Document:

Exhibit 10.2

            

          

     

    

     

    

    
      SECOND AMENDMENT TO THE

      CONTANGO ORE, INC. AMENDED AND RESTATED

      2010 EQUITY COMPENSATION PLAN

      

      

      

      

      This Second Amendment (the “Amendment”) to the Contango ORE, Inc. Amended and Restated 2010 Equity Compensation Plan, as adopted
        September 15, 2017 and as subsequently amended (the “Plan”), is made by Contango ORE, Inc., a Delaware corporation (the “Company”). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Plan.

       

      

      Witnesseth:

      

      

      WHEREAS, on September 15, 2010, the Board (the “Board”) of Directors of the Company adopted the Contango ORE, Inc. Equity Compensation
        Plan, which was approved by stockholders on December 8, 2011;

      

      

      WHEREAS, on September 15, 2017, the Board approved the Amended and Restated 2010 Equity Compensation Plan, which was approved by
        stockholders on November 14, 2017;

      

      

      WHEREAS, the Board approved the First Amendment to the Amended and Restated 2010 Equity Compensation Plan, which was approved by
        stockholders on November 13, 2019;

      

      

      WHEREAS, Section 17(a) of the Plan provides that the Board may amend the Plan at any time, provided that the Board shall obtain
        stockholder approval of any Plan amendment if required in order to comply with applicable laws; and

      

      

      WHEREAS, the Board now desires to amend the Plan to increase the number of shares of Company Stock available for Grants under the Plan
        to any individual during any calendar year.

      

      

      NOW, THEREFORE, BE IT RESOLVED, the Plan is hereby amended as set forth below:

      

      

      Section 5(c) of the Plan is hereby deleted and replaced in its entirety with the following:

      

      

      Individual Limits. All Grants under the
        Plan shall be expressed in shares of Company Stock. The maximum aggregate number of shares of Company Stock with respect to which all Grants may be made under the Plan to any individual during any calendar year shall 300,000 shares, subject to
        adjustment as described in subsection (d) below. The individual limits of this subsection (c) shall apply without regard to whether the Grants are to be paid in Company Stock or cash. All cash payments (other than with respect to Dividend
        Equivalents) shall equal the Fair Market Value of the shares of Company Stock to which the cash payments relate. A Participant may not accrue Dividend Equivalents during any calendar year in excess of $500,000.

      

      

      RESOLVED FURTHER, that except as amended hereby, the Plan is specifically ratified and reaffirmed.Exhibit 10.3

            

          

     

    

     

    

    
      

      

      

      

      December 11, 2020

      

      

      Rick Van Nieuwenhuyse

      Contango ORE, Inc.

      3700 Buffalo Speedway, Ste. 925

      Houston, TX 77098

      

      

      Dear Rick:

      

      

      This letter is intended to amend the terms of Contango ORE, Inc.’s offer letter to you dated December 31, 2019 (the “Original Offer Letter”).

      

      

      As we have discussed, in lieu of establishing a new Long Term Incentive Plan, the Company will grant to you discretionary awards of restricted stock and stock options pursuant to the existing Contango ORE, Inc.
        Second Amended and Restated 2010 Equity Compensation Plan, to reward long-term performance by you and the Company.

      

      

      Except as explicitly amended by this letter, the Original Offer Letter shall continue in full force and effect in accordance with its terms. As amended by this
          letter, the Original Offer Letter contains the entire agreement of the parties with respect to its subject matter and supersedes all previously existing agreements and all other oral, written or other communications, negotiations and
          representations between them concerning its subject matter. This letter agreement shall not be modified in any way except by a writing subscribed to by both parties.

      

      

      

        	 	 	 	 Agreed and accepted:	 
	 Sincerely,   

                	 	 	 	 
	 	 	 	 	 
	
                /s/ Brad Juneau   

                  

              	 	 	
                /s/ Rick Van Nieuwenhuyse

              	 
	
                Brad Juneau  

                  

              	 	 	Rick Van Nieuwenhuyse	 
	
                Executive Chairman    

                  

              	 	 	
                President and Chief Executive OfficerExhibit 10.4

            

          

    

    

    

    

    
      
        CONTANGO ORE, INC.

