Document:

Exhibit 10.1

 

AMENDED
AND RESTATED INDEMNIFICATION AGREEMENT

(AUGUST
2014)

 

THIS INDEMNIFICATION
AGREEMENT (the “Agreement”) dated as of

____________, is made by and between Royal Gold, Inc., a Delaware corporation (the “Corporation”), and the undersigned
member of the Board of Directors or officer, manager, employee, agent or fiduciary of the Corporation (“Indemnitee”).

 

WHEREAS, the Corporation
is aware that competent and experienced persons are increasingly reluctant to serve as directors, officers, managers, employees,
agents or fiduciaries of corporations unless they are protected by comprehensive liability insurance and indemnification, due to
increased exposure to litigation costs and risks resulting from their service to such corporations, and due to the fact that the
exposure frequently bears no reasonable relationship to the compensation of such directors, officers, managers, employees and other
agents or fiduciaries;

 

WHEREAS, the Corporation’s
Amended and Restated Bylaws (as amended from time to time, the “Bylaws”) and the Delaware General Corporation
Law (the “DGCL”), under which the Corporation is organized, empower the Corporation to indemnify its directors,
officers, employees, agents and fiduciaries by agreement and to indemnify persons who serve, at the request of the Corporation,
as the directors, officers, employees, agents or fiduciaries of other corporations, partnerships, joint ventures, trusts, limited
liability companies or other enterprises, and expressly provides that the indemnification provided by the Bylaws and the DGCL are
not exclusive;

 

WHEREAS,
such Bylaws and the DGCL contemplate that contracts, insurance policies and other financial arrangements may be entered into with
respect to indemnification of directors, officers, employees or agents;

 

WHEREAS,
the Corporation has purchased and presently maintains a policy or policies of directors’ and officers’ liabilities
insurance (“D&O Insurance”) covering certain liabilities that may be incurred by the Corporation’s
directors and officers in the performance of their services to the Corporation;

 

WHEREAS,
uncertainties regarding the adequacy of coverage of D&O Insurance as well as uncertainties regarding the applicability, amendment
and enforcement of statutory provisions and provisions of the Corporation’s Amended Certificate of Incorporation (as
amended from time to time, the “Certificate”) and the Bylaws have raised questions
concerning the adequacy and reliability of the protection afforded directors and officers;

 

WHEREAS,
the Corporation and Indemnitee have previously entered into an Indemnification Agreement (the “Prior Agreement”),
and the Corporation and Indemnitee desire to amend and restate the Prior Agreement in its entirety with this Agreement;

 

WHEREAS,
it is reasonable, prudent and necessary for the Corporation to obligate itself contractually to indemnify Indemnitee pursuant to
the terms of this Agreement so that Indemnitee will serve or continue to serve the Corporation free from undue concern that Indemnitee
will not be adequately protected; and

 

WHEREAS,
Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Corporation on condition
that Indemnitee be so indemnified;

 

NOW,
THEREFORE, in consideration of the premises and the covenants contained herein, the Corporation and Indemnitee do hereby covenant
and agree as follows:

 

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1.            Definitions.
As used in this Agreement,

 

(a)            Change in
Control. The term “Change in Control” shall mean a change in the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of the Corporation or any successor in interest to the
Corporation, whether through the ownership of voting securities, by contract or otherwise. A Change in Control shall be deemed
to have occurred if any of the following occur after the date of this Agreement: (i) any “person” (as such
term is used in Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”))
other than the Corporation, a trustee or other fiduciary holding securities under an employee benefit plan of the Corporation or
a corporation owned directly or indirectly by the stockholders of the Corporation in substantially the same proportions as their
ownership of stock of the Corporation, becomes the “beneficial owner” (as defined in Rule 13d-3 promulgated
under the Exchange Act), directly or indirectly, of securities of the Corporation representing 15% or more of the total voting
power represented by the Corporation’s then outstanding Voting Securities, (ii) Continuing Directors cease for any reason
to constitute a majority of the members of the Board of Directors, (iii) there occurs a “change in control” or “change
of control” in an employment agreement between the Corporation and the Indemnitee, if any, (iv) the stockholders of the Corporation
approve (A) a merger or consolidation of the Corporation with any other entity other than a merger or consolidation which would
result in the Voting Securities of the Corporation outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into Voting Securities of the surviving entity) at least 60% of the total voting power represented
by the Voting Securities of the Corporation or such surviving entity outstanding immediately after such merger or consolidation,
or (B) a plan of dissolution or liquidation of the Corporation or an agreement for the sale, lease, conveyance, disposition or
other transfer by the Corporation of (in one transaction or a series of transactions) all or substantially all of the Corporation’s
assets, or (v) there occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule
14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act, whether
or not the Corporation is then subject to such reporting requirement.

 

(b)            Continuing
Directors. The term “Continuing Directors” shall mean, as of the date of determination, any individual who
(i) was a director at the beginning of the two year period preceding such date of determination or, if later, the date of this
Agreement, or (ii) was nominated for election or elected to the Board of Directors with the affirmative vote of at least a majority
of the directors then still in office who either were directors at the beginning of the two year period preceding such date of
determination (or, if later, the date of this Agreement) or whose election or nomination for election was previously so approved,
but shall exclude any person whose initial election to the Board of Directors occurs as a result of either an actual or threatened
election contest (including any person nominated by a person who has expressed an intent to effect a Change in Control or engage
in a proxy or other control contest), other actual or threatened solicitation of proxies or consents or an actual or threatened
tender offer.

 

(c)            Corporate
Status. The term “Corporate Status” describes the status of an individual who is or was a director, officer,
manager, employee, agent or fiduciary of the Corporation or of any other corporation, partnership, joint venture, trust, limited
liability company or other enterprise which such individual is or was serving at the request of the Corporation.

 

(d)            Corporation.
References to the “Corporation” shall include, in addition to the Corporation,
any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger to which the Corporation
(or any of its wholly owned subsidiaries) is or was a party which, if its separate existence had continued, would have had power
and authority to indemnify its directors, officers, managers, employees, agents or fiduciaries, so that if Indemnitee is or was
a director, manager, officer, employee, agent, control person, or fiduciary of such constituent corporation, or is or was serving
at the request of such constituent corporation as a director, officer, manager, employee, control person, agent or fiduciary of
another corporation, partnership, joint venture, trust, limited liability company or other
enterprise, Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or
surviving corporation as Indemnitee would have with respect to such constituent corporation if its separate existence had continued.

 

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(e)            Expenses.
The term “Expenses” shall mean any and all expenses, including, without limitation, any damages, losses, liabilities,
judgments, fines and penalties (whether civil, criminal or other) incurred in connection with a Proceeding; amounts paid by Indemnitee
in settlement of a Proceeding, including any interest and assessments; any federal, state, local or foreign taxes imposed as a
result of the actual or deemed receipt of any payments under this Agreement; and all attorneys’ fees and disbursements, accountants’
fees, private investigation fees and disbursements, retainers, court costs, transcript costs, fees of experts, fees and expenses
of witnesses, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees,
and all other disbursements, or expenses, reasonably incurred by or for Indemnitee in connection with prosecuting, defending, preparing
to prosecute or defend, investigating, being or preparing to be a witness or participant in a Proceeding or establishing Indemnitee’s
right of entitlement to indemnification for any of the foregoing. Expenses also shall include Expenses incurred in connection with
any appeal resulting from any Proceeding, including without limitation, the premium, security for, and other costs relating to
any cost bond, supersedeas bond or other bond or its equivalent.

