Document:

Exhibit 10.2

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of September 10, 2014 by and between GOLDEN MINERALS COMPANY, a Delaware corporation (the “Company”), and Sentient Global Resources Fund IV, L.P., a Cayman Islands exempted limited partnership (“Buyer”).

 

RECITALS

 

A.            In connection with the Subscription Agreement by and between the Company and Buyer dated September 10, 2014 (the “Subscription Agreement”), the Company has agreed, upon the terms and subject to the conditions of the Subscription Agreement, to issue and sell to Buyer and Buyer has agreed to purchase, units consisting of one share of the Company’s common stock and one warrant to purchase one half of a share of the Company’s common stock (the “Units”).

 

B.            To induce Buyer to execute and deliver the Subscription Agreement, the Company has agreed to provide certain registration rights under the U.S. Securities Act of 1933, as amended, and the rules and regulations thereunder, and applicable state securities laws.

 

NOW, THEREFORE, in consideration of the recitals and the mutual promises, representations, warranties, and covenants set forth in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

AGREEMENT

 

SECTION 1.                         Definitions.

 

In addition to the terms that are defined elsewhere in this Agreement, the following terms shall have the following meanings:

 

“Affiliate” with respect to any specified person, has the meaning specified in Rule 144.

 

“Common Stock” means the Company’s common stock, par value $0.01 per share.

 

“Deferral Notice” has the meaning specified in Section 3(d) hereof.

 

“Deferral Period” has the meaning specified in Section 3(d) hereof.

 

“Effectiveness Deadline Date” has the meaning specified in Section 2(a) hereof.

 

“Effectiveness Period” means the period commencing on the date the Registration Statement becomes effective and ending on the date that all Registrable Securities have ceased to be Registrable Securities.

 

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

 

“Filing Deadline Date” has the meaning specified in Section 2(a) hereof.

 

“Holder” means Buyer, any transferee or assignee thereof to whom Buyer assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 8(a) and any transferee or assignee thereof to whom a transferee or assignee assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 8(a).

 

“Initial Resale Registration Statement” has the meaning specified in Section 2(a) hereof.

 

“Material Event” has the meaning specified in Section 3(d) hereof.

 

“Notice and Questionnaire” means a written notice delivered to the Company containing substantially the information called for by the Selling Securityholder Notice and Questionnaire attached as Annex A to this Agreement.

 

“Notice Holder” means on any date, any Holder that has delivered a Notice and Questionnaire to the Company on or prior to such date.

 

“Prospectus” means the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 415 promulgated under the Securities Act), as amended or supplemented by any amendment or prospectus supplement, including post-effective amendments, and all materials incorporated by reference or explicitly deemed to be incorporated by reference in such Prospectus.

 

“Registrable Securities” means the shares of common stock issued under the Subscription Agreement and the shares of common stock issuable upon exercise of the warrants issued under the Subscription Agreement and any security issued with respect thereto upon any stock dividend, split, merger or similar event until, in the case of any such security, the earlier of (i) the sale of such security pursuant to Rule 144 under the Securities Act or pursuant to an effective registration statement registering such security for resale, or (ii) the first date on which the Registrable Securities may be sold pursuant to Rule 144 without being subject to the volume restrictions set forth in Rule 144(e).

 

“Registration Statement” means any registration statement of the Company that covers any of the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits, and all materials incorporated by reference or explicitly deemed to be incorporated by reference in such registration statement.

 

“Resale Registration Statement” means the Initial Resale Registration Statement and any Subsequent Resale Registration Statements.

 

“Rule 144” means Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar or successor rule or regulation hereafter adopted by the SEC having substantially the same effect as such Rule.

 

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“SEC” means the United States Securities and Exchange Commission and any successor agency.

 

“Securities Act” means the United States Securities Act of 1933, as amended, and the rules and regulations promulgated by the SEC thereunder.

 

“Subscription Agreement” has the meaning set forth in the Recitals.

 

“Subsequent Resale Registration Statement” has the meaning specified in Section 2(b) hereof.

 

“Units” has the meaning set forth in the Recitals.

 

SECTION 2.                         Resale Registration.

 

(a)                                 The Company shall prepare and file or cause to be prepared and filed with the SEC after January 10, 2015 but no later than June 30, 2015 (the “Filing Deadline Date”) a Registration Statement (the “Initial Resale Registration Statement”) registering the resale from time to time by Buyer of all of the Registrable Securities.  The Initial Resale Registration Statement shall be on Form S-3 or another appropriate form permitting registration of such Registrable Securities for resale by Buyer in accordance with the methods of distribution set forth in the Initial Resale Registration Statement.  The Company shall use its commercially reasonable efforts to promptly respond to comments from the SEC regarding the Initial Resale Registration Statement, to cause the Initial Resale Registration Statement to be declared effective under the Securities Act no later than September 30, 2015 (the “Effectiveness Deadline Date”), and to keep the Initial Resale Registration Statement (or any Subsequent Resale Registration Statement) continuously effective under the Securities Act until the expiration of the Effectiveness Period.

 

(b)                                 If the Initial Resale Registration Statement or any Subsequent Resale Registration Statement ceases to be effective for any reason at any time during the Effectiveness Period, the Company shall use its commercially reasonable efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within thirty (30) days of such cessation of effectiveness amend the Resale Registration Statement in a manner reasonably expected by the Company to obtain the withdrawal of the order suspending the effectiveness thereof, or file an additional Resale Registration Statement covering all of the securities that as of the date of such filing are Registrable Securities (a “Subsequent Resale Registration Statement”).  If a Subsequent Resale Registration Statement is filed, the Company shall use commercially reasonable efforts to cause the Subsequent Resale Registration Statement to become effective as promptly as is reasonably practicable after such filing or, if filed during a Deferral Period, after the expiration of such Deferral Period, and to keep such Registration Statement (or Subsequent Resale Registration Statement) continuously effective until the end of the Effectiveness Period.

 

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(c)                                  The Company shall supplement and amend the Initial or any Subsequent Resale Registration Statement if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Resale Registration Statement, if required by the Securities Act.

 

(d)                                 Each Holder of Registrable Securities agrees that if such Holder wishes to sell Registrable Securities pursuant to a Resale Registration Statement and related Prospectus, it will do so only in accordance with this Section 2(d), Section 3(d) and Section 4.  Each Holder of Registrable Securities wishing to sell Registrable Securities pursuant to any Resale Registration Statement and related Prospectus agrees to deliver a Notice and Questionnaire to the Company promptly upon becoming a Holder and notify the Company of any change in such information at least five (5) business days prior to the filing of the Initial Resale Registration Statement or Subsequent Resale Registration Statement, as applicable.  From and after the date the Initial Resale Registration Statement is declared effective, the Company shall, as promptly as is reasonably practicable after the date a fully completed and legible Notice and Questionnaire is received by the Company, (i) if required by applicable law, file with the SEC a post-effective amendment to the Resale Registration Statement or prepare and, if required by applicable law, file a supplement to the related Prospectus or a supplement or amendment to any document incorporated therein by reference or file any other document required by the SEC so that the Holder delivering such Notice and Questionnaire is named as a selling security holder in the Resale Registration Statement and the related Prospectus in such a manner as to permit such Holder to deliver such Prospectus to purchasers of the Registrable Securities in accordance with applicable law (other than laws not generally applicable to all Holders of Registrable Securities wishing to sell Registrable Securities pursuant to the Resale Registration Statement and related Prospectus) and using the manner of sale specified in the Notice and Questionnaire, and, if the Company shall file a post-effective amendment to the Resale Registration Statement, use commercially reasonable efforts to cause such post-effective amendment to be declared effective under the Securities Act as promptly as is reasonably practicable; (ii) provide such Holder copies of any documents filed pursuant to Section 2(d)(i); and (iii) notify such Holder as promptly as is reasonably practicable after the effectiveness under the Securities Act of any post-effective amendment filed pursuant to Section 2(d)(i); provided, that if such Notice and Questionnaire is delivered during a Deferral Period, the Company shall so inform the Holder delivering such Notice and Questionnaire and shall take the actions set forth in clauses (i), (ii) and (iii) above upon expiration of the Deferral Period in accordance with Section 3(d), provided, further, that if under applicable law the Company has more than one option as to the type or manner of making any such filing, the Company will make the required filing or filings in the manner or of a type that is reasonably expected to result in the earliest availability of the Prospectus for effecting resales of Registrable Securities.  Notwithstanding anything contained herein to the contrary, the Company shall be under no obligation to name any Holder that is not a Notice Holder as a selling security holder in any Registration Statement or related Prospectus; provided, however, that any Holder that becomes a Notice

 

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Holder pursuant to the provisions of this Section 2(d) of this Agreement (whether or not such Holder was a Notice Holder at the time the Registration Statement was initially declared effective) shall be named as a selling security holder in the Registration Statement or related Prospectus subject to and in accordance with the requirements of this Section 2(d).

