Document:

ANV-2013.12.31-Exhibit10.2

Exhibit 10.2

FORM OF ALLIED NEVADA GOLD CORP. INDEMNIFICATION AGREEMENT

	
	
	 

AMENDED AND RESTATED
INDEMNIFICATION AGREEMENT
by and between
ALLIED NEVADA GOLD CORP.
and
____________________________

Dated as of __________________
	
	
	 

INDEMNIFICATION AGREEMENT
INDEMNIFICATION AGREEMENT (this “Agreement”), dated as of ________________, by and between Allied Nevada Gold Corp., a Delaware corporation (the “Company”), and _______________, a natural person (“Indemnitee”).
R E C I T A L S
WHEREAS, it is the best interest of the Company to attract and retain high quality individuals to serve as directors, officers or in other capacities by providing them with adequate protection through insurance or adequate indemnification against risks of claims and actions against them arising out of their services to and activities on behalf of the corporation;
WHEREAS, the Board of Directors of the Company (the “Board”) recognizes the limitations on the protection provided by (i) liability insurance and the uncertainties as to the scope and level of such coverage that may be available in the future and (ii) existing indemnification arrangements pursuant to the Company’s restated certificate of incorporation (the “Charter”) and restated bylaws (the “Bylaws”) and the uncertainties as to its availability in any particular situation;
WHEREAS, the Board believes that, in light of the limitations and uncertainties in respect of the protection provided by the Company’s liability insurance and existing indemnification arrangements and the impact these uncertainties may have on the Company’s ability to attract and retain qualified individuals to serve or continue to serve the Company as directors, officers or in other capacities, the Company should act to assure such individuals that there will be increased certainty with respect to such protection in the future;
WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such individuals to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they may not be adequately protected;
WHEREAS, Indemnitee is concerned that the protection provided under the Company’s liability insurance and existing indemnification arrangements may not be adequate and may not be willing to serve or continue to serve the Company as a director, an officer or in any other capacity without greater certainty concerning such protection, and the Company desires Indemnitee to serve or continue to serve the Company as a director, an officer or in another capacity and is willing to provide such greater certainty; and
WHEREAS, this Agreement is a supplement to, and in furtherance of, the Charter and the Bylaws and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.
A G R E E M E N T S
NOW, THEREFORE, in consideration of the premises, covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Company and Indemnitee covenant and agree as follows:
ARTICLE I
DEFINITIONS
    

	
			
	 
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	Form of Allied Nevada Gold Corp. Indemnification Agreement

1.1    For purposes of this Agreement:
(a)The term “agent” shall mean any person who is or was a director, an officer or an employee of the Company or a subsidiary of the Company or any other person authorized by the Company to act for or on behalf of the Company, including any person serving in such capacity as a director, officer, employee, fiduciary or other official of another corporation, partnership, limited liability company, joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the Company or a subsidiary of the Company.
(b)“Agreement” shall have the meaning ascribed to such term in the Preamble.
(c)“Board” shall have the meaning ascribed to such term in the Recitals.
(d)“Bylaws” shall have the meaning ascribed to such term in the Recitals.
(e)“Charter” shall have the meaning ascribed to such term in the Recitals.
(f)“Company” shall have the meaning ascribed to such term in the Preamble.
(g)“Corporate Governance Committee” shall mean the Corporate Governance Committee of the Board.
(h)“Corporate Status” describes the status of a person who is or was a director, officer, trustee, general partner, managing member, fiduciary, employee or agent of the Company or of any other Enterprise which such person is or was serving at the request of the Company.
(i)“D&O Liability Insurance” shall have the meaning ascribed to such term in Section 15.1.
(j)“Delaware Court” shall mean the Court of Chancery of the State of Delaware.
(k)“DGCL” shall mean the General Corporation Law of the State of Delaware.
(l)“Disinterested Director” shall mean a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification or advancement of Expenses is sought by Indemnitee.
(m)“Enterprise” shall mean the Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger to which the Company is a party, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent.
(n)“Expenses” means all costs and expenses (including, without limitation, fees and expenses of counsel, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage and delivery service fees and all other disbursements or expenses) incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding.  For avoidance of doubt, Expenses 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 appeal bond or its equivalent; provided, however, that Expenses shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.
(o)“Indemnification Arrangements” shall have the meaning ascribed to such term in Section 16.3.
(p)“Indemnitee” shall have the meaning ascribed to such term in the Preamble.
(q)“Independent Counsel” shall mean a law firm, or a member of a law firm, that is experienced in matters of corporate law and neither currently is, nor in the three years preceding its selection or appointment hereunder has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (provided, that acting as an Independent Counsel under this Agreement or in a similar capacity with 

	
			
	 
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	Form of Allied Nevada Gold Corp. Indemnification Agreement

respect to any other indemnification arrangements between the Company and its present or former directors or officers shall not be deemed a representation of the Company or Indemnitee) or (ii) any other party to the Proceeding giving rise to a claim for indemnification or advancement of expenses hereunder.  Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.
(r)The term “Person” shall have the meaning ascribed to such term in Sections 13(d) and 14(d) of the Exchange Act as in effect on the date hereof; provided, however, that the term “Person” shall exclude: (i) the Company; (ii) any Subsidiaries of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary of the Company or of any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a Subsidiary of the Company or of a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.
(s)“Proceeding” shall include any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise, and whether of a civil, criminal, administrative or investigative nature (including any appeal therefrom), in which Indemnitee was, is or may be involved as a party or otherwise by reason of the fact of his or her Corporate Status or by reason of any action (or failure to act) taken by him or her or of any action (or failure to act) on his or her part while serving in any Corporate Status (in each case, regardless of whether serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement or advancement of expenses can be provided under this Agreement), or any inquiry or investigation that Indemnitee in good faith believes might lead to the institution of any such action, suit or other proceeding.
(t)References to “serving at the request of the Company” shall include any service as a director, officer, employee, agent or fiduciary of the Company or any other Enterprise which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.
(u)The term “Subsidiary”, with respect to any Person, shall mean any corporation or other entity of which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by such Person.
(v)The phrase “to the fullest extent permitted by law” shall mean (i) to the fullest extent permitted by the DGCL as in effect on the date of this Agreement and (ii) to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its directors and officers.