 

(f)            Fines.
References to “fines” shall include, without limitation, any fines, penalties and assessments, as well as any
excise tax assessed with respect to any employee benefit plan.

 

(g)            Independent
Legal Counsel. For purposes of this Agreement, “Independent Legal Counsel” shall mean an attorney or firm
of attorneys that is experienced in the matters of corporation law, selected in accordance with the provisions of Section 9(e)
hereof, who shall not have otherwise performed services for the Corporation or any indemnitee of the Corporation within the last
three years (other than with respect to matters concerning the right of any Indemnitee under this Agreement, or of other indemnitees
under similar indemnity agreements). Notwithstanding the foregoing, the term “Independent Legal Counsel” shall not
include any attorney who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest
in representing either the Corporation or an Indemnitee in any action to determine the Indemnitee’s rights pursuant to this
Agreement.

 

(h)            Other Enterprise.
References to “other enterprise” shall include, without limitation, employee benefit plans sponsored by the
Corporation or made available by the Corporation to its employees.

 

(i)            Proceeding.
The term “Proceeding” shall include any threatened, pending or completed action, suit, inquiry, proceeding,
arbitration or alternative dispute resolution mechanism, investigation (whether designated by the investigative agency as a formal
investigation or otherwise), administrative hearing or any other actual, threatened or completed proceeding, whether brought by
or in the right of the Corporation or otherwise and whether of a civil, criminal, administrative, regulatory or investigative nature,
in which Indemnitee was, is or will be involved as a party, as a witness or otherwise, by reason of the fact that Indemnitee is
or was a director, officer, manager, employee, agent or fiduciary of the Corporation, by reason of any action taken by Indemnitee
or of any inaction on Indemnitee’s part while acting as a director, officer, manager, employee, agent or fiduciary or by
reason of the fact that Indemnitee is or was serving at the request of the Corporation as a director, officer, manager, employee,
agent or fiduciary of another corporation, partnership, joint venture, trust, limited liability company or other enterprise; in
each case whether or not Indemnitee is acting or serving in any such capacity at the time any liability or expense is incurred
for which indemnification or reimbursement can be provided under this Agreement; provided that any such action, suit or proceeding
which is brought by Indemnitee against the Corporation or directors, officers, managers, employees, agents or fiduciaries of the
Corporation shall not be deemed a Proceeding, except (i) with respect to actions or proceedings to establish or enforce a
right to indemnity under this Agreement or any other agreement or insurance policy or under the Certificate or Bylaws now or hereafter
in effect, (ii) in specific cases if the Board of Directors has approved the initiation or bringing of such Proceeding, or
(iii) as otherwise required under the DGCL, regardless of whether Indemnitee ultimately is determined to be entitled to such
indemnification, advance expense payment or insurance recovery, as the case may be.

 

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(j)            Reviewing
Party. A “Reviewing Party” shall mean the party elected pursuant to Section 9(c) of this Agreement.

 

(k)            Serving at
the Request of the Corporation. References to “serving at the request of the Corporation” shall include
any service as a director, officer, manager, employee, controlling person, agent or fiduciary of the Corporation that imposes duties
on, or involves services by, such director, officer, manager, employee, controlling person, agent or fiduciary with respect to
service as a director, officer, manager, employee, controlling person, agent or fiduciary of the Corporation or of another corporation,
partnership, joint venture, trust, limited liability company or other enterprise.

 

(l)            Substantiating
Documentation. The term “substantiating documentation” shall mean, as applicable (i) copies of bills or
invoices for costs incurred by or for Indemnitee, or copies of court or agency orders or decrees or settlement agreements, as the
case may be, accompanied by a sworn statement from Indemnitee that such bills, invoices, court or agency orders or decrees or settlement
agreements, represent costs or liabilities meeting the definition of “Expenses” herein and/or (ii) documentation and
information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee
is entitled to indemnification.

 

(m)            Threatened
Change in Control. A “Threatened Change in Control” shall mean the occurrence of one or more of the following
events: (i) the Corporation (or any affiliate of the Corporation) entering into an agreement, the consummation of which would result
in the occurrence of a Change in Control; (ii) any person (including, without limitation, the Corporation) publicly announcing
an intention to take or to consider taking actions which, if consummated, would constitute a Change in Control; or (iii) the Board
notifying Indemnitee in writing that a threat of a Change in Control exists.

 

(n)            To the Fullest
Extent Authorized or Permitted by Law. The phrase “to the fullest extent authorized or permitted by law”
shall include, but not be limited to: (i) to the fullest extent authorized or permitted by law, even if such indemnification is
not specifically authorized by the other provisions of this Agreement, the Certificate or Bylaws or by statute; (ii) to the fullest
extent authorized or permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement,
or the corresponding provision of any amendment to or replacement of the DGCL or such provision thereof; (iii) to the fullest extent
authorized or permitted by any amendments to or replacements of the DGCL or any other applicable law, statute or rule adopted after
the date of this Agreement that expands the right of a corporation to indemnify a member of its Board of Directors or an officer,
employee, controlling person, agent or fiduciary; and (iv) in the event of any amendments to or replacements of the DGCL or any
applicable law, statute or rule that narrows the right of a corporation to indemnify a member of its Board of Directors or an officer,
employee, agent or fiduciary, and to the extent such amendments and/or replacements are not otherwise required by such law, statute
or rule to be applied to this Agreement, to the fullest extent permitted pursuant to this Agreement as of the date hereof.

 

(o)            Voting Securities.
“Voting Securities” shall mean any securities of the Corporation that vote generally in the election of directors.

 

2.            Indemnity
of Indemnitee.

 

The Corporation hereby
agrees to hold harmless and indemnify Indemnitee to the fullest extent authorized or permitted by law against any and all Expenses
if Indemnitee was or is or becomes a party to or participant or witness in, or is threatened to be made a party to or participant
or witness in, any Proceeding. In furtherance of the foregoing indemnification, and without limiting the generality thereof:

 

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(a)            Proceedings
Other Than Proceedings by or in the Right of the Corporation. Indemnitee shall be entitled to the rights of indemnification
provided in this Section 2(a) if, by reason of his Corporate Status, he is, or is threatened to be made, a party to or participant
or witness in any Proceeding other than a Proceeding by or in the right of the Corporation. Pursuant to this Section 2(a),
Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection with
such Proceeding or any claim, issue or matter therein, if he acted in good faith and in a manner he reasonably believed to be in
or not opposed to the best interests of the Corporation and, with respect to any criminal Proceeding, had no reasonable cause to
believe his conduct was unlawful.