 

(e)                                  If a Registration Statement covering all the Registrable Securities required to be covered thereby and required to be filed by the Company pursuant to this Agreement is (A) not filed with the SEC on or before the Filing Deadline Date (a “Filing Failure”) or (B) not declared effective by the SEC on or before the Effectiveness Deadline Date (an “Effectiveness Failure”), then, as liquidated damages to Buyer by reason of any such delay in or reduction of its ability to sell the Registrable Securities (which remedy shall be the exclusive remedy for any Filing Failure or Effectiveness Failure (each, a “Failure”)), the Company shall pay to Buyer an amount equal to 1.0% of the aggregate purchase price paid by Buyer for the Units and amounts paid (or deemed paid, in the event of a cashless exercise), if any, for shares of common stock underlying the warrants upon exercise of such warrants for every thirty (30) days following the Filing Deadline Date that the Registration Statement is not filed (in the case of a Filing Failure) and for every thirty (30) days following the Effectiveness Deadline Date that the Registration Statement is not effective (in the case of an Effectiveness Failure), as the case may be, on a per diem basis (the “Liquidated Damages”); provided, however, that the maximum Liquidated Damages payable to Buyer under this Section 2(e) shall not exceed 3.0% of the aggregate purchase price of the Units and amounts paid (or deemed paid, in the event of a cashless exercise), if any, for shares of common stock underlying the warrants upon exercise of such warrants.  Liquidated Damages, if any, shall be paid by the Company within ten (10) days following the end of each thirty (30) day period (or shorter period, if applicable) for which Liquidated Damages are payable.  The Company shall pay interest on Liquidated Damages not paid when due at a rate of interest equal to fifteen percent (15.0%) per annum.  In the event a Registration Statement is filed but is withdrawn by the Company prior to being declared effective by the SEC, then such Registration Statement will be deemed to have not been filed for the purpose of this Section 2(e).

 

SECTION 3.                         Registration Procedures.

 

In connection with the registration obligations of the Company under Section 2 hereof, the Company shall:

 

(a)                                 Prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement continuously effective for the applicable period specified in Section 2(a); cause the related Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act; and use commercially reasonable efforts to comply with the provisions of the Securities

 

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Act applicable to it with respect to the disposition of all securities covered by such Registration Statement during the Effectiveness Period in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration Statement as so amended or such Prospectus as so supplemented.

 

(b)                                 Submit to the SEC, within two (2) business days after the Company learns that no review of a particular Registration Statement will be made by the staff of the SEC or that the staff has no further comments on a particular Registration Statement, as the case may be, a request for acceleration of effectiveness of such Registration Statement to a time and date not later than 48 hours after the submission of such request.

 

(c)                                  Use commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction in which they have been qualified for sale, in either case at the earliest possible moment or, if any such order or suspension is made effective during any Deferral Period, at the earliest possible moment after the expiration of such Deferral Period.

 

(d)                                 Upon (A) the issuance by the SEC of a stop order suspending the effectiveness of the Resale Registration Statement or the initiation of proceedings with respect to the Resale Registration Statement under Section 8(d) or 8(e) of the Securities Act, (B) the occurrence of any event or the existence of any fact (a “Material Event”) as a result of which any Registration Statement shall contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, or any Prospectus shall contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (including, in any such case, as a result of the non-availability of financial statements), or (C) the occurrence or existence of any development, event, fact, situation or circumstance relating to the Company that, in the discretion of the Company, makes it appropriate to suspend the availability of the Resale Registration Statement and the related Prospectus, (i) in the case of clause (B) above, subject to the next sentence, as promptly as is reasonably practicable prepare and file a post-effective amendment to such Registration Statement or a supplement to the related Prospectus or any document incorporated therein by reference or file any other required document that would be incorporated by reference into such Registration Statement and Prospectus so that such Registration Statement does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and such Prospectus does not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, and, in the case of a post-effective amendment to a Registration Statement,

 

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subject to the next sentence, use commercially reasonable efforts to cause it to be declared effective as promptly as is reasonably practicable, and (ii) give notice (via facsimile, telephone or electronic mail followed by a written notice by internationally recognized overnight courier) to the Notice Holders that the availability of the Resale Registration Statement is suspended (a “Deferral Notice”) and, upon receipt of any Deferral Notice, each Notice Holder agrees not to sell any Registrable Securities pursuant to the Registration Statement until such Notice Holder’s receipt of copies of the supplemented or amended Prospectus provided for in clause (i) above, or until it is advised in writing by the Company that the Prospectus may be used, and has received copies of any additional or supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus.  The Company will use commercially reasonable efforts to ensure that the use of the Prospectus may be resumed (x) in the case of clause (A) above, as promptly as is reasonably practicable, (y) in the case of clause (B) above, as soon as, in the sole reasonable judgment of the Company, public disclosure of such Material Event would not be prejudicial to or contrary to the interests of the Company or, if necessary to avoid unreasonable burden or expense, as soon as reasonably practicable thereafter and (z) in the case of clause (C) above, as soon as, in the reasonable discretion of the Company, such suspension is no longer appropriate.  The period during which the availability of the Registration Statement and any Prospectus is suspended (the “Deferral Period”) is not to exceed (i) 20 consecutive days at any one time; (ii) 30 days in the aggregate in any three-month period; or (iii) 60 days in the aggregate during any 12-month period, or as otherwise required by applicable regulatory authority; provided, that the number of days the Company is required to keep the Registration Statement effective shall be extended by the number of days equal to the aggregate Deferral Period(s).  The first day of any Deferral Period must be at least two (2) trading days after the last day of any prior Deferral Period.

 

(e)                                  During the Effectiveness Period (except during such periods that a Deferral Notice is outstanding and has not been revoked), deliver to each Notice Holder in connection with any sale of Registrable Securities pursuant to a Registration Statement, without charge, as many copies of the Prospectus or Prospectuses relating to such Registrable Securities and any amendment or supplement thereto as such Notice Holder may reasonably request; and the Company hereby consents (except during such periods that a Deferral Notice is outstanding and has not been revoked) to the use of such Prospectus or each amendment or supplement thereto by each Notice Holder in connection with any offering and sale of the Registrable Securities covered by such Prospectus or any amendment or supplement thereto in the manner set forth therein.

 

(f)                                   Subject to Section 3(d), prior to any public offering of the Registrable Securities pursuant to the Resale Registration Statement, use commercially reasonable efforts to register or qualify or cooperate with the Notice Holders in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the securities or “Blue Sky” laws of such jurisdictions within the United States as any Notice

 

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Holder reasonably requests in writing (which request may be included in the Notice and Questionnaire), it being agreed that no such registration or qualification will be made unless so requested; prior to any public offering of the Registrable Securities pursuant to the Resale Registration Statement, use commercially reasonable efforts to keep each such registration or qualification (or exemption therefrom) effective during the Effectiveness Period in connection with such Notice Holder’s offer and sale of Registrable Securities pursuant to such registration or qualification (or exemption therefrom) and do any and all other acts or things necessary to enable the disposition in such jurisdictions of such Registrable Securities in the manner set forth in the relevant Registration Statement and the related Prospectus; provided, that the Company will not be required to (i) qualify as a foreign corporation or as a dealer in securities in any jurisdiction where it is not otherwise qualified or (ii) take any action that would subject it to general service of process in suits or to taxation in any such jurisdiction where it is not then so subject.