         

         FORM OF RESTRICTED STOCK AWARD AGREEMENT

         

        WHEREAS, this Restricted Stock Award Agreement (this “Agreement”) is made as of [_______________] by and between Contango ORE, Inc., a Delaware corporation
          (the “Company”), and [___________] (the “Participant”).  Unless otherwise defined herein, capitalized terms used in this Agreement shall have the same meaning ascribed to them in the 2010 Equity Compensation
          Plan (the “Plan”).

         

        WHEREAS, the Participant serves as an executive officer of the Company and the Participant’s continued service in such capacity is considered by the Company to be important for the Company’s
          continued growth and financial success; and

         

        WHEREAS, the Board has determined it appropriate to award the Participant shares of the Company’s common stock under the Plan, in furtherance of the purposes of the Plan by providing the
          Participant with a meaningful incentive to remain as an executive officer and by securing other benefits for the Company; and

         

        WHEREAS, the Company desires to confirm such stock award and to set forth the terms and conditions of such award, and the Participant desires to accept such award and agree to the terms and
          conditions thereof, as set forth in this Agreement.

         

        NOW THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows:

         

        1.            Stock Award.  The Company hereby awards and issues to the Participant [______________] of the Company’s common
          stock (the “Issued Shares”) under and pursuant to the Plan, effective as of [________________] (the “Grant Date”) with a close of day price of [$______].  The following vesting provisions shall be in effect
          for the Issued Shares:

         

        (i)            The Issued Shares are unvested and subject to forfeiture pursuant to the terms of
          this Agreement (the “Restricted Stock”) and are hereby awarded to the Participant in consideration of the continued service the Participant is to render the Company over the vesting period set forth in Section 3 of this Agreement.  The
          Restricted Stock is subject to all of the applicable terms and conditions set forth in this Agreement and the Plan, including the transfer restrictions set forth in Section 4 and the escrow requirements of Section 5.

         

        2.            Participant’s Rights.  Subject to the terms hereof, the Participant shall have all stockholder rights with respect
          to all of the Issued Shares subject to this Agreement, whether or not those shares are at the time held in escrow hereunder, including (without limitation) the right to vote those shares and to receive any cash dividends declared thereon.

         

        
          
            

        

        
        3.            Vesting Schedule.  The Participant shall vest in the Restricted Stock on the first to occur of (i) [__________,
          20___] (ii) the occurrence of Change of Control, as defined in the Plan, or (iii) the date the Participant ceases to be an executive office of the Company on account of death or Permanent Disability.  The term “Permanent Disability” shall mean
          the failure of the Board to elect the Participant as an executive officer or as an employee by reason of permanent and total disability within the meaning of Section 22(e)(3) of the Internal Revenue Code.

         

          Restriction on Transfer of Restricted Stock.  Except for the escrow described in Section 5 or the transfer of the shares of Restricted Stock to the Company or its assignees in accordance with the
          terms of this Agreement, none of the shares of Restricted Stock subject to this Agreement or any beneficial interest therein shall be transferred, encumbered or otherwise disposed of in any way until such shares vest and are thereby released from
          all forfeiture provisions in accordance with the provisions of this Agreement.

         

        4.            Restricted Stock Escrow.  As security for the faithful performance of the terms of this Agreement with respect to
          the Restricted Stock and to insure the availability of such Restricted Stock for delivery to the Company upon forfeiture pursuant to the vesting provisions set forth in Section 3, the Participant agrees to deliver to and deposit with the
          secretary of the Company, or such other person designated by the Company (the “Escrow Agent”), as Escrow Agent in this transaction, a stock assignment duly endorsed (with date and number of shares blank) in the form attached hereto as Exhibit
            A, together with the certificate or certificates evidencing the shares of Restricted Stock; said documents are to be held by the Escrow Agent and delivered by said Escrow Agent pursuant to the Joint Escrow Instructions of the Company and
          the Participant set forth in Exhibit B attached hereto, which instructions shall also be delivered to the Escrow Agent.  Subject to the provisions of this Agreement and the Joint Escrow Instructions, the Participant shall have all rights
          and privileges of a shareholder of the Company with respect to the Restricted Stock deposited in said escrow.

         

        5.            Investor Representations.  Participant
            represents that he/she is acquiring the Issued Shares for his/her own account for investment and has no present intent to resell or distribute all or any portion of the Issued Shares. Participant agrees that the Issued Shares will be
          sold or otherwise disposed of only in accordance with applicable federal and state statutes, rules and regulations.