 

(b)            Proceedings
by or in the Right of the Corporation. Indemnitee shall be entitled to the rights of indemnification provided in this Section
2(b) if, by reason of his Corporate Status, he is, or is threatened to be made, a party to or participant or witness in any
Proceeding brought by or in the right of the Corporation to procure a judgment in its favor. Pursuant to this Section 2(b),
Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection with
such Proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests
of the Corporation; provided, however, that, if applicable law so provides, no indemnification against such Expenses shall be made
in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been finally adjudged to be liable
to the Corporation unless and to the extent that the Court of Chancery of the State of Delaware shall determine, upon application
that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly and reasonably
entitled to indemnity for such Expenses which the Delaware Court of Chancery or such other court shall deem proper.

 

3.Additional Indemnification.

 

(a)            Additional
Indemnity. In addition to, and without regard to any limitations on, the indemnification provided for in Section 2,
the Corporation shall and hereby does indemnify and hold harmless Indemnitee to the fullest extent authorized or permitted by law
against all Expenses actually and reasonably incurred by him or on his behalf if, by reason of his Corporate Status he is, or is
threatened to be made, a party to or participant or witness in any Proceeding (including a Proceeding by or in the right of the
Corporation).

 

(b)            Limitations
on Additional Indemnity.

 

(i)            Excluded
Action or Omissions. No indemnification pursuant to Section 3(a) hereof shall be paid by the Corporation to indemnify
Indemnitee for Expenses resulting from acts, omissions or transactions for which Indemnitee is prohibited from receiving indemnification
under this Agreement or applicable law; provided, however, notwithstanding any limitation set forth in this Section 3(b)(i)
regarding the Corporation’s obligation to provide indemnification, Indemnitee shall be entitled under Section 8 to
receive Expense Advances hereunder with respect to any such Proceeding unless and until a court having jurisdiction over the Proceeding
shall have made a final judicial determination (as to which all rights of appeal therefrom have been exhausted or lapsed) that
Indemnitee has engaged in acts, omissions or transactions for which Indemnitee is prohibited from receiving indemnification under
this Agreement or applicable law.

 

(ii)            Claims
Under Exchange Act. No indemnification pursuant to Section 3(a) hereof shall be paid by the Corporation to indemnify
Indemnitee for (i) Expenses and the payment of profits arising from the purchase and sale by Indemnitee of securities in violation
of Section 16(b) of the Exchange Act, or any similar successor statute or similar provisions of any Federal, state or local statutory
law, or (ii) any reimbursement of the Corporation by the Indemnitee of any bonus or other incentive-based or equity-based compensation
or of any profits realized by the Indemnitee from the sale of securities of the Corporation, as required in each case under the
Exchange Act (including any such reimbursements that arise from an accounting restatement of the Corporation pursuant to Section
304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Corporation of profits
arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act); provided,
however, that notwithstanding any limitation set forth in this Section 3(b)(ii) regarding the Corporation’s obligation
to provide indemnification, Indemnitee shall be entitled under Section 8 to receive Expense Advances hereunder with respect
to any such Proceeding unless and until a court having jurisdiction over the Proceeding shall have made a final judicial determination
(as to which all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee has violated said statute.

 

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(iii)            Lack
of Good Faith. No indemnification pursuant to Section 3(a) hereof shall be paid by the Corporation to indemnify
Indemnitee for any Expenses incurred by the Indemnitee with respect to any action instituted (A) by Indemnitee to enforce or interpret
this Agreement, if a court having jurisdiction over such action determines as provided in Section 10 that each of the material
assertions made by the Indemnitee as a basis for such action was not made in good faith or was frivolous, or (B) by or in the name
of the Corporation to enforce or interpret this Agreement, if a court having jurisdiction over such action determines as provided
in Section 10 that each of the material defenses asserted by Indemnitee in such action was made in bad faith or was frivolous.

 

(iv)            Proceedings
Initiated by Indemnitee. No indemnification pursuant to Section 3(a) hereof shall be paid by the Corporation to
indemnify or make Expense Advances to Indemnitee with respect to Proceedings initiated or brought voluntarily by Indemnitee and
not by way of defense, counterclaim or crossclaim, except (A) with respect to actions or proceedings brought to establish or enforce
a right to indemnification or Expense Advances under this Agreement or any other agreement or insurance policy or under the Certificate
or Bylaws, (B) in specific cases if the Board of Directors has approved the initiation or bringing of such Proceeding or (C) as
otherwise required under Section 145 of the DGCL, regardless of whether Indemnitee ultimately is determined to be entitled to such
indemnification, Expense Advance or insurance recovery, as the case may be.

 

(c)            Mandatory
Payment of Expenses. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful
on the merits or otherwise, including, without limitation, the dismissal of an action without prejudice, in the defense of any
Proceeding or in the defense of any claim, issue or matter therein, Indemnitee shall be indemnified against all Expenses incurred
by Indemnitee in connection therewith.

 

4.            Contribution
in the Event of Joint Liability. 

 

(a)            Other
Parties Jointly Liable. The Corporation hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution
which may be brought by officers, directors or employees of the Corporation who may be jointly liable with Indemnitee in respect
of any Proceeding.

 

(b)            Corporation
Jointly Liable; Full Payment. Whether or not the indemnification provided in Sections 2 and 3 hereof is available, in
respect of any Proceeding in which the Corporation is jointly liable with Indemnitee (or would be if joined in such action, suit
or proceeding), the Corporation shall pay, in the first instance, the entire amount of all Expenses relating to such Proceeding
without requiring Indemnitee to contribute to such payment and the Corporation hereby waives and relinquishes any right of contribution
it may have against Indemnitee. The Corporation shall not enter into any settlement of any Proceeding in which the Corporation
is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final
release of all claims asserted against Indemnitee.

 

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(c)            Corporation
Jointly Liable; Shared Payment. Without diminishing or impairing the obligations of the Corporation set forth in the preceding
subparagraph, if, for any reason, Indemnitee shall elect or be required to pay all or any portion of any Expenses in any threatened,
pending or completed Proceeding in which Corporation is jointly liable with Indemnitee (or would be if joined in such Proceeding),
the Corporation shall contribute to the amount of Expenses actually incurred and paid or payable by Indemnitee in proportion to
the relative benefits received by the Corporation and all officers, directors or employees of the Corporation other than Indemnitee
who are jointly liable with him (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand,
from the transaction from which such Proceeding arose; provided, however, that the proportion determined on the basis of relative
benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the Corporation
and all officers, directors or employees of the Corporation other than Indemnitee who are jointly liable with Indemnitee (or would
be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the events that resulted
in such Expenses, judgments, penalties, fines or settlement amounts, as well as any other equitable considerations which the law
may require to be considered. The relative fault of the Corporation and all officers, directors or employees of the Corporation
other than Indemnitee who are jointly liable with him (or would be if joined in such Proceeding), on the one hand, and Indemnitee,
on the other hand, shall be determined by reference to, among other things, the degree to which their actions were motivated by
intent to gain personal profit or advantage, the degree to which their liability is primary or secondary, and the degree to which
their conduct is active or passive.