 

SECTION 4.                         Holder’s Obligations.

 

Each Holder agrees, by acquisition of the Registrable Securities, that no Holder of Registrable Securities shall be entitled to sell any of such Registrable Securities pursuant to a Registration Statement or to receive a Prospectus relating thereto, unless such Holder has furnished the Company with a properly completed Notice and Questionnaire as required pursuant to this Section 4 (including the information required to be included in such Notice and Questionnaire) and the information set forth in the next sentence.  Each Holder agrees to deliver a Notice and Questionnaire to the Company promptly upon becoming a Holder and notify the Company of any change in such information at least five (5) business days prior to the filing of the Initial Resale Registration Statement or Subsequent Resale Registration Statement, as applicable.  Each Notice Holder agrees promptly to furnish to the Company in writing all information required to be disclosed in order to make the information previously furnished to the Company by such Notice Holder not misleading, any other information regarding such Notice Holder and the distribution of such Registrable Securities as may be required to be disclosed in the Registration Statement under applicable law or pursuant to SEC comments and any information otherwise required by the Company to comply with applicable law or regulations.  Each Holder further agrees, following termination of the Effectiveness Period, to notify the Company, within ten (10) business days of a request, of the amount of Registrable Securities sold pursuant to the Registration Statement and, in the absence of a response, the Company may assume that all of the Holder’s Registrable Securities were so sold.

 

SECTION 5.                         Registration Expenses.

 

The Company shall bear all fees and expenses incurred in connection with the performance by the Company of its obligations under Sections 2 and 3 of this Agreement whether or not any of the Registration Statements are declared effective.  Such fees and expenses shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (x) with respect to filings required to be made with the Toronto Stock Exchange and the NYSE MKT (or such U.S. national securities exchange on which the Common Stock is then listed) and (y) of compliance with U.S. federal and state securities or Blue Sky laws

 

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to the extent such filings or compliance are required pursuant to this Agreement (including, without limitation, reasonable fees and disbursements of the counsel specified in the next sentence in connection with Blue Sky qualifications of the Registrable Securities under the laws of such jurisdictions as the Notice Holders of a majority of the Registrable Securities being sold pursuant to a Registration Statement may designate)), (ii) printing expenses, (iii) duplication expenses relating to copies of any Registration Statement or Prospectus delivered to any Holders hereunder, and (iv) fees and disbursements of counsel for the Company in connection with the Resale Registration Statement, provided, however, that the Company shall not be responsible for any brokers’ fees, commissions or discounts in connection with the sale of Registrable Securities or the fees and expenses of legal counsel for the Holders.

 

SECTION 6.                         Information Requirements.

 

The Company covenants that, if at any time before the end of the Effectiveness Period the Company is not subject to the reporting requirements of the Exchange Act, it will cooperate with any Holder of Registrable Securities and take such further reasonable action as any Holder of Registrable Securities may reasonably request in writing (including, without limitation, making such reasonable representations as any such Holder may reasonably request), all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitations of Rule 144 under the Securities Act and customarily taken in connection with sales pursuant to such exemptions.  Upon the written request of any Holder of Registrable Securities, the Company shall deliver to such Holder a written statement as to whether it has complied with the filing requirements of Rule 144.

 

SECTION 7.                         Indemnification and Contribution.

 

(a)                                 The Company agrees to indemnify and hold harmless each Holder of Registrable Securities covered by the Resale Registration Statement, the directors, officers, employees, Affiliates and agents of each such Holder and each person who controls any such Holder within the meaning of either the Securities Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Resale Registration Statement or in any amendment thereof, in each case at the time such became effective under the Securities Act, or in any preliminary Prospectus or the Prospectus, or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of any preliminary Prospectus or the Prospectus, in the light of the circumstances under which they were made) not misleading, and agrees to reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by it in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any such case to the extent that any such loss,

 

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claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Company by or on behalf of the party claiming indemnification specifically for inclusion therein.  This indemnity shall be in addition to any liability that the Company may otherwise have.

 

(b)                                 Each Holder of securities covered by the Resale Registration Statement severally and not jointly agrees to indemnify and hold harmless the Company, each of its directors, each of its officers who signs the Resale Registration Statement and each person who controls the Company within the meaning of either the Securities Act or the Exchange Act, to the same extent as the foregoing indemnity from the Company to each such Holder, but only with reference to information relating to such Holder furnished to the Company by or on behalf of such Holder specifically for inclusion in the documents referred to in the foregoing indemnity.  This indemnity agreement shall be acknowledged by each Notice Holder that is not the Buyer in such Notice Holder’s Notice and Questionnaire and shall be in addition to any liability that any such Notice Holder may otherwise have.

 

(c)                                  Promptly after receipt by an indemnified party under this Section 7 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 7, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from liability under paragraph (a) or (b) above unless such failure results in the forfeiture by the indemnifying party of substantial rights and defenses or otherwise materially prejudices the indemnifying party; and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) or (b) above.  The indemnifying party shall be entitled to appoint counsel (including local counsel) of the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel, other than local counsel if not appointed by the indemnifying party, retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall be reasonably satisfactory to the indemnified party.  Notwithstanding the indemnifying party’s election to appoint counsel (including one local counsel) to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party, and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties that are different from or additional to those available to

 

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the indemnifying party; (iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party.  An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding.

 

(d)                                 If the indemnification to which an indemnified party is entitled under this Section 7 is for any reason unavailable to or insufficient although applicable in accordance with its terms to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, in such proportion as is appropriate to reflect the relative fault of the indemnifying party or parties on the one hand and of the indemnified party on the other hand in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations.

 

The relative fault of the Company on the one hand and the Holders of the Registrable Securities on the other hand shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or by the Holder of the Registrable Securities and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 7(d) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 7(d).  The aggregate amount of losses, liabilities, claims, damages, and expenses incurred by an indemnified party and referred to above in this Section 7(d) shall be deemed to include any out-of-pocket legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission.

 

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Notwithstanding the provisions of this Section 7, no Holder of any Registrable Securities shall be required to indemnify or contribute any amount in excess of the amount by which the proceeds received from the sale of the Registrable Securities by such Holder of Registrable Securities exceeds the amount of any damages that such Holder of Registrable Securities has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.

 

No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

 

For purposes of this Section 7(d), each person, if any, who controls Buyer or any Holder of Registrable Securities within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution as Buyer or such Holder, and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Company.

 

(e)                                  The provisions of this Section 7 shall remain in full force and effect, regardless of any investigation made by or on behalf of any Holder or the Company or any of the indemnified persons referred to in this Section 7, and shall survive the sale by a Holder of Registrable Securities covered by the Resale Registration Statement.

 

SECTION 8.                         Miscellaneous.

 

(a)                                 Successors and Assigns.  Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto without the prior written consent of the other parties.  Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the parties and their respective permitted successors and assigns.  If any permitted transferee of any Holder shall acquire Registrable Securities, such Registrable Securities shall be subject to all of the terms of this Agreement and by taking and holding such Registrable Securities such person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement.  Nothing in this Agreement is intended to confer upon any party other than the parties hereto or their respective permitted successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

(b)                                 Notices.  Unless otherwise provided herein, any notice, request, waiver, instruction, consent or document or other communication required or permitted to be given by this Agreement shall be effective only if it is in writing and (i) delivered by hand or sent by certified mail, return receipt requested, (ii) if sent by a nationally-recognized overnight delivery service with delivery confirmed, or (iii) if sent by facsimile (or other similar electronic means), with receipt confirmed as follows:

 

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Company:
    	
Golden Minerals Company
    
	
 
    	
350 Indiana Street, Suite 800
    
	
 
    	
Golden, Colorado 80401
    
	
 
    	
Attn: President
    
	
 
    	
Fax: (303) 839-5907
    
	
 
    	
 
    
	
with a copy to:
    	
Davis Graham & Stubbs LLP
    
	
 
    	
1550 17th Street,   Suite 500
    
	
 
    	
Denver, Colorado 80202
    
	
 
