, in any computer or other electronic format) in Consultant’s possession.

 

8.
Independent Contractor. It is understood and agreed that this Agreement does not create any relationship of association,
partnership or joint venture between the parties, nor constitute either party as the agent or legal representative of the other
for any purpose whatsoever; and the relationship of Consultant to the Company for all purposes shall be one of an independent
contractor. Neither party shall have any right or authority to create any obligation or responsibility, express or implied, on
behalf or in the name of the other, or to bind the other in any manner whatsoever.

 

9.
Consultant’s Services to Others. Nothing contained in this Agreement shall be construed to limit or restrict the
Consultant from providing services, whether similar in nature or not, to other entities or individuals. Consultant acknowledges
that the Company may hire other consultants to provide services similar to those provided by the Consultant.

 

10.
Conflict of Interest. The Consultant and the Company hereby agree that there is no conflict of interest in connection with
the retention by the Company of the Consultant pursuant to this Agreement.

 

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11.
Waiver of Breach. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate nor be
construed as a waiver of any subsequent breach.

 

12.
Binding Effect; Benefits. None of the parties hereto may assign his or its rights hereunder without the prior written consent
of the other parties hereto, and any such attempted assignment without such consent shall be null and void and without effect.
This Agreement shall inure to the benefit of, and shall be binding upon, the parties hereto and their respective successors, permitted
assigns, heirs and legal representatives.

 

13.
Notices. All notices and other communications which are required or may be given under this Agreement shall be in writing
and shall be deemed to have been duly given: (a) when delivered in person; (b) when sent, if sent by electronic mail or facsimile
during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s next
business day; (c) 1 business day after being mailed with a nationally recognized overnight courier service; or (d) 3 business
days after being mailed by registered or certified first class mail, postage prepaid, return receipt requested, to the parties
hereto at:

 

	 	If
    to the Company, to :	 	Edward
    Karr
	 	 	 	President
    & CEO
	 	 	 	U.S.
    Gold Corp.
	 	 	 	Suite
    102 – Box 604
	 	 	 	1910
    E Idaho Street
	 	 	 	Elko,
    NV 89801
	 	 	 	Email:
    ek@usgoldcorp.gold
	 	 	 	 
	 	With
    copy, (which shall	 	Kenneth
    Sam, Partner
	 	not
    constitute notice):	 	Dorsey
    & Whitney LLP
	 	 	 	1400
    Wewatta Street, Suite 400
	 	 	 	Denver,
    CO 80205
	 	 	 	Email:
    Sam.Kenneth@dorsey.com
	 	 	 	 
	 	If
    to the Consultant, to:	 	Ryan
    K. Zinke
	 	 	 	Main
    Office:
	 	 	 	409
    2nd Street West
	 	 	 	Whitefish
    MT 59937
	 	 	 	Mailing
    Address:
	 	 	 	1292
    Las Manos Lane
	 	 	 	Santa
    Barbara CA 93109
	 	 	 	Email:
    ryanzinke@yahoo.com

 

12.
Entire Agreement; Amendments. This Agreement contains the entire agreement and supersedes all prior agreements and understandings,
oral or written, between the parties hereto with respect to the subject matter hereof. This Agreement may be modified or amended
only by an agreement in writing signed by the party against whom any amendment or modification is sought.

 

13.
Severability. The invalidity of all or any part of any provision of this Agreement shall not render invalid the remainder
of this Agreement or the remainder of such provision. If any provision of this Agreement is so broad as to be unenforceable, such
provision shall be interpreted to be only so broad as is enforceable.

 

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14.
Governing Law; Consent to Jurisdiction. This Agreement shall be governed by and construed in accordance with the law of
the State of Nevada without giving effect to the principles of conflicts of law thereof. The parties hereto each hereby submits
himself or itself for the sole purpose of this Agreement and any controversy arising hereunder to the exclusive jurisdiction of
the state courts in the State of Nevada.

 

15.
Headings. The headings herein are inserted only as a matter of convenience and reference, and in no way define, limit or
describe the scope of this Agreement or the intent of the provisions thereof.

 

16.
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and
all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail
(including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or
other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid
and effective for all purposes.

 

[Signature
Page(s) to Follow]

 

    	 	4	 

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the date first above written.

 

	U.S.
    GOLD CORP.	 
	 	 
	 	 
	Edward
    Karr	 
	President
    & CEO	 
	 	 
	CONSULTANT	 
	 	 
	 	 
	Ryan
    K. Zinke	 

 

[Signature
Page to Consulting Agreement between U.S. Gold Corp. and Ryan K. Zinke]

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