 

(d)            Registration
of Securities. In connection with the registration of the Corporation’s securities, the relative benefits received by
the Corporation and Indemnitee shall be deemed to be in the same respective proportions that the net proceeds from the offering
(before deducting expenses) received by the Corporation and the Indemnitee, in each case as set forth in the table on the cover
page of the applicable prospectus, bear to the aggregate public offering price of the securities so offered. The relative fault
of the Corporation and Indemnitee shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the
Corporation or Indemnitee and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.

 

(e)            Equitable
Considerations. The Corporation and Indemnitee agree that it would not be just and equitable if contribution pursuant to this
Section 4(e) were determined by pro rata or per capita allocation or by any other method of allocation which does not take
account of the equitable considerations referred to in the immediately preceding paragraph. In connection with any registration
of the Corporation’s securities, in no event and notwithstanding the other provisions of this Section 4(e) shall an
Indemnitee be required to contribute any amount hereunder in excess of the lesser of (i) that proportion of the total of such losses,
claims, damages or liabilities indemnified against equal to the proportion of the total securities sold under such registration
statement that is being sold by Indemnitee or (ii) the proceeds received by Indemnitee from its sale of securities under such registration
statement. No person found guilty of fraudulent misrepresentation (within the meaning of Section 10(f) of the Securities Act) shall
be entitled to contribution from any person who was not found guilty of such fraudulent misrepresentation.

 

(f)            Survival
Regardless of Investigation. The indemnification and contribution provided for herein will remain in full force and effect
regardless of any investigation made by or on behalf of Indemnitee or any officer, director, employee, agent or controlling person
of Indemnitee.

 

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5.            Maintenance
of D&O Insurance.

 

The
Corporation hereby covenants and agrees that, so long as the Indemnitee shall continue to serve as a member of its Board of Directors
or an officer, employee, controlling person, agent or fiduciary of the Corporation and thereafter so long as the Indemnitee shall
be subject to any possible Proceeding by reason of the fact that the Indemnitee was a member of its Board of Directors or an officer,
employee, controlling person, agent or fiduciary of the Corporation, the Corporation shall promptly maintain in full force and
effect D&O Insurance in reasonable amounts from established and reputable insurers, provided that D&O Insurance
is available to the Corporation on commercially reasonable terms. In all policies of D&O Insurance, the Indemnitee shall be
named as an insured in such a manner as to provide the Indemnitee the same rights and benefits as are accorded to the most favorably
insured of the Corporation’s directors, if the Indemnitee is a director; or of the Corporation’s officers, if the Indemnitee
is not a director of the corporation but is an officer; or of the Corporation’s key employees, if the Indemnitee is not a
director or officer of the Corporation and the D&O Insurance names key employees as insureds. If the Indemnitee is not a director,
officer or an employee of the Company, but rather is another agent of the Company, the Indemnitee shall have the rights and benefits,
if any, under the D&O Insurance as are reasonable and customary for agents serving in such a capacity. If the Corporation decides
to allow D&O Insurance coverage to lapse because D&O Insurance is not available to the Corporation on commercially reasonable
terms, the Corporation shall so notify Indemnitee as soon as reasonably practicable. Upon any Change in Control, the Corporation
shall obtain continuation and/or “tail” coverage consistent with the foregoing provisions for a period of no less than
six years following the date of such Change in Control.

 

6.            Security; Establishment
of a Trust. 

 

(a)            Security.
To the extent requested by Indemnitee and (i) approved by the Board or (ii) in the event of a Threatened Change in Control or a
Change in Control, the Corporation shall at any time and from time to time provide security to Indemnitee for the Corporation’s
obligations hereunder through an irrevocable bank line of credit, funded trust, letter of credit or other collateral or financing
arrangement (each such security arrangement, the “Security”). The Security, once provided to Indemnitee, may
not be revoked or released without the prior written consent of Indemnitee. The Security shall be in an amount sufficient to satisfy
any and all Expenses reasonably anticipated at the time of each such request to be incurred in connection with investigating, preparing
for, participating in or defending any Proceedings, and any and all judgments, fines, penalties and amounts paid in settlement
(including all interest, assessments and other charges paid or payable in connection with or in respect of such judgments, fines
penalties and amounts paid in settlement) in connection with any and all Proceedings from time to time actually paid or claimed,
reasonably anticipated or proposed to be paid. The amount or amounts of such Security shall be determined by mutual agreement of
the Indemnitee and the Corporation or, if the Corporation and the Indemnitee are unable to reach such an agreement, by Independent
Legal Counsel selected in accordance with Section 9(e) hereof.

 

(b)            Establishment
of a Trust. To the extent the Corporation provides the Security pursuant to Section 6(a) in the form of a funded trust
(the “Trust”), the Corporation may, in its discretion, establish one collective trust for the benefit of all
persons who may have rights similar to those of the Indemnitee and the Trust shall form part of such single collective trust. The
trustee of the Trust (the “Trustee”) shall be a bank or trust company or other individual or entity chosen by
the Corporation and reasonably acceptable to the Indemnitee. Nothing in this Section 6(b) shall relieve the Corporation
of any of its obligations under this Agreement. The terms of the Trust shall provide that, except upon the consent of both the
Indemnitee and the Corporation, upon a Change in Control (i) the Trust shall not be revoked or the principal thereof invaded, without
the written consent of the Indemnitee, (ii) the Trustee shall advance, within two (2) business days of a request by the Indemnitee
and upon the execution and delivery to the Corporation of an undertaking providing that the Indemnitee undertakes to repay the
advance to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Corporation, any
and all Expenses to the Indemnitee, (iii) the Trust shall continue to be funded by the Corporation in accordance with the funding
obligations set forth above, (iv) the Trustee shall promptly pay to the Indemnitee all amounts for which the Indemnitee shall be
entitled to indemnification pursuant to this Agreement or otherwise and (v) all unexpended funds in such Trust shall revert to
the Corporation upon mutual agreement by the Indemnitee and the Corporation or, if the Indemnitee and the Corporation are unable
to reach such an agreement, by Independent Legal Counsel selected in accordance with Section 9(e) hereof, that the Indemnitee
has been fully indemnified under the terms of this Agreement. The Trust shall be governed by Delaware law (without regard to its
conflicts of laws rules) and the Trustee shall consent to the exclusive jurisdiction of the Delaware Court.

 

    	8

    	 

    

 

7.            Choice
of Counsel.

 

The Corporation shall
have the right to approve Indemnitee’s selection of counsel with respect to any Proceeding (which approval shall not be unreasonably
withheld and shall only be withheld where there is a conflict of interest with respect to such counsel and the Corporation under
applicable ethical rules or where such counsel is not experienced in matters of the kind presented). Where it is feasible to do
so without impairing the Indemnitee’s ability to defend himself or herself in a Proceeding, Indemnitee agrees to cooperate
with the Corporation to reduce expenses and maximize the insurance coverage applicable to a particular Proceeding, including without
limitation, by agreeing to be jointly represented by legal counsel with other directors, officers, employees, agents or fiduciaries
of the Corporation who are also involved with the Proceeding; provided, however, that nothing in this sentence shall be
construed to prevent Indemnitee from retaining his or her separate counsel, at the expense of the Corporation, where there would
be a conflict of interest, as determined by counsel for Indemnitee, as a result of any such joint representation.