ARTICLE II
SERVICES BY INDEMNITEE

2.1    Indemnitee agrees to serve or continue to serve in his or her current capacity or capacities as a director, officer, employee, agent or fiduciary of the Company.  Indemnitee may also serve, as the Company may reasonably request from time to time, as a director, officer, employee, agent or fiduciary of any other corporation, partnership, limited liability company, association, joint venture, trust, employee benefit plan 

	
			
	 
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	Form of Allied Nevada Gold Corp. Indemnification Agreement

or other Enterprise in which the Company has an interest.  Indemnitee and the Company each acknowledge that they have entered into this Agreement as a means of inducing Indemnitee to serve or continue to serve the Company in such capacities.  Indemnitee may at any time and for any reason resign from such position or positions (subject to any other contractual obligation or any obligation imposed by operation of law).  The Company shall have no obligation under this Agreement to continue Indemnitee in any such position for any period of time and shall not be precluded by the provisions of this Agreement from removing Indemnitee from any such position at any time.

ARTICLE III
THIRD-PARTY PROCEEDINGS

3.1    The Company shall indemnify and hold Indemnitee harmless in accordance with the provisions of this Section 3.1 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor.  Pursuant to this Section 3.1, Indemnitee shall be indemnified against all Expenses, judgments, liabilities, 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 Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal action or Proceeding, had no reasonable cause to believe that his or her conduct was unlawful.

ARTICLE IV
INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY

4.1    The Company shall indemnify and hold Indemnitee harmless in accordance with the provisions of this Section 4.1 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor.  Pursuant to this Section 4.1, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company.  No indemnification, hold harmless or exoneration for Expenses shall be made under this Section 4.1 in respect of any Proceeding, claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that the Delaware Court (or any court hearing appeals therefrom) shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless or to exoneration.

ARTICLE V
INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL

5.1    Any other provisions of this Agreement notwithstanding, to the extent that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise, in the defense of any Proceeding or any claim, issue or matter therein, the Company shall indemnify and hold Indemnitee harmless against all 

	
			
	 
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	Form of Allied Nevada Gold Corp. Indemnification Agreement

Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith.  If Indemnitee is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in any Proceeding, the Company shall indemnify and hold Indemnitee harmless against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with each successfully resolved claim, issue or matter and any claim, issue or matter related to each such successfully resolved claim, issue or matter.  For purposes of this Section 5.1 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

ARTICLE VI
INDEMNIFICATION FOR EXPENSES OF A WITNESS

6.1    Any other provision of this Agreement notwithstanding, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, he or she shall be indemnified and held harmless against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith.

ARTICLE VII
ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS

7.1    In addition to, and without regard to any limitations on, the indemnification provided for in Sections 3.1, 4.1 or 5.1, the Company shall indemnify and hold Indemnitee harmless if Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, 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 Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding.  The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company shall not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set forth in Articles XII and XIII) to be unlawful.

ARTICLE VIII
CONTRIBUTION IN THE EVENT OF JOINT LIABILITY

8.1    Whether or not the indemnification provided in Sections 3.1, 4.1, 5.1 and 7.1 hereof is available, if, for any reason, Indemnitee shall be required to pay, in connection with any Proceeding in which the Company is jointly liable with Indemnitee, all or any portion of any judgments, liabilities, fines, penalties, amounts to be paid in settlement and/or for Expenses, the Company shall contribute to the amount actually and reasonably incurred and paid or payable by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses in proportion to the relative benefits received by the Company and all agents of the Company, other than Indemnitee, who are jointly liable with Indemnitee, on the one hand, and Indemnitee, on the other hand, from the transaction or transactions 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 Company and all agents of the Company other than Indemnitee who are jointly liable with Indemnitee, on the one hand, and Indemnitee, on the other hand, in connection with the events that resulted in such judgments, liabilities, fines, 

	
			
	 
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	Form of Allied Nevada Gold Corp. Indemnification Agreement

penalties, amounts paid or to be paid in settlement and/or for Expenses, as well as any other equitable considerations which applicable law may require to be considered.  The relative fault of the Company and all agents of the Company, other than Indemnitee, who are jointly liable with Indemnitee, 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.  The Company shall not enter into any settlement in respect of any Proceeding in which the Company is jointly liable with Indemnitee unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

8.2    The Company shall indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by agents of the Company, other than Indemnitee, who may be jointly liable with Indemnitee in respect of any Proceeding.

8.3    To the fullest extent permissible under applicable law, if the indemnification and hold harmless rights provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying and holding Indemnitee harmless, shall contribute to the amount incurred by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding, claim, matter or issue relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its agents, other than Indemnitee) and Indemnitee in connection with such event(s) and/or transaction(s).

ARTICLE IX
EXCLUSIONS

9.1    Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification, contribution, hold harmless or exoneration payment in connection with any claim made against Indemnitee:
(a)for which payment has actually been received by or on behalf of Indemnitee under any insurance policy, contract, agreement, indemnity provision or otherwise, except with respect to any excess beyond the amount actually received under such insurance policy, contract, agreement or indemnity provision or otherwise;
(b)for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law; or
(c)except as otherwise provided in Section 14.5 hereof, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of such Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized such Proceeding (or any part of such Proceeding) prior to its initiation or (ii) the Company provides the indemnification, hold harmless or exoneration payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

ARTICLE X

	
			
	 
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	Form of Allied Nevada Gold Corp. Indemnification Agreement

ADVANCES OF EXPENSES; DEFENSE OF CLAIMS

10.1    Notwithstanding any provision of this Agreement to the contrary, and to the fullest extent permitted by applicable law, the Company shall advance any Expenses incurred by Indemnitee or on his or her behalf in connection with a Proceeding within thirty (30) days after receipt by the Company of a written statement requesting such advance, which statement may be delivered to the Company at such time and from time to time as Indemnitee deems appropriate in his or her sole discretion (whether prior to or after final disposition of any such Proceeding).  Advances shall be made without regard to Indemnitee’s ability to repay such amounts and without regard to Indemnitee’s ultimate entitlement to be indemnified, held harmless or exonerated under this Agreement or otherwise.  Any such advances shall be made on an unsecured basis and be interest free.  Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to enforce the right of advancement provided herein, including Expenses incurred preparing and forwarding a statement or statements to the Company to support the advances requested.  Indemnitee shall qualify for advances, to the fullest extent permitted by applicable law, solely upon the execution and delivery to the Company of an undertaking providing that Indemnitee shall repay any and all advances to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company under either of the provisions of this Agreement, the Charter, the Bylaws, applicable law or otherwise.  This Section 10.1 shall not apply to any claim made by Indemnitee for which an indemnification, hold harmless or exoneration payment is excluded pursuant to Section 9.1.