    	
Attn: Deborah J. Friedman
    
	
 
    	
Fax: (303) 893-1379
    
	
 
    	
 
    
	
Buyer:
    	
Sentient   Global Resources Fund IV, LP
    
	
 
    	
Landmark   Square, 1st Floor, 64 Earth Close, West Bay Beach South
    
	
 
    	
P.O. Box   10795
    
	
 
    	
George   Town, Grand Cayman KY1-1007
    
	
 
    	
CAYMAN   ISLANDS
    
	
 
    	
Attention:   Sue Bjuro — Office Manager
    
	
 
    	
Fax:   (345) 946-0921
    
	
 
    	
 
    
	
with a copy to:
    	
Quinn &   Brooks LLP
    
	
 
    	
c/o   Gregory A. Smith
    
	
 
    	
P.O. Box 590
    
	
 
    	
Larkspur, Colorado 80118
    
	
 
    	
Fax:   (720) 294-8374
    

 

The parties shall promptly notify each other of any change in their respective addresses or facsimile numbers or of the individual or entity or office to receive notices, requests or other communications under this Section 8(b).  All notices shall be deemed to have been given (i) if personally delivered or sent by certified mail, as of the date when so delivered, (ii) if sent by nationally-recognized overnight delivery service, two days after mailing, or (iii) if sent by facsimile (or other similar electronic means) as of the date sent, if during normal business hours of the recipient, and otherwise on the next business day.

 

(c)                                  Amendments and Waivers.  The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, without the written consent of the Company and the Holders of a majority of the then outstanding Registrable Securities.  Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable Securities whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of other Holders of Registrable Securities

 

13

 

may be given by Holders of at least a majority of the Registrable Securities being sold by such Holders pursuant to such Registration Statement; provided, that the provisions of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of the immediately preceding sentence.  Each Holder of Registrable Securities outstanding at the time of any such amendment, modification, supplement, waiver or consent or thereafter shall be bound by any such amendment, modification, supplement, waiver or consent effected pursuant to this Section 8(c), whether or not any notice, writing or marking indicating such amendment, modification, supplement, waiver or consent appears on the Registrable Securities or is delivered to such Holder.

 

(d)                                 Severability.  Any term or provision of this Agreement that is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction.  If the final judgment of a court of competent jurisdiction or other authority declares that any term or provision hereof is invalid, void or unenforceable, the parties agree that the court making such determination shall have the power to reduce the scope, duration, area or applicability of the term or provision, to delete specific words or phrases, or to replace any invalid, void or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision.

 

(e)                                  Governing Law.  This Agreement shall be governed by and construed in accordance with the internal laws (as opposed to the conflicts of law provisions) of the State of Colorado.

 

(f)                                   Submission to Jurisdiction.  The parties hereby submit to the non-exclusive jurisdiction of any court of the State of Colorado or the United States District Court for the District of Colorado for the purpose of any suit, action, or other proceeding arising out of this Agreement, and waive any and all objections to jurisdiction that they may have under the laws of the State of Colorado or the United States and any claim or objection that any such court is an inconvenient forum.

 

(g)                                  Entire Agreement.  This Agreement constitutes the full and entire understanding and agreement between the parties with regard to the subjects hereof and thereof.

 

(h)                                 Counterparts.  This Agreement may be executed in two or more counterparts (including by facsimile or similar means of electronic communication), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

(i)                                     Specific Performance.  Buyer and the Company each agree that irreparable damage would occur in the event that any of the provisions of this Agreement

 

14

 

were not performed by them in accordance with the terms hereof and that each party shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or equity.  Each party hereto expressly waives any requirement that any other party hereto obtain any bond or provide any indemnity in connection with any action seeking injunctive relief or specific enforcement of the provisions of the Agreement.

 

(j)                                    Expenses.  All reasonable, documented out-of-pocket costs and expenses incurred by the parties in connection with the negotiation, preparation, execution and delivery of this Agreement, including the fees, expenses and disbursements of legal counsel and accountants, shall be paid by the Company.  Except as otherwise set forth in this Agreement, costs and expenses incurred by the parties in connection with the performance of its obligations under this Agreement shall be paid by the party incurring such expenses.  The prevailing party in any litigation or other proceeding to collect Liquidated Damages pursuant to this Agreement shall be entitled to collect from the non-prevailing party all reasonable costs and fees associated with such litigation or proceeding, including reasonable attorneys’ fees.

 

(k)                                 Approval of Holders.  Whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Company or its Affiliates (other than Buyer or subsequent Holders of Registrable Securities if such subsequent Holders are deemed to be such Affiliates solely by reason of their holdings of such Registrable Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage.

 

(l)                                     Termination.  This Agreement and the obligations of the parties hereunder shall terminate upon the earlier to occur of (i) the expiration of the Effectiveness Period or (ii) such time as there shall be no Registrable Securities.

 

* * * * *

 

15

 

IN WITNESS WHEREOF, the parties have executed this REGISTRATION RIGHTS AGREEMENT as of the date first written above.

 

GOLDEN MINERALS COMPANY

 

 

	
By:
    	
/s/   Robert P. Vogels
    	
 
    
	
Name:
    	
Robert   P. Vogels
    	
 
    
	
Title:
    	
Sr.   Vice President and Chief Financial Officer
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
SENTIENT GLOBAL RESOURCES FUND   IV, LP
    
	
 
    	
 
    
	
By:
    	
Sentient   GP IV, L.P., General Partner
    
	
 
    	
By:    Sentient Executive GP IV, Limited,   General Partner
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Gregory Link
    	
 
    
	
Name:
    	
Gregory   Link
    	
 
    
	
Title:
    	
Director
    	
 
    

 

 

ANNEX A

 

FORM OF SELLING SECURITYHOLDER NOTICE AND QUESTIONNAIRE

 

The undersigned beneficial owner (the “Selling Securityholder”) of Registrable Securities hereby gives notice to the Company of its intention to sell or otherwise dispose of Registrable Securities beneficially owned by it and listed below in Item 3 (unless otherwise specified under such Item 3) pursuant to the Resale Registration Statement.  The undersigned, by signing and returning this Notice and Questionnaire, understands that it will be bound by the terms and conditions of this Notice and Questionnaire and the Registration Rights Agreement.

 

Pursuant to the Registration Rights Agreement, the undersigned has agreed to indemnify and hold harmless the Company’s directors and officers and each person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Securities Exchange Act of 1934, as amended, from and against certain losses arising in connection with statements concerning the undersigned made in the Company’s Resale Registration Statement or the related prospectus in reliance upon the information provided in this Notice and Questionnaire.

 

If the Selling Securityholder transfers all or any portion of the Registrable Securities listed in Item 3 below after the date on which such information is provided to the Company, the Selling Securityholder agrees to notify the transferee(s) at the time of the transfer of its rights and obligations under the Registration Rights Agreement and that the transferee must complete this Notice and Questionnaire in order to avail itself of the rights under the Registration Rights Agreement.

 

[CONTINUED NEXT PAGE]

 

 

QUESTIONNAIRE

 

Please respond to every item, even if your response is “none.”  If you need more space for any response, please attach additional sheets of paper.  Please be sure to indicate your name and the number of the item being responded to on each such additional sheet of paper, and to sign each such additional sheet of paper before attaching it to this Questionnaire.  Please note that you may be asked to answer additional questions depending on your responses to the following questions.

 

COMPLETED QUESTIONNAIRES SHOULD BE RETURNED TO

GOLDEN MINERALS COMPANY AS FOLLOWS:

 

ONE (1) COPY BY FACSIMILE TO FAX: (303) 839-5907

 

WITH THE ORIGINAL COPY TO FOLLOW TO:

 

GOLDEN MINERALS COMPANY

ATTENTION: CHIEF FINANCIAL OFFICER

350 INDIANA STREET, SUITE 800

GOLDEN, COLORADO 80401

 

The undersigned hereby provides the following information to the Company and represents and warrants that such information is accurate and complete:

 

	
1.
    	
Your Identity and   Background as the Beneficial Owner of the Registrable Securities.
    