 

8.            Advances
of Expenses.

 

(a)            Payment of
Expenses. Expenses (other than judgments, penalties, fines and amounts paid in settlement) incurred by Indemnitee shall be
paid by the Corporation, in advance of the final disposition of the Proceeding, as soon as practicable but in any event no later
than twenty (20) days after receipt of Indemnitee’s written request accompanied by substantiating documentation and Indemnitee’s
undertaking to repay such amount to the extent it is ultimately determined that Indemnitee is not entitled to indemnification in
accordance with the provisions of this Agreement.

 

(b)            Undertaking.
The obligation of the Corporation to make an advance payment of Expenses to Indemnitee pursuant to Section 8(a) (an “Expense
Advance”) shall be subject to the condition that, if, when and to the extent that a Reviewing Party determines that Indemnitee
would not be permitted to be so indemnified under applicable law or this Agreement, the Corporation shall be entitled to be reimbursed
by Indemnitee (who hereby undertakes and agrees to reimburse the Corporation) for all such amounts theretofore paid; provided,
however, that if Indemnitee has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure
a determination that Indemnitee should be indemnified under applicable law or this Agreement, the Certificate or the Bylaws, any
determination made by the Reviewing Party that Indemnitee would not be permitted to be indemnified under applicable law or this
Agreement, the Certificate or the Bylaws shall not be binding and Indemnitee shall not be required to reimburse the Corporation
for any Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom
have been exhausted or lapsed). Indemnitee’s obligation to reimburse the Corporation for any Expense Advance shall be unsecured
and no interest shall be charged by the Corporation in connection with any such amounts determined to be owed by Indemnitee.

 

(c)            Limitation
on Expense Advance. Notwithstanding any of the foregoing provisions in this Section 8, the Corporation shall not be
obligated to make an Expense Advance to Indemnitee in connection with a lawsuit filed directly by the Corporation against Indemnitee
if an absolute majority of the members of the Board of Directors reasonably determines in good faith, within ten (10) days of Indemnitee’s
request for an Expense Advance, that the facts known to them at the time such determination is made demonstrate clearly and convincingly
that Indemnitee acted in bad faith after Indemnitee has had an opportunity, with counsel, to present his case to the Board. If
such a determination is made, Indemnitee may have such decision reviewed by another forum, in the manner set forth in Section
10, with all references therein to “indemnification” being deemed to refer to “Expense Advance” and
the burden of proof shall be on the Corporation to demonstrate clearly and convincingly that, based on the facts known at the time,
Indemnitee acted in bad faith. The Corporation may not avail itself of this Section 8(c) as to a given lawsuit if, at any
time after the occurrence of the activities or omissions that are the primary focus of the lawsuit, the Corporation has undergone
a Change in Control.

 

    	9

    	 

    

 

9.            Right of
Indemnitee to Indemnification Upon Application; Procedure Upon Application.  It is the intent of this Agreement
to secure for Indemnitee rights of indemnity that are as favorable as may be permitted under the law and public policy of the
State of Delaware. Accordingly, the parties agree that the following procedures and presumptions shall apply in the event of any
question as to whether Indemnitee is entitled to indemnification under this Agreement:

 

(a)            Notice.
Indemnitee shall give the Corporation notice in writing in accordance with Section 19 of this Agreement as soon as
practicable of any Proceeding made against Indemnitee for which indemnification will or could be sought under this Agreement. The
failure of Indemnitee to so notify the Corporation shall not relieve the Corporation of any obligation which it may have to the
Indemnitee under this Agreement, or otherwise.

 

(b)            Requests
for Indemnification. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Corporation
a written request therefor. Such request or requests may be delivered from time to time and at such times as Indemnitee deems appropriate
in his or her sole discretion.

 

(c)            Reviewing
Party/Cooperation by Indemnitee. Upon written request by Indemnitee for indemnification pursuant to Section 9(b) hereof,
a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific
case by one of the following three methods, which shall be at the election of the Indemnittee, (i) by a majority of the disinterested
directors, even though less than a quorum, (ii) by Independent Legal Counsel or (iii) if there are no disinterested directors or
a Change in Control shall have occurred, by the stockholders. Indemnitee shall cooperate with the Reviewing Party and provide to
the Reviewing Party upon reasonable advance request any documentation or information which is reasonably available to Indemnitee
and reasonably necessary to such determination. Nothing in this Agreement shall require Indemnitee to waive any of his rights under
the United States Constitution or to provide information which is privileged or otherwise protected from disclosure. Any Independent
Legal Counsel, member of the Board, or stockholder of the Corporation shall act reasonably and in good faith in making a determination
under the Agreement of Indemnitee’s entitlement to indemnification. Any costs or expenses (including attorneys’ fees
and disbursements) incurred by Indemnitee in so cooperating with the Reviewing Party shall be borne by the Corporation (irrespective
of the determination as to Indemnitee’s entitlement to indemnification) and the Corporation hereby indemnifies and agrees
to hold Indemnitee harmless therefrom. If the Reviewing Party shall not have made a determination within thirty (30) days after
(i) receipt by the Corporation of the request therefor or (ii) the selection of Independent Legal Counsel as provided in Section
9(e) (if the determination of entitlement to indemnification is to be made by Independent Legal Counsel), the requisite determination
of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification, thereto;
provided, however, that the foregoing provisions of this Section 9(c) shall not apply if the determination of entitlement
to indemnification is to be made by the stockholders and if within fifteen (15) days after receipt by the Corporation of the request
for such determination the Board resolves to submit such determination to the stockholders for their consideration at a special
meeting thereof or at the next annual meeting thereof and such determination is made thereat.

 

(d)            Payment of Indemnification.
If, in regard to any Expenses, no determination with respect to Indemnitee’s entitlement to indemnification is legally required
as a condition to indemnification of Indemnitee hereunder, the Corporation shall pay to Indemnitee, within five business days
of the receipt by the Corporation of the request for indemnification pursuant to Section 9(b), an amount equal to such
Expenses. If a determination with respect to Indemnitee’s entitlement to indemnification in regard to any Expenses is legally
required as a condition to indemnification of Indemnitee hereunder and Indemnitee has been determined or deemed pursuant to Section
9(c) hereof to be entitled to indemnification, the Corporation shall pay to Indemnitee, within five business days after Indemnitee
has been determined or deemed to be entitled to indemnification, an amount equal to such Expenses.