10.2    Indemnitee shall reimburse the Company for all amounts advanced by the Company pursuant to Section 10.1 if it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company for such Expenses.  Notwithstanding the foregoing, if Indemnitee seeks a judicial adjudication pursuant to Section 14.1, Indemnitee shall not be required to reimburse the Company pursuant to this Section 10.2 until a final determination (as to which all rights of appeal have been exhausted or lapsed) has been made.

10.3    The Company shall be entitled to participate in any Proceeding at its own expense.  Neither party shall settle a Proceeding (in whole or in part) which would impose any Expense, liability or limitation on the other party hereto without such party’s prior written consent, which consent shall not be unreasonably withheld.

ARTICLE XI
PROCEDURE FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION

11.1    Indemnitee shall notify the Company in writing as soon as reasonably practicable (a) after being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or (b) if the Company has not been previously notified, after receipt of written notice of any other matter with respect to which Indemnitee intends to seek indemnification under Sections 3.1, 4.1 or 6.1 or advancement of expenses under Section 10.1.  The omission by Indemnitee to so notify the Company shall not relieve the Company from any liability which it may have to Indemnitee (i) under this Agreement except and only to the extent the Company can establish that such omission to notify resulted in actual material prejudice to the Company or (ii) otherwise than under this Agreement.

11.2    Indemnitee may thereafter deliver to the Company a written request for indemnification pursuant to this Agreement at such time and from time to time as Indemnitee deems appropriate in his or her sole discretion, which request shall also be deemed a request for advancement of expenses under Section 10.1.  Following such a written request, Indemnitee’s entitlement to indemnification shall be determined according to Section 12.1.

	
			
	 
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	Form of Allied Nevada Gold Corp. Indemnification Agreement

ARTICLE XII
PROCEDURE UPON APPLICATION FOR INDEMNIFICATION

12.1    (a)  Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 11.2 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 methods:
(i)if Indemnitee is not a member of the Corporate Governance Committee and the members of such committee are all Disinterested Directors, then the Corporate Governance Committee shall promptly consider the request for indemnification and make a recommendation to the Board action in respect of such request for indemnification (which may include granting such request, denying it or any other action such committee deems to be appropriate and in the best interests of the Company);
(ii)If Indemnitee is a member of the Corporate Governance Committee, then if there are at least three members of the Board who are Disinterested Directors, such Disinterested Directors will appoint a Board committee amongst themselves, which committee may, but shall not be required to, include all Disinterested Directors, solely for the purpose of considering the request for indemnification by Indemnitee and shall promptly consider the request for indemnification and make the determination on behalf of the Board and take such action in respect thereof (which may include granting such request, denying it or any other action such committee deems to be appropriate and in the best interests of the Company);
(iii)If there are less than three Disinterested Directors, then such determination with respect to Indemnitee’s request for indemnification shall be made by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee.
(b)  The Company shall promptly advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied.  If it is determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten business days after such determination.  Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, which cooperation shall include providing to such person, persons or entity, upon such person’s, persons’ or entity’s reasonable advance request, any documentation or information which is (i) reasonably available to Indemnitee and reasonably necessary to such determination and (ii) not privileged or otherwise protected from disclosure.  Any costs or Expenses (including reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (regardless of what the outcome of the determination as to Indemnitee’s entitlement to indemnification is) and the Company shall indemnify and hold Indemnitee harmless therefrom.
12.2    If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12.1(a)(iii) hereof, the Independent Counsel shall be selected by the Corporate Governance Committee or, if all members thereof are not Disinterested Directors, by an affirmative vote of a majority of the Board.  The Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected.  Indemnitee may, within ten (10) days of its receipt of such written notice of selection, deliver to the Company a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 1.1(t), and the objection shall set forth with particularity the factual basis of such assertion.  Absent a proper and timely objection, the person so selected 

	
			
	 
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	Form of Allied Nevada Gold Corp. Indemnification Agreement

shall act as Independent Counsel.  If a written objection is made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit.  If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 11.2 hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Delaware Court for resolution of any objection which shall have been made by Indemnitee to the Company’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the Delaware Court or by such other person as the Delaware Court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 12.1 hereof.  Upon the due commencement of any judicial proceeding pursuant to Section 14.1, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

12.3    The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 12.1 hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures of Section 12.2, regardless of the manner in which such Independent Counsel was selected or appointed.

ARTICLE XIII
PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS

13.1    In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 11.2 of this Agreement, and the Company shall have the burdens of coming forward with evidence and of persuasion to overcome that presumption.  Neither the failure of the Company to have made a determination prior to the commencement of any action pursuant to this Agreement as to whether indemnification is proper under the circumstances nor an actual determination made pursuant to Section 12.1 hereof that Indemnitee has not met the applicable standard of conduct shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

13.2    If the person, persons or entity empowered or selected under Section 12.1 to determine whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an 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; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time to obtain and evaluate documentation and/or information relating thereto.

13.3    The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

	
			
	 
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	Form of Allied Nevada Gold Corp. Indemnification Agreement

13.4    Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected by the Enterprise.  The provisions of this Section 13.4 shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.  In addition, the knowledge and/or actions, or failure to act, of any other director, other officer, trustee, partner, managing member, fiduciary, agent or employee of the Enterprise 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 13.4 are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company.  Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

ARTICLE XIV
REMEDIES OF INDEMNITEE

14.1    In the event that (i) a determination is made pursuant to Section 12.1 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law, is not timely made pursuant to Section 10.1 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 12.1 of this Agreement within sixty (60) days after receipt by the Company of the request for indemnification (subject to any extension as provided in Section 13.2), (iv) payment of indemnification is not made pursuant to this Agreement within ten (10) business days after receipt by the Company of a written request therefor, (v) a contribution payment is not made in a timely manner pursuant to Article VIII of this Agreement, (vi) payment of indemnification pursuant to this Agreement is not made within ten (10) business days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section 13.2, or (vii) payment to Indemnitee pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made within ten (10) business days after receipt by the Company of a written request therefor, Indemnitee shall be entitled to an adjudication by the Delaware Court to such indemnification, hold harmless, exoneration, contribution or advancement rights.