	
 
    	
 
    
	
 
    	
(a)
    	
Your full legal name:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
(b)
    	
Your business address   (including street address) (or residence if no business address), telephone   number and facsimile number:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Telephone No.:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Fax No.:
    
	
 
    	
 
    	
 
    
	
 
    	
(c)
    	
Are you a broker-dealer   registered pursuant to Section 15 of the Exchange Act?
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
o   Yes.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
o   No.
    
	
 
    	
 
    	
 
    
	
 
    	
(d)
    	
If your response to   Item 1(c) above is no, are you an “affiliate” of a broker-dealer   registered pursuant to Section 15 of the Exchange Act?
    

 

 

	
 
    	
 
    	
o   Yes.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
o   No.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
For the purposes of this   Item 1(d), an “affiliate” of a registered broker-dealer shall include   any company that directly, or indirectly through one or more intermediaries,   controls, or is controlled by, or is under common control with, such broker-dealer,   and does not include any individuals employed by such broker-dealer or its   affiliates.
    
	
 
    	
 
    	
 
    
	
 
    	
(e)
    	
Full legal name of person   or entity in whose name you hold the Registrable Securities (i.e., name of   your broker, if applicable, through which your Registered Securities are   held):
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Record Stockholder:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name of broker:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Contact person:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Telephone No.:
    
	
 
    	
 
    	
 
    
	
2.
    	
Your Relationship with   Golden Minerals Company.
    
	
 
    	
 
    	
 
    
	
 
    	
(a)
    	
Have you or any of your   affiliates, officers, directors or principal equity holders (owners of 5% or   more of the equity securities of the undersigned) held any position or office   or have you had any other material relationship with Golden Minerals Company   (or its predecessors or affiliates) within the past three years?
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
o   Yes.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
o   No.
    
	
 
    	
 
    	
 
    
	
 
    	
(b)
    	
If your response to   Item 2(a) above is yes, please state the nature and duration of   your relationship with Golden Minerals Company:
    
	
 
    	
 
    	
 
    
	
3.
    	
Your Interest in the   Registrable Securities.
    
	
 
    	
 
    	
 
    
	
 
    	
(a)
    	
State the number of such   Registrable Securities beneficially owned by you.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
(b)
    	
Other than as set forth in   your response to Item 3(a) above, do you beneficially own any other   securities of Golden Minerals Company?
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
o   Yes.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
o   No.
    

 

 

	
 
    	
(c)
    	
If your answer to Item 3(b) above   is yes, state the type, the aggregate amount and CUSIP No. (if   applicable) of such other securities of Golden Minerals Company beneficially   owned by you:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Type:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Aggregate amount:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
CUSIP No.:
    
	
 
    	
 
    	
 
    
	
 
    	
(d)
    	
Did you acquire the securities   listed in Item 3(a) above in the ordinary course of business?
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
o   Yes.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
o   No.
    
	
 
    	
 
    	
 
    
	
 
    	
(e)
    	
At the time of your   purchase of the securities listed in Item 3(a) above, did you have   any agreements or understandings, directly or indirectly, with any person to   distribute the securities?
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
o   Yes.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
o   No.
    
	
 
    	
 
    	
 
    
	
 
    	
(f)
    	
If your response to   Item 3(e) above is yes, please describe such agreements or   understandings:
    
	
 
    	
 
    	
 
    
	
4.
    	
Nature of Your Beneficial   Ownership.
    
	
 
    	
 
    	
 
    
	
 
    	
(a)
    	
If the name of the   beneficial owner of the Registrable Securities set forth in your response to   Item 1(a) above is that of a limited partnership or corporation,   state the names of the general partners of such limited partnership or the   officers and directors of such corporation:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
(b)
    	
With respect to each   general partner listed in Item 4(a) above that is not a natural   person, and is not publicly held, name each shareholder (or holder of   partnership interests, if applicable) of such general partner.  If any of these named shareholders are not   natural persons or publicly held entities, please provide the same   information.  This process should be   repeated until you reach natural persons or a publicly held entity.
    

 

 

	
 
    	
 
    	
 
    
	
 
    	
(c)
    	
Name your controlling   shareholder(s) or other person or entity who has the ability to exercise   control over you (the “Controlling Entity”).    If the Controlling Entity is not a natural person and is not a   publicly held entity, name each shareholder of such Controlling Entity.  If any of these named shareholders are not   natural persons or publicly held entities, please provide the same   information.  This process should be   repeated until you reach natural persons or a publicly held entity.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(A)(i)
    	
Full legal name of   Controlling Entity(ies) or natural person(s) who have sole or shared   voting or dispositive power over the Registrable Securities:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Business address   (including street address) (or residence if no business address), telephone   number and facsimile number of such person(s):
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Address:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Telephone:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Fax:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Name of Shareholder:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(B)(i)
    	
Full legal name of   Controlling Entity(ies):
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Business address   (including street address) (or residence if no business address), telephone   number and facsimile number of such person(s):
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Address:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Telephone:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Fax:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Name of Shareholders:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
If you need more space for   this response, please attach additional sheets of paper.  Please be sure to indicate your name and the   number of the item being responded to on each such additional sheet of paper,   and to sign each such additional sheet of paper before attaching it to this   Questionnaire.  Please note that you   may be asked to answer additional questions depending on your responses to   the following questions.
    

 

 

	
5.
    	
Plan of Distribution.
    
	
 
    	
 
    
	
 
    	
The undersigned   (including its donees or pledgees) intends to distribute the Registrable   Securities listed above in Item 3 pursuant to the Resale Registration   Statement only as follows (if at all): Such Registrable Securities may be   sold from time to time directly by the undersigned or, alternatively, through   underwriters, broker-dealers or agents.    If the Registrable Securities are sold through underwriters,   broker-dealers or agents, the Selling Securityholder will be responsible for   underwriting discounts or commissions or agents’ commissions.  Such Registrable Securities may be sold in   one or more transactions at fixed prices, at prevailing market prices at the   time of sale, at varying prices determined at the time of sale or at   negotiated prices.  Such sales may be   effected in transactions (which may involve block transactions) (i) on   any national securities exchange or quotation service on which the   Registrable Securities may be listed or quoted at the time of sale,   (ii) in the over-the-counter market, or (iii) in transactions   otherwise than on such exchanges or services or in the over-the-counter   market.
    
	
 
    	
 
    
	
 
    	
DATED this       day of                     ,             .
    

 

 

	
 
    	
 
    
	
 
    	
Signature of Holder
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
(Print name)FY2015 Ann Incentive Plan

 

LIFEVANTAGE CORPORATION
FY2015 ANNUAL INCENTIVE PLAN

	
		
	1
	 

LIFEVANTAGE CORPORATION
FY2015 ANNUAL INCENTIVE PLAN

		
	SECTION 1.  
	INTRODUCTION.

The Board adopted this LifeVantage Corporation FY2015 Annual Incentive Plan as of the Adoption Date.
The purpose of this Plan is to provide appropriate incentives to Participants to grow the Company’s Earnings Per Share (EPS) and to manage Company department investment and expense and achieve employee developmental and strategic personal goals. 
The Plan seeks to achieve its purpose by granting Awards which provide for discretionary Performance Bonus payments for the Fiscal Year that are based on the respective achievements of Company Performance Metrics and Individual Performance Metrics.  Performance Bonus amounts will be determined by a percent-of-goal approach and measured and paid after the end of the Fiscal Year.  Performance Bonus payments may only be made with cash. No Shares will ever be issued under this Plan.  
Capitalized terms shall have the meaning provided in Section 2 unless otherwise provided in this Plan or any applicable Award Agreement.
		
	SECTION 2.  
	DEFINITIONS.  If a Participant’s Award Agreement (or other written agreement executed by and between Participant and the Company) expressly includes defined terms that expressly are different from and/or conflict with the defined terms contained in this Plan then the defined terms contained in the Award Agreement (or other written agreement executed by and between Participant and the Company) shall govern and shall supersede the definitions provided in this Plan.