 

    	10

    	 

    

 

(e)            Independent
Legal Counsel. If the determination of entitlement to indemnification is to be made by Independent Legal Counsel pursuant to
Section 9(c) hereof, the Independent Legal Counsel shall be selected as provided in this Section 9(e). The Independent
Legal Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board). Indemnitee
or the Corporation, as the case may be, may, within ten (10) days after such written notice of selection shall have been given,
deliver to the Corporation or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that
such objection may be asserted only on the ground that the Independent Legal Counsel so selected does not meet the requirements
of “Independent Legal Counsel” as defined in Section 1(g) and the objection shall set forth with particularity
the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Legal
Counsel. If a written objection is made and substantiated, the Independent Legal Counsel selected may not serve as Independent
Legal Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If,
within thirty (30) days after submission by Indemnitee of a written request for indemnification pursuant to Section 9(b)
hereof, no Independent Legal Counsel shall have been selected and not objected to, either the Corporation or Indemnitee may seek
judicial resolution of any objection which shall have been made by the Corporation or Indemnitee to the other’s selection
of Independent Legal Counsel and/or for the appointment as Independent Legal Counsel of a person selected by the court or by such
other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so
appointed shall act as Independent Legal Counsel under Section 9(c) hereof. The Corporation shall pay any and all reasonable
fees and expenses of Independent Legal Counsel incurred by such Independent Legal Counsel in connection with acting pursuant to
Section 9(c) hereof, and the Corporation shall pay all reasonable fees and expenses incident to the procedures of this Section
9(e), regardless of the manner in which such Independent Legal Counsel was selected or appointed.

 

(f)            Presumption
in Favor of Indemnification. In making a determination with respect to entitlement to indemnification hereunder, the Reviewing
Party shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for
indemnification in accordance with Section 9(b). For purposes of this Agreement, the termination of any Proceeding by judgment,
order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent,
shall not create a presumption that Indemnitee did not meet any particular standard of conduct or have any particular belief or
that a court has determined that indemnification is not permitted by applicable law. In addition, neither the failure of the Reviewing
Party to have made a determination as to whether Indemnitee has met any particular standard of conduct or had any particular belief,
nor an actual determination by the Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief,
prior to the commencement of legal proceedings by Indemnitee to secure a judicial determination that Indemnitee should be indemnified
under applicable law, shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee has not met any particular
standard of conduct or did not have any particular belief. In connection with any determination by the Reviewing Party or otherwise
as to whether Indemnitee is entitled to be indemnified hereunder, the burden of proof and the burden of persuasion, by clear and
convincing evidence, shall be on the Corporation to establish that Indemnitee is not so entitled.

 

    	11

    	 

    

 

(g)            Presumption
of Good Faith. Indemnitee shall be presumed to have acted in good faith if Indemnitee’s action is based on the records
or books of account of the Corporation, including financial statements, or on information supplied to Indemnitee by the officers
of the Corporation in the course of their duties, or on the advice of legal counsel for the Corporation or on information or records
given or reports made to the Corporation by an independent certified public accountant, by a financial advisor or by an appraiser
or other expert selected with reasonable care by the Corporation. In addition, the knowledge and/or actions, or failure to act,
of any other director, officer, manager, trustee, partner, managing member, fiduciary, agent or employee of the Corporation shall
not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not the
foregoing provisions of this Section 9(g) are satisfied, it shall in any event be presumed (unless there is clear and convincing
evidence to the contrary) that Indemnitee has at all times acted in good faith and in a manner he reasonably believed to be in
or not opposed to the best interests of the Corporation. Anyone seeking to overcome this presumption shall have the burden of proof
and the burden of persuasion, by clear and convincing evidence.

 

(h)            Presumption
for Settlements. The Corporation acknowledges that a settlement or other disposition short of final judgment may be successful
if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or
proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including,
without limitation, settlement of such action, claim or proceeding with or without payment of money or other consideration) it
shall be presumed (unless there is clear and convincing evidence to the contrary) that Indemnitee has been successful on the merits
or otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and
the burden of persuasion, by clear and convincing evidence.

 

(i)            Notice to
Insurers. If, at the time of the receipt by the Corporation of a notice of a Proceeding pursuant to Section 9(a) hereof,
the Corporation has liability insurance in effect which may cover such Proceeding, the Corporation shall give prompt notice of
the commencement of such Proceeding to the insurers in accordance with the procedures set forth in each of the Corporation’s
policies. The Corporation shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee,
all amounts payable as a result of such action, suit, proceeding, inquiry or investigation in accordance with the terms of such
policies.

 

10.            Remedies.

 

(a)            Adjudication
of Entitlement. In the event that (i) a determination is made pursuant to Section 9 that Indemnitee is not entitled
to indemnification under this Agreement, (ii) an Expense Advance is not timely made pursuant to Section 8, (iii) no determination
of entitlement to indemnification shall have been made pursuant to Section 9(c) within the periods specified therein, or
(iv) payment of indemnification is not made within the periods specified in Section 9(d), Indemnitee shall be entitled to
an adjudication of his entitlement to such indemnification. The Corporation shall not oppose Indemnitee’s right to seek any
such adjudication.

 

(b)            Determination
of Not Entitled. In the event that a determination shall have been made pursuant to Section 9(c) that Indemnitee is
not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 10 shall be conducted in all
respects as a de novo trial, on the merits and Indemnitee shall not be prejudiced in any way by reason of that adverse determination.

 

(c)            Determination
of Entitled. If a determination shall have been made pursuant to Section 9(c) that Indemnitee is entitled to indemnification,
the Corporation shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 10, absent
(i) a misstatement by Indemnitee of a material fact, or omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification or (ii) a prohibition of such indemnification under
applicable law.

 

    	12

    	 

    

 

(d)            Expenses
Incurred in Action to Enforce or Interpret. The Corporation shall also indemnify and hold harmless Indemnitee to the fullest
extent authorized or permitted by law against all Expenses and, in accordance with Section 8, also advance such Expenses
to Indemnitee that are actually and reasonably incurred by Indemnitee in connection with any judicial proceeding brought by Indemnitee
(i) to establish or enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement or any other indemnification,
advancement or contribution agreement or provision of the Certificate, Bylaws or applicable law, or (ii) to recover under any directors’
and officers’ liability insurance policies maintained by the Corporation, in each case regardless of whether Indemnitee ultimately
is determined to be entitled to such indemnification, advancement of expenses, contribution or insurance recovery.

 

(e)            Interest.
Interest shall be paid by the Corporation to Indemnitee at the legal rate under Delaware law for amounts which the Corporation
indemnifies or is obliged to indemnify for the period commencing with the date on which Indemnitee requests indemnification (or
reimbursement or advancement of any Expenses) and ending with the date on which such payment is made to Indemnitee by the Corporation.

 

11.            Indemnification
Hereunder Not Exclusive. The indemnification and advancement of expenses provided by this Agreement shall not be deemed exclusive
of any other rights to which Indemnitee may be entitled under the Certificate, the Bylaws, the DGCL, any D&O Insurance, any
agreement, or otherwise, both as to action in Indemnitee’s official capacity and as to action in another capacity while holding
such office. However, Indemnitee shall reimburse the Corporation for amounts paid to Indemnitee pursuant to such other rights to
the extent such payments duplicate any payments received pursuant to this Agreement.

 

12.            Continuation of
Indemnity. All agreements and obligations of the Corporation contained herein shall continue during the period Indemnitee
is a director, officer, employee or agent of the Corporation (or is or was serving at the request of the Corporation as a director,
officer, employee, controlling person, agent or fiduciary of another corporation, partnership, joint venture, trust, limited liability
company or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding by
reason of the fact that Indemnitee was a member of its Board of Directors or an officer, employee, controlling person, agent or
fiduciary of the Corporation or serving in any other capacity referred to herein.