14.2    In the event that a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this Article XIV shall be conducted in all respects as a de novo trial on the merits and Indemnitee shall not be prejudiced by reason of the adverse determination under Section 12.1.  In any judicial proceeding commenced pursuant to this Article XIV, Indemnitee shall be presumed to be entitled to be indemnified, held harmless, exonerated and to receive advances of Expenses under this Agreement and the Company shall have the burden of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated and to receive advances of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 12.1 of this Agreement adverse to Indemnitee for any purpose.

14.3    If a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Article XIV, absent (i) a misstatement by Indemnitee of a material fact, or an 

	
			
	 
	10
	Form of Allied Nevada Gold Corp. Indemnification Agreement

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.

14.4    The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Article XIV that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the provisions of this Agreement.

14.5    Unless and until a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee is not entitled to indemnification, the Company shall indemnify and hold Indemnitee harmless to the fullest extent permitted by law against all Expenses and, if requested by Indemnitee, shall (within ten (10) business days after the Company’s receipt of such written request) advance to Indemnitee, to the fullest extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial proceeding brought by Indemnitee (i) to enforce his or her rights under, or to recover damages for breach of, this Agreement or any other indemnification, hold harmless, exoneration, advancement or contribution arrangement or provision of the Charter or the Bylaws now or hereafter in effect; or (ii) for recovery or advances under any insurance policy maintained by any person for the benefit of Indemnitee, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advance, contribution or insurance recovery, as the case may be.

ARTICLE XV
DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE

15.1    The Company shall use commercially reasonable efforts to obtain and maintain a policy or policies of insurance (the “D&O Liability Insurance”) at commercially reasonable rates with reputable insurance companies providing liability insurance for directors and officers of the Company in their capacities as such (and for any capacity in which any director or officer of the Company serves any other Enterprise at the request of the Company), in respect of acts or omissions occurring while serving in such capacity.

15.2    To the extent D&O Liability Insurance is obtained and maintained by the Company, Indemnitee shall be covered by the Company’s D&O Liability Insurance policy or policies as in effect from time to time in accordance with the applicable terms to the maximum extent of the coverage available under such policy or policies.  The Company shall, promptly after receiving notice of a Proceeding as to which Indemnitee is a party or a participant (as a witness or otherwise), give notice of such Proceeding to the insurers under the Company’s D&O Liability Insurance policies in accordance with the procedures set forth in the respective policies.  The Company shall thereafter take all necessary or desirable actions to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.  The failure or refusal of any such insurer to pay any such amount shall not affect or impair the obligations of the Company under this Agreement.

15.3    Upon request by Indemnitee, the Company shall provide to Indemnitee copies of the D&O Liability Insurance policies as in effect from time to time.  The Company shall promptly notify Indemnitee of any material changes in such insurance coverage.

ARTICLE XVI
NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION

	
			
	 
	11
	Form of Allied Nevada Gold Corp. Indemnification Agreement

16.1    The rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Charter, the Bylaws, any agreement, a vote of stockholders, a resolution of directors or otherwise.  No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal.  To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would be afforded currently under the Charter, the Bylaws or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.  No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

16.2    The Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of expenses, and/or insurance provided by one or more third parties (collectively, the “Third-Party Indemnitors”). The Company hereby agrees and acknowledges (i) the Company is the indemnitor of first resort (i.e., the Company’s obligations to Indemnitee hereunder are primary and any obligation of any Third-Party Indemnitor to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) the Company shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement, Charter, Bylaws (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against any Third-Party Indemnitor, and (iii) the Company irrevocably waives, relinquishes and releases all Third-Party Indemnitors from any and all claims against any such Third-Party Indemnitor for contribution, subrogation or any other recovery of any kind in respect thereof.  Notwithstanding the foregoing, in the event that Indemnitee shall have received an advancement of expenses from or payment by any Third-Party Indemnitor on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company, then such Third-Party Indemnitor shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. To the extent that advances or payments are actually made by a Third-Party Indemnitor to or on behalf of Indemnitee with respect to any claim, the Company and Indemnitee agree that the Third-Party Indemnitor that or who made such advance or payment is an express third party beneficiary of the terms of this Section 16.2. Except as provided in this Section 16.2, the Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement, or otherwise from a Third-Party Indemnitor. 

16.3    The DGCL permits the Company to purchase and maintain insurance or furnish similar protection or make other arrangements including, but not limited to, providing a letter of credit or surety bond (“Indemnification Arrangements”) on behalf of Indemnitee against any liability asserted against him or her or incurred by or on his or her behalf or in such capacity as a director, officer, employee or agent of the Company, or arising out of his or her status as such, whether or not the Company would have the power to indemnify him against such liability under the provisions of this Agreement or under the DGCL, as it may then be in effect.  The purchase, establishment, and maintenance of any such Indemnification Arrangement shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the 

	
			
	 
	12
	Form of Allied Nevada Gold Corp. Indemnification Agreement

Company and Indemnitee shall not in any way limit or affect the rights and obligations of the Company or the other party or parties thereto under any such Indemnification Arrangement.

16.4    In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

16.5    The Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration payments or advancement of expenses from such Enterprise.

ARTICLE XVII
DURATION OF AGREEMENT

17.1    All agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or officer of the Company or as a director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Article XIV of this Agreement) by reason of his or her Corporate Status, whether or not he or she is acting in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement.

ARTICLE XVIII
SEVERABILITY

18.1    If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

ARTICLE XIX
ENFORCEMENT AND BINDING EFFECT

19.1    The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve or to continue to serve as a director, 

	
			
	 
	13
	Form of Allied Nevada Gold Corp. Indemnification Agreement

officer or key employee of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company.