         

        6.            Legends.

         

        A.            The share certificate evidencing the Restricted Stock issued hereunder shall be endorsed with the
          following legend (in addition to any legend required under applicable state securities laws):

         

        THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS UPON TRANSFER AND FORFEITURE PROVISIONS AS SET FORTH IN THAT CERTAIN RESTRICTED
          STOCK AWARD AGREEMENT BETWEEN THE COMPANY AND THE PARTICIPANT, AS THE SAME MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY, AND, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, NO SALE, ASSIGNMENT,
          TRANSFER OR OTHER DISPOSITION OF THESE SHARES SHALL BE VALID OR EFFECTIVE UNLESS MADE IN COMPLIANCE WITH ALL OF THE TERMS AND CONDITIONS OF SUCH AGREEMENT.

         

        
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        7.            Adjustment.  All references to the number of Issued Shares in this Agreement shall be appropriately adjusted to
          reflect any stock split, stock dividend, recapitalization or other similar change in the outstanding shares of the Company’s outstanding common stock effected with the Company’s receipt of the consideration that may occur after the date of this
          Agreement as set forth in the Plan.  Any new, substituted or additional securities or other property (including cash paid on the shares of Restricted Stock other than as a regular cash dividend) which is distributed with respect to the Issued
          Shares pursuant to the Plan shall be immediately subject to the applicable transfer restrictions under Section 4 or Section 6 and the applicable escrow requirements under Section 5 or Section 6, but only to the
          extent the Issued Shares are at the time covered by such restrictions or escrow requirements.

         

        8.            Tax Consequences.  The Participant understands that under Section 83 of the Code, the fair market value of the
          shares of Restricted Stock on the date the forfeiture restrictions applicable to those shares lapse will be reportable as ordinary income at that time.  The Participant understands that the Participant may elect to be taxed at the time the shares
          of Restricted Stock are issued and thereby recognize ordinary income equal to the fair market value of those shares at the time of issuance, rather than when those shares of Restricted Stock subsequently vest and cease to be subject to forfeiture
          restrictions. Should the Participant decide to make such election, the Participant must file the requisite election form under Section 83(b) of the Code with the Internal Revenue Service within thirty (30) days after the issuance date of the
          Restricted Stock. The form for making this election is attached hereto as Exhibit D.  Participant understands that failure to make this filing within the thirty (30) day period will result in the recognition of ordinary income by the
          Participant as the forfeiture restrictions lapse.

         

        In the event that the Participant files, under Section 83(b) of the Code, an election to be taxed upon the issuance of the Restricted Stock and recognize ordinary income on the issuance date of
          the Restricted Stock, the Participant shall at the time of such filing notify the Company of the making of such election and furnish a copy of the notice to the Company.

         

        THE PARTICIPANT ACKNOWLEDGES THAT IT IS PARTICIPANT’S SOLE RESPONSIBILITY, AND NOT THE COMPANY’S, TO FILE A TIMELY ELECTION UNDER SECTION 83(b), EVEN IF PARTICIPANT REQUESTS THE COMPANY OR ITS
          REPRESENTATIVES TO MAKE THIS FILING ON PARTICIPANT’S BEHALF.  PARTICIPANT IS RELYING SOLELY ON PARTICIPANT’S ADVISORS WITH RESPECT TO THE DECISION AS TO WHETHER OR NOT TO FILE AN 83(b) ELECTION.

         

        
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        The Participant shall make arrangements satisfactory to the Company, or, in the absence of such arrangements, the Company or any Parent or Subsidiary may deduct from any payment to be made to
          Participant any amount necessary, to satisfy requirements of federal, state, local, or foreign tax law to withhold taxes or other amounts with respect to the issuance of the Restricted Stock or the expiration of the forfeiture provisions
          applicable to the Restricted Stock.

         

        The Vested at Issuance Shares shall result in the Participant’s immediate recognition of ordinary income, at the time of such issuance, in an amount equal to the fair market value of the those
          shares on the issuance date.  The Participant shall make arrangements satisfactory to the Company to satisfy all applicable requirements of federal, state, local, or foreign tax law to withhold taxes or other amounts with respect to the Vested at
          Issuance Shares.