 

13.            Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Corporation for
some or a portion of Expenses, but not, however, for the total amount thereof, the Corporation shall nevertheless indemnify Indemnitee
for the portion of such Expenses to which Indemnitee is entitled.

 

14.            Indemnification
for Expenses as a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason
of his Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified against
all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

15.            Settlement
of Claims. The Corporation shall not be liable to indemnify Indemnitee under this Agreement for any amounts paid in settlement
of any Proceeding effected without the Corporation’s prior written consent. The Corporation shall not (i) settle any Proceeding
in any manner which would impose any penalty or limitation on Indemnitee or (ii) seek or agree to any judicial or regulatory bar
order or other order, decree or stipulation (pursuant to the Private Securities Litigation Reform Act, any similar foreign, federal
or state statute, regulation, rule or law, or otherwise) that would prohibit Indemnitee from enforcing Indemnitee’s rights
hereunder, in either case without Indemnitee’s prior written consent. Neither the Corporation nor Indemnitee will unreasonably
withhold or delay their consent to any proposed settlement. The Corporation shall not be liable to indemnify Indemnitee under this
Agreement with regard to any judicial award if the Corporation was not given a reasonable and timely opportunity, at its expense,
to participate in the defense of such action.

 

    	13

    	 

    

 

16.            Enforcement.
The Corporation expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on the
Corporation hereby in order to induce Indemnitee to serve as a director, officer, manager, employee, agent or fiduciary of the
Corporation, and acknowledges that Indemnitee is relying upon this Agreement in continuing as a director, officer, manager, employee,
agent or fiduciary.

 

17.            Governing Law; Venue; Binding Effect;
Amendment and Termination.

 

(a)            Governing
Law. This Agreement shall be interpreted and enforced in accordance with the laws of the State of Delaware.

 

(b)            Venue.
The Corporation and Indemnitee each hereby irrevocably consent to the jurisdiction of the state and federal courts located in the
State of Delaware for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement
and agree that any action instituted under this Agreement shall be commenced, prosecuted and continued only in the State of Delaware,
and each party hereto specifically waives the right to seek transfer of any action or proceeding out of the designated forum pursuant
to 28 U.S.C. Sections 1404 and 1406, any state forum non conveniens statute or the common law doctrine of forum non conveniens.

 

(c)            Binding
Effect; Successors and Assigns. This Agreement shall be binding upon the Corporation, its successors and assigns, and shall
inure to the benefit of Indemnitee, Indemnitee’s heirs, personal representatives and assigns and to the benefit of the Corporation,
its successors and assigns. The Corporation shall require and cause any successor (whether direct or indirect, and whether by purchase,
merger, consolidation or otherwise) to all, substantially all, or a substantial part, of the business or assets of the Corporation,
by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement
in the same manner and to the same extent that the Corporation would be required to perform if no such succession had taken effect.

 

(d)            Amendment.
No amendment, modification, termination or cancellation of this Agreement shall be effective unless in writing signed by the Corporation
and Indemnitee.

 

18.            Severability.
If any provision of this Agreement shall be held to be invalid, illegal or unenforceable (a) the validity, legality and enforceability
of the remaining provisions of this Agreement shall not be in any way affected or impaired thereby, and (b) to the fullest
extent authorized or permitted by law, the provisions of this Agreement shall be construed so as to give effect to the intent
manifested by the provision held invalid, illegal or unenforceable. Each section of this Agreement is a separate and independent
portion of this Agreement. If the indemnification to which Indemnitee is entitled with respect to any aspect of any claim varies
between two or more sections of this Agreement, that section providing the most comprehensive indemnification shall apply.

 

19.            Notice.
Notice to the Corporation shall be directed to Royal Gold, Inc., 1660 Wynkoop Street, Suite 1000, Denver, Colorado 80202, Attention:
General Counsel. Notice to Indemnitee shall be directed to the address set forth under Indemnitee’s signature hereto. The
foregoing addresses may be changed from time to time by the addressee upon notice to the other parties. Notice shall be deemed
received three days after the date postmarked if sent by prepaid mail, properly addressed.

 

20.            Counterparts.
This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which,
when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one
and the same Agreement. Delivery of an executed counterpart of this Agreement by telefacsimile shall be equally as effective as
delivery of a manually executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement
by telefacsimile also shall deliver a manually executed counterpart of this Agreement but the failure to deliver a manually executed
counterpart shall not affect the validity, enforceability, and binding effect of this Agreement.

 

    	14

    	 

    

 

21.            No Construction
as Employment Agreement. Nothing contained in this Agreement shall be construed as giving the Indemnitee any right to be retained
in the employ of the Corporation or any of its subsidiaries.

 

22.            Entire Agreement.
 The Prior Agreement is hereby amended and restated in its entirety and shall be of no further force and effect. This Agreement
and the documents expressly referred to herein constitute the entire agreement between the parties hereto with respect to the subject
matter hereof and supersede any prior or contemporaneous written or oral communications, understandings or agreements relating
to such subject matter.

 

23.            Subrogation.
In the event of payment under this Agreement, the Corporation shall be subrogated to the extent of such payment to all of the rights
of recovery of the Indemnitee. Indemnitee agrees to execute all documents and to perform all acts that may be reasonably necessary
to secure such rights and to enable the Corporation effectively to bring suit to enforce such rights.

 

24.            No Duplication
of Payments. The Corporation shall not be liable under this Agreement to make any payment in connection with any claim made
against the Indemnitee to the extent the Indemnitee has otherwise actually received payment from or on behalf of the Corporation
(under any insurance policy, provision of the Certificate or Bylaws or otherwise) of the amounts otherwise payable hereunder.

 

25.            Period of Limitations.
 No legal action shall be brought and no cause of action shall be asserted by or in the right of the Corporation against the
Indemnitee, Indemnitee’s estate, spouse, heirs, executors or personal or legal representatives after the expiration of two
years from the date of accrual of such cause of action, and any claim or cause of action of the Corporation shall be extinguished
and deemed released unless asserted by the timely filing of a legal action within such two year period; provided, however,
that if any shorter period of limitations is otherwise applicable to any such cause of action, such shorter period shall govern.

 

[SIGNATURE PAGE FOLLOWS]

 

    	15

    	 

    

 

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

 

	 	COMPANY:	 
	 	 	 	 
	 	ROYAL GOLD, INC.	 
	 	a Delaware corporation	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	 	INDEMNITEE:
	 	 	 	 
	 	Signature:	 	 
	 	 	 	 
	 	Name:  	 	 
	 	 	 	 
	 	Address:	 	 
	 	 	 	 

 

    	16Ireland Inc. - Exhibit 10.1 - Filed by newsfilecorp.com

TERMINATION AND MUTUAL RELEASE AGREEMENT

THIS AGREEMENT is dated as of the 27th day of
August, 2014. 

AMONG: 

  
    
      
        
          SIERRA MINERAL MANAGEMENT INC., doing business as
            Red Mountain Mining, a Nevada corporation having a mailing address at PO Box
            520, Clarkdale, AZ 86324. 