19.2    Without limiting any of the rights of Indemnitee under the Charter or Bylaws of the Company, as they may be amended from time to time, this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

19.3    The indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or of any other Enterprise at the Company’s request, and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

19.4    The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, 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 Company would be required to perform if no such succession had taken place.

19.5    The Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm.  Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which he may be entitled.  The Company and Indemnitee further agree that Indemnitee shall be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith.  The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by the Court, and the Company hereby waives any such requirement of such a bond or undertaking.

ARTICLE XX
MODIFICATION AND WAIVER

20.1    No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the parties hereto.  No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.

ARTICLE XXI
NOTICES

21.1    All notices, requests, demands and other communications hereunder shall be in writing and shall be delivered (i) in person, (ii) by Federal Express or other nationally recognized overnight carrier service which 

	
			
	 
	14
	Form of Allied Nevada Gold Corp. Indemnification Agreement

issues confirmation of delivery or (iii) by certified or registered mail with postage prepaid.  Any such notice shall be deemed to be duly given (i) when delivered, if delivered personally or by Federal Express or other nationally recognized overnight carrier service or (ii) on the third (3rd) business day after the date on which such notice is mailed by certified or registered mail with postage prepaid:

(a)if to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide in writing to the Company in accordance with the terms hereof.

(b)if to the Company, to:
        
Allied Nevada Gold Corp.
9790 Gateway Drive
Suite 200
Reno, Nevada 89521
Attention: President and CEO
or to any other address as may have been furnished to Indemnitee in writing by the Company.
ARTICLE XXII
APPLICABLE LAW AND CONSENT TO JURISDICTION

22.1    This Agreement and the legal relations among the parties hereto shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules.  The Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court and not in any other state or federal court in the United States of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement; (c) appoint irrevocably, to the extent such party is not a resident of the State of Delaware, CT Corporation, as its agent in the State of Delaware or any other such agent as designated by the Company and reasonably acceptable to Indemnitee as such party’s agent for acceptance of legal process in connection with any such action or proceeding against such party with the same legal force and validity as if served upon such party personally within the State of Delaware; (d) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court; and (e) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum, or is subject (in whole or in part) to a jury trial.

ARTICLE XXIII
IDENTICAL COUNTERPARTS

23.1    This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement.  Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

ARTICLE XXIV

	
			
	 
	15
	Form of Allied Nevada Gold Corp. Indemnification Agreement

MISCELLANEOUS
24.1    Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate.  The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

24.2    The Indemnitee understands and agrees that a copy or a form of this Agreement may be filed with securities regulators or other regulatory authorities and be made public in accordance with applicable laws.

[Remainder of Page Intentionally Left Blank - Signature Page Follows]

	
			
	 
	16
	Form of Allied Nevada Gold Corp. Indemnification Agreement

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the parties hereto on the date and year first above written.
        
	
			
	ALLIED NEVADA GOLD CORP.

	 
	 
	 

	By:
	 
	 

	Name:
	 
	 

	Title:
	 
	 

	 
	 
	 

	INDEMNITEE

	 
	 
	 

	By:
	 
	 

	Name:
	 
	 

	Title:
	 
	 

	Address:
	 
	 

[SIGNATURE PAGE TO INDEMNIFICATION AGREEMENT]

	
			
	 
	17
	Form of Allied Nevada Gold Corp. Indemnification AgreementANV-2013.12.31-Exhibit10.5

Exhibit 10.5 
ALLIED NEVADA GOLD CORP. 
RESTRICTED SHARE PLAN 
July 3, 2007 
(as amended as of December 14, 2013) 
ARTICLE ONE 
DEFINITIONS AND INTERPRETATION 
Section 1.01 Definitions: For purposes of the Restricted Share Plan, unless such word or term is otherwise defined herein or the context in which such word or term is used herein otherwise requires, the following words and terms with the initial letter or letters thereof capitalized shall have the following meanings: 
	
			
	 
	(a)
	“Act” means the General Corporation Law of the State of Delaware or its successor, as amended from time to time; 

	
			
	 
	(b)
	“Associate” where used to indicate a relationship with any person or company means: (i) any company of which such person or company beneficially owns, directly or indirectly, voting securities carrying more than 10 per cent of the voting rights attached to all voting securities of the company for the time being outstanding; (ii) any partner of that person or company; (iii) any trust or estate in which such person or company has a substantial beneficial interest or as to which such person or company serves as trustee or in a similar capacity; (iv) any relative of that person who resides in the same home as that person; (v) any person who resides in the same home as that person and to whom that person is married, or any person of the opposite sex or the same sex who resides in the same home as that person and with whom that person is living in a conjugal relationship outside marriage; or (vi) any relative of a person mentioned in clause (v) who has the same home as that person; 

	
			
	 
	(c)
	“Change of Control”(1) shall mean the occurrence of any of the following events, each of which shall be determined independently of the others: 

	
				
	 
	 
	(i)
	any “Person” (as defined herein) becomes a “beneficial owner” (as such term is used in Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of at least 30% of the stock of the Corporation entitled to vote in the election of directors of the Corporation. For purposes of this definition, the term “Person” is used as such term is used Sections 13(d) and 14(d) of the Exchange Act; 

	
				
	 
	 
	(ii)
	the individuals who are “Continuing Directors” (as hereinafter defined) of the Corporation cease to constitute a majority of the members of the Board of Directors. For purposes of this definition, “Continuing Directors” shall mean the members of the Board of Directors on the date this Plan is adopted, provided that any person becoming a member of the Board of Directors subsequent to such date whose election or nomination for election was supported by at least a majority of the directors who then comprised the Continuing Directors shall be considered to be a Continuing Director;

	
				
	 
	 
	(iii)
	the stockholders of the Corporation adopt and consummate a plan of complete or substantial liquidation or an agreement providing for the distribution of all or substantially all of the assets of the Corporation;

	
				
	 
	 
	(iv)
	the Corporation is a party to a merger, consolidation, amalgamation, plan of arrangement or other form of business combination or a sale of all or substantially all of its assets, with an unaffiliated third party, unless the business of the Corporation following consummation of such merger, consolidation, amalgamation, plan of arrangement or other business combination is continued following any such transaction by a resulting entity (which may be, but need not be, the Corporation) and the stockholders of the Corporation immediately prior to such transaction hold, directly or indirectly, at least 30% of the voting power of the resulting entity; provided, however, that a merger, consolidation, amalgamation, plan of arrangement or other business combination effected to implement a recapitalization of the Corporation (or similar transaction) shall not constitute a Change of Control; or 

	
				
	 
	 
	(v)
	there is a change in control of the Corporation of a nature that is reported in response to item 5.01 of Current Report on Form 8-K or any similar item, schedule or form under the Exchange Act, as in effect at the time of the change, whether or not the Corporation is then subject to such reporting requirements;

	
		
	(1) 
	As amended by resolution of the Board of Directors on December 14, 2013.