         

        9.            No Impairment of Rights.  Nothing contained in this Agreement shall be deemed to interfere with or otherwise
          restrict the rights of the Company or the Company’s stockholders to remove the Participant from the Board at any time in accordance with the provisions of applicable law.

         

        10.            Indemnification.  The Participant agrees to hold harmless and indemnify the Company for any and all liabilities
          resulting to it through violation by the Participant of the warranties and representations made by the Participant in, and other provisions of, this Agreement.

         

        11.            Termination.  This Agreement, and the respective rights and obligations of the Participants hereto, shall
          terminate upon the earliest to occur of the following: (i) the expiration of ten (10) years from the date of this Agreement; or (ii) the agreement among the parties hereto to terminate the Agreement.

         

        12.            General Provisions.

         

        (a)            This Agreement shall be governed by the internal substantive laws, but not the choice of law rules, of Delaware.

         

        (b)            Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal
          delivery or upon deposit in the United States Post Office, by registered or certified mail with postage and fees prepaid, addressed to the Participant at his address shown on the Company's records and to the Company at the address of its
          principal corporate offices (attention: President) or at such other address as such party may designate by ten (10) days' advance written notice to the other party hereto.

         

        Any notice to the Escrow Agent shall be sent to the Company’s address with a copy to the other party hereto.

         

        (c)            The rights of the Company under this Agreement shall be transferable to any one or more persons or entities, and all
          covenants and agreements hereunder shall inure to the benefit of, and be enforceable by the Company’s successors and assigns.  The rights and obligations of the Participant under this Agreement may not be assigned; however, such rights and
          obligations shall inure to the benefit of, and be binding upon, the heirs, executors, administrators of the Participant’s estate.

         

        
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        (d)            Either party’s failure to enforce any provision of this Agreement shall not in any way be construed as a waiver of any
          such provision, nor prevent that party from thereafter enforcing any other provision of this Agreement.  The rights granted both parties hereunder are cumulative and shall not constitute a waiver of either party’s right to assert any other legal
          remedy available to it.

         

        (e)            The Participant agrees upon request to execute any further documents or instruments necessary or desirable to carry out
          the purposes or intent of this Agreement.

         

        (f)            The Issued Shares have been awarded to the Participant under the Plan, a copy of which, together with official prospectus
          for such Plan, has been previously provided to the Participant.  All of the terms, conditions, and other provisions of the Plan are hereby incorporated by reference into this Agreement.  If there is any conflict between the provisions of this
          Agreement and the provisions of the Plan, the provisions of the Plan shall govern.  The Participant hereby acknowledges such prior receipt of a copy of the Plan and the prospectus for the Plan and agrees to be bound by all the terms and
          provisions of this Agreement and the Plan (as presently in effect or hereafter amended), rules and regulations adopted from time to time thereunder, and by all decisions and determinations of the Board and the Committee made from time to time
          thereunder.

         

        Captions in this Agreement are for convenience of reference only and shall not be considered in the construction hereof.  Words used herein, regardless of the number and gender specifically used, shall be deemed
          and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires.  Any requirement of time made hereinabove shall be of the essence of this Agreement.

         

        
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        IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year first written above.

         

        

        

         

        	
                PARTICIPANT

                 

              	 
	 __________________________________	 ______________________________
	 Signature	 Number of Shares 

              
	 	 
	___________________________________

              	 
	
                Print Name

                

              	 
	
                 

                CONTANGO ORE, INC.

                 

              	 
	
                By:                                                                                  

                  Name:

                Title:

              	 

        

        

        
          
            

        

         

        

        

        Exhibit A

        

        

        ASSIGNMENT SEPARATE FROM CERTIFICATE

         

        

         

        

         

        

         

        

         

        

         

        

         

          

        
          -Exhibit A-

        

        
          
            

        

        Exhibit B

        

        

        JOINT ESCROW INSTRUCTIONS

        

        

        

        

        

        

        

        

        

        

        

        

        
          -Exhibit B-

        

        
          
            

        

        

        

        Exhibit C

        

        

        CONSENT OF SPOUSE

         

        

         

        

         

        

         

        

         

        

        
          -Exhibit C-

        

        
          
            

        

        Exhibit D

        

        

        FORM OF ELECTION UNDER SECTION 83(B)

        OF THE INTERNAL REVENUE TAX CODE

         

        

         

        

         

        

         

        

         

        

        
          -Exhibit D-

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