(a)“Adoption Date” means June 30, 2014.
(b)“Affiliate” means any entity other than a Subsidiary, if the Company and/or one or more Subsidiaries own not less than 50% of such entity.  For purposes of determining an individual’s “Service,” this definition shall include any entity other than a Subsidiary, if the Company, a Parent and/or one or more Subsidiaries own not less than 50% of such entity.
(c)“Award” means an opportunity for a Participant to earn discretionary cash Performance Bonus for the Fiscal Year.  No payment underlying an Award is earned until it has been paid to the Participant and all payments remain subject to the Committee’s discretion at all times based on all relevant factors, including but not limited to business conditions, performance issues, employment status, and/or any equitable considerations.  A Participant may have at most one outstanding Award under the Plan. A Participant’s Award will cease to be outstanding once the Participant is no longer an Eligible Employee.
(d)“Award Agreement” means an agreement between the Company and a Participant evidencing an Award.  

	
		
	2
	 

(e)“Base Salary” means, with respect to a Participant, the annual base salary that such Participant is receiving as of July 1, 2014.
(f)“Board” means the Board of Directors of the Company, as constituted from time to time.
(g)“Change in Control” means the occurrence of any one or more of the following: (i) any merger, consolidation or business combination in which the shareholders of the Company immediately prior to the merger, consolidation or business combination do not own at least a majority of the outstanding equity interests of the surviving parent entity, (ii) the sale of all or substantially all of the Company's assets, (iii) the acquisition of beneficial ownership or control of (including, without limitation, power to vote) a majority of the outstanding Shares by any person or entity (including a "group" as defined by or under Section 13(d)(3) of the Exchange Act), (iv) the dissolution or liquidation of the Company, (v) a contested election of directors, as a result of which or in connection with which the persons who were directors of the Company before such election or their nominees cease to constitute a majority of the Board, or (vi) any other event specified by the Board or the Committee.
A transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Company's incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company's securities immediately before such transactions.
(h)“Code” means the Internal Revenue Code of 1986, as amended, and the regulations and interpretations promulgated thereunder.
(i)“Committee” means the Compensation Committee of the Board.
(j)“Company” means LifeVantage Corporation, a Colorado corporation.
(k)“Company Performance Metric” means the Company financial performance goal for the Fiscal Year, which consists of EPS and comprises 70% of a Participant’s Performance Bonus opportunity. The Company Performance Metrics will have multiple hurdle levels and corresponding hurdle EPS amounts which will be reflected in the Performance Bonus Schedule. The Company Performance Metric shall be subject to reduction by the Reduction Percentage. The hurdle dollar amounts will be appropriately adjusted by the Committee if a Change in Control occurs during the Fiscal Year.
(l)“Department Budget” means the department budget established for the Fiscal Year for a Participant.  All of the Company’s Department Budgets collectively are referred to in this Plan as the “Company Department Budgets”.  Department Budgets can be adjusted by the Company during the first eleven (11) months of the Fiscal Year to accommodate changes in business needs provided the aggregate budget amount for Company Department Budgets does not change from the Company’s approved Fiscal Year plan as of July 1, 2014.  
(m)“Eligible Employee” means an Employee who:
		
	(i)
	is not on a leave of absence for any reason for ninety calendar days or more in the Fiscal Year;

		
	(ii)
	is not on any type of corrective action plan; and

		
	(iii)
	is not a participant in the Company’s FY2015 Sales Incentive Plan.

	
		
	3
	 

(n)“Employee” means any individual who is a common-law employee of the Company, or of a Parent, or of a Subsidiary or of an Affiliate.
(o)“EPS” means diluted income per common share as set forth in the Company's audited financial statements for the Fiscal Year.  
(p)“Exchange Act” means the Securities Exchange Act of 1934, as amended.
(q)“Fiscal Year” means the Company’s fiscal year for 2015 which runs from July 1, 2014 through June 30, 2015.
(r)“Individual Performance Metrics” means the specific, measureable developmental objectives for a Participant established in writing by a Participant’s supervisor before October 2014 (or within 30 days of the Eligible Employee becoming a Participant if such participation in the Plan commences after July 1, 2014). Achievement of Individual Performance Metrics will comprise 30% of a Participant’s Performance Bonus opportunity. 
For all Participants, the Performance Bonus amount for the Individual Performance Metrics will be based upon the Participant’s supervisor’s written assessment of the Participant’s performance in the Fiscal Year and the degree of Participant’s achievement of his/her Individual Performance Metrics. This assessment of performance must be reviewed and concurred with by the supervisor’s manager prior to review with the Participant.  The Participant’s immediate supervisor and his/her supervisor will determine the magnitude of the Participant’s Individual Performance Metrics Performance Bonus based on the Participant’s individual performance and subject to the limits on payment imposed by the Performance Bonus Schedule.  No individual Performance Bonus payment amount will be communicated or paid to the Participant until the review process is completed and the Participant, his/her supervisor, and the next level manager have acknowledged their review of the performance assessment document in writing.  
In addition, the Individual Performance Metrics will have hurdle levels and corresponding maximum percentages of payout achievable as reflected in the Performance Bonus Schedule.  The objective performance metrics will be appropriately adjusted by the Committee if a Change in Control occurs during the Fiscal Year.
(s) “Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the corporations other than the Company owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.  A corporation that attains the status of a Parent on a date after the Adoption Date shall be considered a Parent commencing as of such date.
(t)“Participant” means an Eligible Employee who has been selected by the Committee to participate in this Plan and receive an Award.  An individual will cease to be a Participant once such individual is no longer an Eligible Employee.
(u)“Performance Bonus” means the discretionary cash incentive bonuses that a Participant can separately earn for achievement of Company Performance Metrics and Individual Performance Metrics pursuant to his/her Award.
(v) “Performance Bonus Percentage” means, except as expressed otherwise in an Award Agreement, the percentages identified in the Performance Bonus Schedule which are based on the Participant’s job level and the degree of actual achievement of the Performance Metrics.  In no case 

	
		
	4
	 

can a Participant’s Performance Bonus amount for a Performance Metric exceed the product of the Performance Bonus Percentage obtained from the Performance Bonus Schedule multiplied by the Participant’s Base Salary.
(w)“Performance Bonus Schedule” means the schedule (in the form shown in the attached Exhibit A or such other form that the Committee adopts) that the Committee will establish for each Participant which will specify the hurdle dollar amounts for each of the three hurdle levels along with the Performance Bonus Percentages for each hurdle level.
(x)“Performance Metrics” means the Company Performance Metrics and the Individual Performance Metrics.   Each of the various Performance Metrics will be evaluated and measured separately and each can generate a potential Performance Bonus payment based on the respective degrees of achievement of each.
(y)“Plan” means this LifeVantage Corporation FY2015 Annual Incentive Plan as it may be amended by the Board in its discretion.
(z)“Reduction Percentage” means the reduction that may be applied to a Participant’s Performance Bonus portion for Company Performance Metrics.  For Senior Staff Participants, the Performance Bonus portion for Company Performance Metrics shall be reduced by 5% for every 10% that Company Department Budgets exceed their Fiscal Year budget plan. For Participants who are not Senior Staff, the Performance Bonus portion for Company Performance Metrics shall be reduced by 5% for every 10% that the Participant’s Department Budget exceeds its Fiscal Year budget plan.
(aa)“Senior Staff” means the Company’s Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Chief Science Officer, General Counsel, most senior Human Resources executive, and any other senior management position designated by the Committee.
(ab)“Separation From Service” has the meaning provided to such term under Code Section 409A and the regulations promulgated thereunder.
(ac)“Service” means uninterrupted service as an Employee.  Service will be deemed terminated as soon as the entity to which Service is being provided is no longer either (i) the Company, (ii) a Parent, (iii) a Subsidiary or (iv) an Affiliate.  
(ad)“Share” means a share of Company common stock (which has a par value of $0.001 per Share).
(ae)“Specified Employee” means a Participant who is considered a “specified employee” within the meaning of Code Section 409A.
(af)“Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.  A corporation that attains the status of a Subsidiary on a date after the Adoption Date shall be considered a Subsidiary commencing as of such date.
SECTION 3.  ADMINISTRATION.
(a)Committee Composition.  A Committee shall administer the Plan.  Unless the Board provides otherwise, the Board’s Compensation Committee (or a comparable committee of the Board) 