	
			
	 
	(d)
	“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time; 

	
			
	 
	(e)
	“Committee”2 means the Compensation Committee consisting of two or more members of the Directors of the Corporation each of whom shall meet the requirements for (i) a “non-employee director” within the meaning of Rule 16b-3 under the Exchange Act, (ii) an “outside director” within the meaning of Section 162(m) of the Code, and (iii) an “independent director” under the NYSE MKT LLC and other applicable listing rules and any other required independence standards; 

	
			
	 
	(f)
	“Common Shares” means the common shares of the Corporation, as adjusted in accordance with the provisions of Article Five of the Restricted Share Plan; 

	
			
	 
	(g)
	“Corporation” means Allied Nevada Gold Corp., a corporation incorporated under the Act; 

	
			
	 
	(h)
	“Covered Employee” shall mean an employee of the Corporation or its subsidiaries who is a “covered employee” within the meaning of Section 162(m) of the Code; 

	
			
	 
	(i)
	“Deferred Payment Date” means the date for a Participant under the Restricted Share Plan after the Restricted Period and not later than the Participant’s Retirement Date which the Participant has elected to defer receipt of Restricted Shares; 

	
			
	 
	(j)
	“Designated Affiliate” means the affiliates of the Corporation designated by the Committee for purposes of the Restricted Share Plan from time to time; 

	
			
	 
	(k)
	“Directors” means the board of directors of the Corporation from time to time; 

	
			
	 
	(l)
	“Eligible Contractors” means individuals, other than Eligible Directors or Eligible Employees that (i) are engaged to provide on a bona fide basis consulting, technical, management or other services to the Corporation or any Designated Affiliates under a written contract between the Corporation or the Designated Affiliate and the individual or a company which the individual consultant is an employee and (ii) in the reasonable opinion of the Corporation, spend or will spend a significant amount of time and attention on the affairs and business of the Corporation or a Designated Affiliate; 

	
			
	 
	(m)
	“Eligible Directors” means the Directors and the directors of any Designated Affiliate of the Corporation from time to time; 

	
			
	 
	(n)
	“Eligible Employees” means employees, including officers, whether Directors or not, and including both full-time and part-time employees, of the Corporation or any Designated Affiliate of the Corporation; 

	
			
	 
	(o)
	“Insider” shall have the meaning ascribed thereto in the Securities Act (Ontario) other than a person who is an Insider solely by virtue of being a director or senior officer of a subsidiary of the Corporation and any Associate of an Insider; 

	
			
	 
	(p)
	“Participant” for the Restricted Share Plan means each Eligible Director, Eligible Contractor, and Eligible Employee to whom Restricted Share Rights are granted; 

	
			
	 
	(q)
	“Restricted Period” means any period of time that a Restricted Share Right is not exercisable and the Participant holding such Restricted Share Right remains ineligible to receive Restricted Shares, determined by the Committee in its absolute discretion based on (i) continued service with the Corporation for a specified period of time, (ii) the achievement of one or more performance goals within a performance period as established by the Committee (“Performance Goals”), or (iii) both continued service and the achievement of Performance Goals, upon grant of the Restricted Share Rights and as stated in the Restricted Share Right Grant Letter evidencing such Restricted Share Rights. 

	
			
	 
	(r)
	“Restricted Shares” means the Common Shares issuable upon the exercise of Restricted Share Rights; 

	
			
	 
	(s)
	“Restricted Share Plan” or the “Plan” means the restricted share plan described in Article Three hereof; 

	
			
	 
	(t)
	“Restricted Share Rights” has such meaning as ascribed to such term at Section 3.02 of this Restricted Share Plan; 

	
		
	(2) 
	As amended by resolution of the Board of Directors on December 14, 2013.

	
			
	 
	2
	Allied Nevada Gold Corp. Restricted Share Plan, as amended

	
			
	 
	(u)
	“Retirement” in respect of a Participant means the Participant ceasing to be an Eligible Employee, Eligible Director or Eligible Contractor after attaining a stipulated age in accordance with the Corporation’s normal retirement policy or earlier with the Corporation’s consent; 

	
			
	 
	(v)
	“Retirement Date” means the date that a Participant ceases to be an Eligible Employee, Eligible Director or Eligible Contractor; 

	
			
	 
	(w)
	“Stock Exchange”3 means, the Toronto Stock Exchange and the NYSE MKT LLC; and 

	
			
	 
	(x)
	“Termination” means: (i) in the case of an Eligible Employee, the termination of the employment of the Eligible Employee with or without cause by the Corporation or a Designated Affiliate or cessation of employment of the Eligible Employee with the Corporation or a Designated Affiliate as a result of resignation or otherwise other than the Retirement of the Eligible Employee; (ii) in the case of an Eligible Director, the removal of or failure to re-elect the Eligible Director as a director of the Corporation or a Designated Affiliate; (iii) in the case of an Eligible Contractor, the termination of the services of the Eligible Contractor by the Corporation or a Designated Affiliate. 