          ("SMM") 

        

      

    

  

OF THE FIRST PART 

  AND: 

  
    
      
        
          IRELAND INC., a Nevada corporation having a
            business address at 2360 West Horizon Ridge Parkway, Suite 100, Henderson, NV
            89052 

          (“Ireland") 

        

      

    

  

OF THE SECOND PART 

WHEREAS: 

A.          SMM
and Ireland (collectively, the “Parties”) are parties to that Amended and
Restated Option Agreement effective as of July 20, 2011 (the “Option Agreement”)
whereby SMM granted Ireland an option in the Red Mountain Project, as that term
is defined in the Option Agreement; 

B.        
 Pursuant to Subsection 3.1(a) of the Option Agreement, Ireland is required
to make a cash payment of $8,000 to SMM for the month of August, 2014, which has
not been paid (the “August Payment”);

C.         
Pursuant to Subsection 10.2(a) of the Option Agreement, upon termination of the
Option Agreement, Ireland is required to to maintain the mineral claims
comprising the Red Mountain Project in good standing for a period of twelve (12)
months following the date of termination of the Option Agreement (the “Good
Standing Requirement”); and 

D.          The
Parties have mutually agreed to terminate the Option Agreement and SMM has, in
exchange for a one time cash payment of $50,000 (the “Cash Payment”) agreed to
release Ireland from its obligations with respect to the Good Standing
Requirement, effective immediately, and the Parties have negotiated a complete
resolution of any and all disputes, claims or potential claims arising between
them and the subject matter of the Option Agreement on the terms and conditions
set out below. 

NOW, THEREFORE, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, each of the Parties
agrees as follows: 

1.         
TERMINATION 

1.1        SMM and
Ireland agree that, as of the date hereof, the Option Agreement shall be
terminated and be of no further force or effect. 

1.2        SMM hereby
waives the August Payment. 

1.3        Ireland
shall, for a period of 90 days after the date hereof, make available to SMM, at
no cost to SMM, all drill core, copies of all reports, maps, assay results and
other relevant technical data compiled by, prepared at the direction of, or in
the possession of Ireland with respect to the Red Mountain Project and not
previously provided to SMM. 

1

1.4        Ireland
shall have the right, for a period of 180 days after the date hereof, to remove
from the Red Mountain Project all buildings, plant, equipment, machinery, tools,
appliances and supplies which were brought onto the Red Mountain Project by or
on behalf of Ireland.

2.        
 RELEASE AND DISCHARGE 

2.1        In consideration
of the SMM Release (as hereinafter defined), Ireland agrees: 

	 	(a) 	
      to make the Cash Payment to SMM upon execution of this
      Agreement by each of the Parties hereto; and

	 	 	 
	 	(b) 	
      to completely release and forever discharge SMM from any
      and all past, present or future claims, demands, obligations, actions,
      causes of action, rights, damages, costs, loss of services, expenses and
      compensation which Ireland has had, now has, or which may hereafter accrue
      or otherwise be acquired by Ireland against SMM with respect to any matter
      relating to the Option Agreement (the “Ireland
Release”).

2.2        In
consideration of the Ireland Release and the Cash Payment, SMM agrees to
completely release and forever discharge Ireland from any and all past, present
or future claims, demands, obligations, actions, causes of action, rights,
damages, costs, loss of services, expenses and compensation which SMM has had,
now has, or which may hereafter accrue or otherwise be acquired by SMM against
Ireland with respect to any matter relating to the Option Agreement, including
but not limited to, the Good Standing Requirement and the August Payment (the
“SMM Release”). 

2.3        Notwithstanding
the provisions of Section 2.1 and Section 2.2, the Ireland Release and the SMM
Release shall not act as any waiver, release or discharge by the Ireland or SMM
of any claims with respect to or arising out of this Agreement. 

3.        
 ENTIRE AGREEMENT AND SUCCESSORS IN INTEREST 

3.1        This Agreement
contains the entire agreement between the Parties with regard to the matters set
forth herein and shall be binding upon and inure to the benefit of the
executors, administrators, personal representatives, heirs, successors and
assigns of each. 

4.       
  INDEPENDENT LEGAL ADVICE 

4.1        This
Agreement has been prepared by Northwest Law Group acting solely on behalf of
Ireland. SMM acknowledges that he has been advised to obtain independent legal
advice, and that it has had full opportunity to obtain independent legal advice.

5.        
 GOVERNING LAW 

5.1        This Agreement
shall be governed by and construed in accordance with the laws of the State of
Nevada and each party hereto adjourns to the jurisdiction of the courts of the
State of Nevada. 

6.         
ADDITIONAL DOCUMENTS 

6.1        All parties agree
to cooperate fully and execute any and all supplementary documents and to take
all additional actions which may be necessary or appropriate to give full force
and effect to the basic terms and intent of this Agreement. 

7.        
 EFFECTIVENESS 

7.1        This
Agreement shall become effective on execution. 

8.         
MISCELLANEOUS 

8.1        This
Agreement supersedes any prior written or oral agreements or understandings
between the parties relating to the subject matter hereof. 

2

8.2        No modification
or amendment of this Agreement shall be valid unless in writing and signed by or
on behalf of the Parties hereto. 

8.3        A waiver of the
breach of any term or condition of this Agreement shall not be deemed to
constitute a waiver of any subsequent breach of the same or any other term or
condition.

8.4        This Agreement is
intended to be performed in accordance with, and only to the extent permitted
by, all applicable laws, ordinances, rules and regulations. If any provision of
this Agreement, or the application thereof to any person or circumstance, shall,
for any reason and to any extent, be held invalid or unenforceable, such
invalidity and unenforceability shall not affect the remaining provisions hereof
and the application of such provisions to other persons or circumstances, all of
which shall be enforced to the greatest extent permitted by law.

8.5        The headings in
this Agreement are inserted for convenience of reference only and shall not be a
part of or control or affect the meaning of any provision hereof. 

8.6        This Agreement
may be executed in one or more counter-parts, each of which so executed shall
constitute an original and all of which together shall constitute one and the
same agreement. 

IN WITNESS WHEREOF, the parties have executed this
Agreement effective as of the date of this Agreement. 

	SIERRA MINERAL MANAGEMENT INC. 	 
	also doing business as RED MOUNTAIN MINING 	 
	by its authorized signatory: 	 
	  	 
	  	 
	/s/ Randy
      Johnson 	 
	Signature of Authorized Signatory 	 
	  	 
	  	 
	Randy Johnson 	 
	Name of Authorized Signatory 	 
	  	 
	  	 
	Owner 	 
	Position of Authorized Signatory 	 
	  	 
	  	 
	IRELAND INC. 	 
	a Nevada corporation by its 	 
	authorized signatory: 	 
	  	 
	  	 
	/s/ Douglas
      Birnie 	 
	Signature of Authorized Signatory 	 
	  	 
	  	 
	Douglas Birnie 	 
	Name of Authorized Signatory 	 
	  	 
	  	 
	President 	 
	Position of Authorized Signatory 	 

3

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