	
		
	5
	 

shall be the Committee.  The Board may also at any time terminate the functions of the Committee and reassume all powers and authority previously delegated to the Committee.
(b)Authority of the Committee.  Subject to the provisions of the Plan, the Committee shall have full authority and discretion to take any actions it deems necessary or advisable for the administration of the Plan.  Such actions shall include without limitation:  
(i) determining Eligible Employees who are to receive Awards under the Plan and the amount of payments provided to a Participant (if any) with respect to an Award;
(ii) determining the terms, conditions, Performance Metrics (or other objective/subjective goals (if any)) and their degree of satisfaction, and other features and conditions of such Awards, and amending such Awards;
(iii) correcting any defect, supplying any omission, or reconciling or clarifying any inconsistency in the Plan or any Award Agreement;
(iv) waiving restrictions of Awards at any time and under such terms and conditions as it deems appropriate;
(v) interpreting any extenuating circumstances and modifying the Plan or Award Agreement in its discretion as needed;
(vi) accepting or canceling an order or discontinuing service to a customer;
(vii) disallowing sales that are determined not to be in the normal course of business;
(viii) interpreting the Plan and any Award Agreements;
(ix) making such modifications to the Plan as are necessary to effectuate the intent of the Plan as a result of any changes in applicable laws or accounting treatment; 
(x) modifying, amending or revoking the Plan, or discontinuing (either temporarily or permanently) the distribution of any payment at any time and for any reason and making appropriate adjustments to EPS or compensation targets due to favorable or unfavorable events unrelated to a Participant’s efforts of performance; and
(xi) making all other decisions relating to the operation of the Plan; 
(xii) granting Awards to Eligible Employees who are foreign nationals on such terms and conditions different from those specified in the Plan, which may be necessary or desirable to foster and promote achievement of the purposes of the Plan, and adopting such modifications, procedures, and/or sub plans (with any such sub plans attached as appendices to the Plan) and the like as may be necessary or desirable to comply with provisions of the laws or regulations of other countries or jurisdictions to ensure the viability of the benefits from Awards granted to Participants employed in such countries or jurisdictions, or to meet the requirements that permit the Plan to operate in a qualified or tax efficient manner, and/or comply with applicable foreign laws or regulations.
The Committee may adopt such rules or guidelines, as it deems appropriate to implement the Plan.  The Committee’s determinations under the Plan shall be final, conclusive and binding on all persons.  The Committee’s decisions and determinations need not be uniform and may be made 

	
		
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selectively among Participants in the Committee’s sole discretion.  The Committee’s decisions and determinations will be afforded the maximum deference provided by applicable law.
The Company shall effect the granting of Awards under the Plan in accordance with the determinations made by the Committee, by execution of instruments in writing in such form as approved by the Committee.  
(c)Indemnification.  To the maximum extent permitted by applicable law, each member of the Committee, or of the Board, or any persons (including without limitation Employees and officers) who are delegated by the Board or Committee to perform administrative functions in connection with the Plan, shall be indemnified and held harmless by the Company against and from (i) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan or any Award Agreement, and (ii) from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf.  The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Articles of Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold them harmless.
SECTION 4.  GENERAL.
(a)General Eligibility.  Only Eligible Employees shall be eligible for designation as Participants. 
(b)No Rights as a Shareholder.  A Participant shall have no rights as a shareholder with respect to any Award. 
(c)Termination of Service.  Except as otherwise provided in the applicable Award Agreement, a Participant’s outstanding Award shall terminate without consideration upon termination of such Participant’s Service.
(d)Code Section 409A.  Notwithstanding anything in the Plan to the contrary, the Plan and Awards granted hereunder are intended to be exempt from the requirements of Code Section 409A and shall be interpreted in a manner consistent with such intention.  In the event that any provision of the Plan or an Award Agreement is determined by the Committee to not comply with the applicable requirements of Code Section 409A or the applicable regulations and other guidance issued thereunder, the Committee shall have the authority to take such actions and to make such changes to the Plan or an Award Agreement as the Committee deems necessary to comply with such requirements.  Any payment made pursuant to any Award shall be considered a separate payment and not one of a series of payments for purposes of Code Section 409A.  
Notwithstanding the foregoing or anything elsewhere in the Plan or an Award Agreement to the contrary, if upon a Participant’s Separation From Service he/she is then a Specified Employee, then solely to the extent necessary to comply with Code Section 409A and avoid the imposition of taxes under Code Section 409A, the Company shall defer payment of “nonqualified deferred compensation” 

	
		
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subject to Code Section 409A payable as a result of and within six (6) months following such Separation From Service under this Plan until the earlier of (i) the first business day of the seventh month following the Participant’s Separation From Service, or (ii) ten (10) days after the Company receives written confirmation of the Participant’s death.  Any such delayed payments shall be made without interest.  
While it is intended that all payments and benefits provided under the Plan or an Award will be exempt from (or comply with) Code Section 409A, the Company makes no representation or covenant to ensure that the payments under the Plan or an Award are exempt from or compliant with Code Section 409A.  In no event whatsoever shall the Company be liable if a payment or benefit under the Plan or an Award is challenged by any taxing authority or for any additional tax, interest or penalties that may be imposed on a Participant by Code Section 409A or any damages for failing to comply with Code Section 409A.  The Participant will be entirely responsible for any and all taxes on any benefits payable to such Participant as a result of the Plan or an Award.  
(e)Electronic Communications.  Subject to compliance with applicable law and/or regulations, an Award Agreement or other documentation or notices relating to the Plan and/or Awards may be communicated to Participants (and executed by Participants) by electronic media.
(f)Unfunded Plan.  The Plan shall be unfunded.  Although bookkeeping accounts may be established with respect to Participants who are granted Awards under this Plan, any such accounts will be used merely as a bookkeeping convenience.  The Company shall not be required to segregate any assets which may at any time be represented by Awards, nor shall this Plan be construed as providing for such segregation, nor shall the Company or the Board or Committee be deemed to be a trustee of cash to be awarded under the Plan.
(g)Liability of Company.  The Company (or members of the Board or Committee) shall not be liable to a Participant or other persons as to any unexpected or adverse tax consequence or any tax consequence expected, but not realized, by any Participant or other person due to the grant, receipt, or settlement of any Award granted hereunder.
(h)Reformation.  In the event any provision of this Plan shall be held illegal or invalid for any reason, such provisions will be reformed by the Board if possible and to the extent needed in order to be held legal and valid.  If it is not possible to reform the illegal or invalid provisions then the illegality or invalidity shall not affect the remaining parts of this Plan, and this Plan shall be construed and enforced as if the illegal or invalid provision had not been included.  
(i)Successor Provision.  Any reference to a statute, rule or regulation, or to a section of a statute, rule or regulation, is a reference to that statute, rule, regulation, or section as amended from time to time, both before and after the Adoption Date and including any successor provisions.  
(j)Governing Law.  This Plan and (unless otherwise provided in the Award Agreement) all Awards shall be construed in accordance with and governed by the laws of the State of Utah, but without regard to its conflict of law provisions.  The Committee may provide that any dispute as to any Award shall be presented and determined in such forum as the Committee may specify, including through binding arbitration.  Unless otherwise provided in the Award Agreement, recipients of an Award under the Plan are deemed to submit to the exclusive jurisdiction and venue of the federal or state courts of 

	
		