Section 1.02 Securities Definitions: In the Restricted Share Plan, the terms “affiliate”, “subsidiary” and “insider” shall have the meanings given to such terms in the Securities Act (Ontario). 
Section 1.03 Headings: The headings of all articles, Sections, and paragraphs in the Restricted Share Plan are inserted for convenience of reference only and shall not affect the construction or interpretation of the Restricted Share Plan. 
Section 1.04 Context, Construction: Whenever the singular or masculine are used in the Restricted Share Plan, the same shall be construed as being the plural or feminine or neuter or vice versa where the context so requires. 
Section 1.05 References to this Restricted Share Plan: The words “hereto”, “herein”, “hereby”, “hereunder”, “hereof” and similar expressions mean or refer to the Restricted Share Plan as a whole and not to any particular article, Section, paragraph or other part hereof. 
Section 1.06 Canadian Funds: Unless otherwise specifically provided, all references to dollar amounts in the Restricted Share Plan are references to lawful money of Canada. 
ARTICLE TWO 
PURPOSE AND ADMINISTRATION OF THE RESTRICTED SHARE PLAN 
Section 2.01 Purpose of the Restricted Share Plan: The Restricted Share Plan provides for the acquisition of Common Shares by Participants for the purpose of advancing the interests of the Corporation through the motivation, attraction and retention of employees, directors and consultants of the Corporation and the Designated Affiliates of the Corporation and to secure for the Corporation and the shareholders of the Corporation the benefits inherent in the ownership of Common Shares by key employees, consultants and directors of the Corporation and Designated Affiliates of the Corporation, it being generally recognized that restricted share plans aid in attracting, retaining and encouraging employees, consultants and directors due to the opportunity offered to them to acquire a proprietary interest in the Corporation. 
Section 2.02 Administration of the Restricted Share Plan: The Restricted Share Plan shall be administered by the Committee and the Committee shall have full authority to administer the Restricted Share Plan including the authority to interpret and construe any provision of the Restricted Share Plan and to adopt, amend and rescind such rules and regulations for administering the Restricted Share Plan as the Committee may deem necessary in order to comply with the requirements of the Restricted Share Plan. All actions taken and all interpretations and determinations made by the Committee in good faith shall be final and conclusive and shall be binding on the Participants and the Corporation. No member of the Committee shall be personally liable for any action taken or determination or interpretation made in good faith in connection with the Restricted Share 
Plan and all members of the Committee shall, in addition to their rights as Directors, be fully protected, indemnified and held harmless by the Corporation with respect to any such action taken or determination or interpretation made. The appropriate officers of the Corporation are hereby authorized and empowered to do all things and execute and deliver all instruments, undertakings and applications and writings as they, in their absolute discretion, consider necessary for the implementation of the Restricted Share Plan and of the rules and regulations established for administering the Restricted Share Plan. All costs incurred in connection with the Restricted Share Plan shall be for the account of the Corporation. 
Section 2.03 Delegation to Committee: The decisions of the Committee shall be binding and conclusive for all purposes and upon all persons unless and except to the extent that the Directors shall have previously directed that all or specified types of decisions of the Committee shall be subject to approval by the Directors. 
Section 2.04 Record Keeping: The Corporation shall maintain a register in which shall be recorded: 
	
		
	(3) 
	As amended by resolution of the Board of Directors on December 14, 2013.

	
			
	 
	3
	Allied Nevada Gold Corp. Restricted Share Plan, as amended

	
			
	 
	(a)
	the name and address of each Participant in the Restricted Share Plan; 

	
			
	 
	(b)
	the number of Restricted Share Rights granted to each Participant under the Restricted Share Plan; and 

	
			
	 
	(c)
	the number of Restricted Shares issued to each Participant under the Restricted Share Plan. 

Section 2.05 Determination of Participants and Participation: The Committee shall from time to time determine the Participants who may participate in the Restricted Share Plan. The Committee shall from time to time determine the Participants to whom Restricted Share Rights shall be granted and the provisions and restrictions with respect to such grant(s), all such determinations to be made in accordance with the terms and conditions of the Restricted Share Plan, and the Committee may take into consideration the present and potential contributions of and the services rendered by the particular Participant to the success of the Corporation and any other factors which the Committee deems appropriate and relevant. 
Section 2.06 Maximum Number of Shares: The maximum number of Common Shares made available for the Restricted Share Plan is 6,900,000. Such number shall be reduced by (i) the number of Common Shares subject to Restricted Share Rights granted and outstanding under this Restricted Share Plan, (ii) the number of Common Shares subject to options granted and outstanding under the Corporation’s 2007 Stock Option Plan, (iii) the number of Restricted Shares issued from time to time pursuant to the settlement of awards granted under this Restricted Share Plan, and (iv) the number of Common Shares issued from time to time pursuant to the exercise of options under the 2007 Stock Option Plan, which shall be allocated as follows: 
	
			
	 
	(a)
	Restricted Share Plan: The maximum number of Common Shares made available for the Restricted Share Plan shall be determined from time to time by the Committee, but in any case, shall not exceed 6,900,000 Common Shares in the aggregate and shall be reduced as set forth in (i)-(iv) of the preceding paragraph of Section 2.06. 

	
			
	 
	(b)
	The aggregate number of Common Shares issuable to Insiders pursuant to Restricted Share Rights and all other security-based compensation arrangements, at any time, shall not exceed 10% of the total number of Common Shares then outstanding. The aggregate number of Common Shares issued to Insiders pursuant to Restricted Share Rights and all other security-based compensation arrangements, within a one year period, shall not exceed 10% of the total number of Common Shares then outstanding. Subject to Section 4.07, the aggregate number of Common Shares issuable to any one Insider and such Insider’s Associates pursuant to Restricted Share Rights, within a one-year period, shall not exceed 5% of the total number of Common Shares then outstanding and the aggregate number of Common Shares reserved for issuance to any one person upon the exercise of Restricted Share Rights shall not exceed 5% of the total number of Common Shares then outstanding. For purposes of this Section 2.06, the number of Common Shares then outstanding shall mean the number of Common Shares outstanding on a non-diluted basis immediately prior to the proposed grant of the applicable Restricted Share Right. 

If any Option (as defined in the 2007 Stock Option Plan) shall terminate or expire unexercised or any Restricted Share Right shall terminate or expire without delivery of any Restricted Shares, then that number of 
Common Shares that were previously issuable pursuant to any such expired or terminated Option or Restricted Share Right shall, to the extent of any such forfeiture or termination, again be available for the grant of Options or Restricted Share Rights under this Restricted Share Plan or the 2007 Stock Option Plan. 