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Utah to resolve any and all issues that may arise out of or relate to the Plan or any related Award Agreement.
(k)Assignment or Transfer of Awards.  No Award shall be transferable by the Participant.  No Award or interest therein may be transferred, assigned, pledged or hypothecated by the Participant during his or her lifetime, whether by operation of law or otherwise, nor may an Award be anticipated, assigned, attached, garnished, optioned, transferred or made subject to any creditor’s process, whether voluntarily, involuntarily or by operation of law, nor may an Award be made subject to execution, attachment or similar process.  Any act in violation of this Section 4(k) shall be null and void.
(l)Company Rights.  The Company reserves the right at any time to assign accounts, or remove accounts, or  to accept or reject orders from customers, and to refrain from paying incentive on draw fees the Company receives, freight charges to customers or with respect to similar or dissimilar transactions.
SECTION 5.  TERMS AND CONDITIONS OF AWARDS.
(a)Award Agreement.  Each grant of an Award under the Plan shall be evidenced by an executed Award Agreement between the Participant and the Company in the form attached as Exhibit A or such other form that the Committee adopts.  Such Award shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan.  The provisions of the various Award Agreements entered into under the Plan need not be identical.
(b)Eligibility for Payments.  An individual must be a Participant on the date of any Performance Bonus payment in order to receive such payment.  
(c)Determination of Performance Bonus Amounts.  After the Fiscal Year (or within 15 days before a Change in Control that occurs during the Fiscal Year), the Committee will determine the actual Company EPS for the Fiscal Year (in the case of a Change in Control, the actual Company EPS will be measured as of through the end of the month prior to the month of the Change in Control).  The achieved Performance Bonus Percentages will then be multiplied by the Participant’s Base Salary to determine the potential Performance Bonus amount for each of the Company Performance Metrics and Individual Performance Metrics.  The Performance Bonus amount for the Company Performance Metrics will then be reduced by the Reduction Percentage if applicable as described in Section 2(z).  The Performance Bonus amount for the Individual Performance Metrics will then be reduced by the Participant’s supervisor if applicable as described in Section 2(r).  The Committee may also apply its discretion to reduce any Participant’s Performance Bonus.  After taking into account the forgoing process of this Section 5(c) and subject to the other terms of this Plan and the Award Agreement, a Participant will then be eligible to receive the resulting Performance Bonus amounts for the Company Performance Metrics and/or Individual Performance Metrics in accordance with Section 5(d).
(d)Form and Time of Settlement of Awards.  Payment of any Performance Bonuses shall be made solely in the form of cash and in the time frames set forth in this Section 5(d).  Subject to the following sentence, any Performance Bonuses shall be paid out to Participants during the first 2.5 months after the end of the Fiscal Year. Notwithstanding the foregoing, all Performance Bonuses payments will be paid earlier upon the consummation of a Change in Control (and performance will be measured on a pro-rated basis).

	
		
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(e)Creditors’ Rights.  A holder of an Award shall have no rights other than those of a general creditor of the Company.  Awards represent an unfunded and unsecured obligation of the Company.
SECTION 6.  ADJUSTMENTS.
Notwithstanding satisfaction of any Company Performance Metrics or Individual Performance Metrics, the value of a Participant’s Award or Performance Bonus or any other benefits granted, issued, retainable, vested and/or to be paid under an Award on account of satisfaction of such Performance Metrics may be reduced by the Committee on the basis of such further considerations as the Committee in its sole discretion shall determine.  In other words, this Plan is a discretionary plan and a Participant has no rights to any payment and has not earned any payment under this Plan unless and until the Company has actually provided the Participant with the applicable payment.
SECTION 7.  LIMITATIONS ON RIGHTS.
(a)Retention Rights.  Neither the Plan nor any Award granted under the Plan shall be deemed to give any individual a right to remain in Service or to continued participation in the Plan.  The Company and its Parents and Subsidiaries and Affiliates reserve the right to terminate the Service of any person at any time, and for any reason, subject to applicable laws, the Company’s Articles of Incorporation and Bylaws, and a written employment agreement (if any).
(b)Other Company Benefit and Compensation Programs.  Payments and other benefits received by a Participant under an Award made pursuant to the Plan shall not be deemed a part of a Participant’s regular, recurring compensation for purposes of the termination indemnity or severance pay law of any state. Furthermore, such benefits shall not be included in, nor have any effect on, the determination of benefits under any other employee benefit plan or similar arrangement provided by the Company or a Subsidiary  or Affiliate unless expressly so provided by such other plan or arrangement, or except where the Committee expressly determines that inclusion of an Award or portion of an Award should be included. Awards under the Plan may be made in combination with or in addition to, or as alternatives to, grants, awards or payments under any other Company or Subsidiary or Affiliate plans. The Company or any Subsidiary or any Affiliate may adopt such other compensation programs and additional compensation arrangements (in addition to this Plan) as it deems necessary to attract, retain, and motivate officers, directors, employees or independent contractors for their service with the Company and its Subsidiaries and its Affiliates.
(c)Clawback Policy.  The Company may (i) cause the cancellation of any Award, (ii) require reimbursement of any Award by a Participant and (iii) effect any other right of recoupment of equity or other compensation provided under this Plan or otherwise in accordance with Company policies as may be adopted and/or modified from time to time by the Company and/or applicable law (each, a “Clawback Policy”).  In addition, a Participant may be required to repay to the Company certain previously paid compensation, whether provided under this Plan or an Award Agreement or otherwise, in accordance with the Clawback Policy.  By accepting an Award, a Participant is also agreeing to be bound by the Company’s Clawback Policy which may be amended from time to time by the Company in its discretion (including without limitation to comply with applicable laws or stock exchange requirements) and is further agreeing that all of the Participant’s Awards may be unilaterally amended by the Company to the extent needed to comply with the Clawback Policy.

	
		
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SECTION 8.  TAXES.
A Participant shall make arrangements satisfactory to the Company for the satisfaction of any withholding tax obligations (including without limitation federal, state, local and foreign taxes) that arise in connection with his or her Award.  The Company shall not be required to make any payment under the Plan until such obligations are fully satisfied and the Company shall, to the maximum extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant.
SECTION 9.  DURATION AND AMENDMENTS.
(a)Term of the Plan.  The Plan is effective on July 1, 2014 and  may be terminated by the Board on any date pursuant to Section 9(b).  No further Awards may be granted after the earlier of the Board’s termination of the Plan under Section 9(b), the date of a Change in Control, or June 30, 2015.  This Plan will terminate after the Company has provided all payments (if any) to Participants.  This Plan will not in any way affect outstanding awards that were issued under any other Company compensation plans.  
(b)Right to Amend or Terminate the Plan.  The Board may amend or terminate the Plan or any outstanding Awards at any time and for any reason.  In the event of any conflict in terms between the Plan and any Award Agreement, the terms of the Plan shall prevail and govern.

SECTION 10.  EXECUTION.
To record the adoption of this Plan by the Board, the Company has caused its duly authorized officer to execute this Plan on behalf of the Company.
	
		
	 
	LIFEVANTAGE CORPORATION

          ___________________________
By:
Title:

 

	
		
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EXHIBIT A

LIFEVANTAGE CORPORATION FY2015 ANNUAL INCENTIVE PLAN

AWARD AGREEMENT
Pursuant to the LifeVantage Corporation FY2015 Annual Incentive Plan (“AIP”), the Company hereby informs the Participant named below that he/she has been selected to be a Participant subject to Participant timely executing and delivering to the Company this Award Agreement (the "Agreement").  The governing terms and conditions of Participant’s participation in the AIP are set forth herein and in the AIP and Participant agrees to be bound by such terms and conditions.  The entire text of the AIP is incorporated in this Agreement by reference.  Certain capitalized terms used in this Agreement are defined in the AIP.  This Agreement and the AIP and its exhibits constitute the entire understanding between the Participant and the Company regarding this incentive compensation opportunity.  Any prior agreements, commitments or negotiations concerning this incentive compensation opportunity are superseded except as provided in the AIP.  As a condition of participation in the AIP and receiving payments under the AIP and notwithstanding any obligation that the Company has to make certain public disclosures about the AIP and its Awards, Participant agrees never to disclose any information regarding the existence or contents of the AIP or this Agreement or Participant's participation in the AIP to any third party (including without limitation other Company employees) except for Participant's spouse, Participant's financial/tax advisors, and/or Participant's legal counsel, each of whom will be informed by Participant of the foregoing confidentiality obligations and each of whom will similarly agree to also maintain such confidentiality. 
Name of Participant:  ___________________________________________
Date of Becoming Participant:  ______, 201_
Job Level: __________________________________________________
Annual Base Salary: ____________________________________________
Name of Department: ___________________________________________
Individual Performance Metrics: 

	
		
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