ARTICLE THREE 
RESTRICTED SHARE PLAN 
Section 3.01 Restricted Share Plan: A Restricted Share Plan is hereby established for Eligible Employees, Eligible Directors and Eligible Contractors. 
Section 3.02 Participants: The Committee shall have the right to grant, in its sole and absolute discretion, to any Participant rights to acquire any number of fully paid and non-assessable Common Shares (“Restricted Share Rights”) as a discretionary payment in consideration of past or future services to the Corporation, subject to this Restricted Share Plan and with such provisions and restrictions as the Committee may determine. Each Restricted Share Right entitles the holder thereof to one Common Share of the Corporation, to be issued automatically and without payment of additional consideration, at the end of the Restricted Period as set forth and pursuant to the conditions outlined in the Restricted Share Right Grant Letter, or, if applicable, in the case of Canadian residents, at a later Deferred Payment Date, if any, without any further action on the part of the holder of the Restricted Share Right in accordance with this Article Three. 
Section 3.03 Restricted Share Right Grant Letter: Each grant of a Restricted Share Right under the Restricted Share Plan (an “Award”) shall be evidenced by a Restricted Share Right Grant Letter to the Participant from the Corporation. Such 

	
			
	 
	4
	Allied Nevada Gold Corp. Restricted Share Plan, as amended

Restricted Share Right Grant Letter shall be subject to all applicable terms and conditions of the Restricted Share Plan and may be subject to any other terms and conditions which are not inconsistent with the Restricted Share Plan and which the Committee deems appropriate for inclusion in a Restricted Share Right Grant Letter. The provisions of the various Restricted Share Grant Letter issued under the Restricted Share Plan need not be identical. 
Section 3.04 Restricted Period: Upon the grant of Restricted Share Rights to a Participant, the Committee shall determine the Restricted Period applicable to such Restricted Share Rights. 
Section 3.05 Deferred Payment Date: Subject to section 3.06, Participants may elect to defer the receipt of all or any part of their entitlement to Restricted Shares until a Deferred Payment Date. 
Section 3.06 Prior Notice of Deferred Payment Date: Participants who are Canadian residents, may elect to set a Deferred Payment Date. To do so they must give the Corporation written notice of the Deferred Payment Date not later than sixty (60) days prior to the expiration of the Restricted Period. For certainty, Participants shall not be permitted to give any such notice or change any such notice after the day which is sixty (60) days prior to the expiration of the Restricted Period. Participants residing in the United States will not be able to make an election of deferral, unless otherwise permitted by the Committee with the advice of counsel. 
Section 3.07 Retirement or Termination during Restricted Period: In the event of the Retirement or Termination of a Participant during the Restricted Period, any Restricted Share Rights held by the Participant shall immediately terminate and be of no further force or effect, provided that the Committee has the absolute discretion to waive such termination. 
Section 3.08 Retirement or Termination after Restricted Period: In the event of the Retirement or Termination of the Participant following the Restricted Period and prior to the Deferred Payment Date, the Corporation shall issue forthwith Restricted Shares issuable upon the exercise of Restricted Share Rights held by the Participant. 
Section 3.09 Dividends: Subject to section 5.04, participants shall not have any rights to dividends on Restricted Shares until such shares are issued in accordance with the terms of the Plan. 
Section 3.10 Death or Disability of Participant: In the event of the death or total disability of a Participant, any Restricted Shares represented by Restricted Share Rights held by the Participant shall be immediately issuable by the Corporation. 
Section 3.11 Change of Control: In the event of a Change of Control, all Restricted Share Rights outstanding shall be immediately exercised for Restricted Shares notwithstanding the Restricted Period and any applicable Deferred Payment Date. 
Section 3.12 Necessary Approvals: The Restricted Share Plan shall be subject to the approval of the shareholders of the Corporation to be given by a resolution passed at a meeting of the shareholders of the Corporation or by a written resolution of all of the shareholders of the Corporation in accordance with the Act and acceptance by the Stock Exchange or any regulatory authority having jurisdiction over the securities of the Corporation. 
Section 3.13 Term of the Restricted Share Plan: The Restricted Share Plan herein shall become effective on the date on which it is approved by the shareholders. The Restricted Share Plan shall remain in effect until it is terminated by the Board of Directors. 
ARTICLE FOUR 
CODE SECTION 162(m) PROVISIONS 
Section 4.01 Covered Employees: Notwithstanding any other provision of the Restricted Share Plan, if the Committee determines at the time a Restricted Share Right is granted to a Participant who is, or is likely to be, as of the end of the tax year in which the Corporation would claim a tax deduction in connection with such Award, a Covered Employee, then the Committee may provide that this Article 4 is applicable to such Award. 
Section 4.02 Performance Criteria: If the Committee determines that a Restricted Share Right is intended to be subject to this Article 4, the lapsing of restrictions thereon and the distribution of Restricted Shares or other property pursuant thereto, as applicable, shall be subject to the achievement of one or more objective performance goals established by the Committee, which shall be based on the attainment of specified levels of one or any combination of the following: production, revenue, revenue growth, cost of goods sold per ounce, capital expenditures, resource growth (all categories), resources conversion (measured and indicated), cash flow from operations, net income, operating income (before or after taxes), gross profits, earnings (including earnings before taxes, earnings before interest and taxes or earnings before interest, taxes, depreciation and amortization or other similar measures), earnings per share, cash flow or cash flow per share (before or after dividends), shareholder equity, cash flow return on investment, return on equity, total shareholder return, return on assets or net assets, return on capital (including return on total capital or return on invested capital), corporate regulatory compliance or achievements, mine costs compared to budget, improvement in or attainment of expense levels or working capital levels, health and safety, environmental compliance, business expansion and strategic initiatives, selected mining initiatives, mine development, drilling and exploration initiatives, feasibility studies, individual performance, leadership, appreciation in and/or maintenance of the price of the Common Shares or any other publicly-traded securities of the Corporation, comparisons with 

	
			
	 
	5
	Allied Nevada Gold Corp. Restricted Share Plan, as amended

various stock market indices, recruiting and maintaining personnel, implementation, completion or attainment of measurable objectives with respect to corporate development or projects, and acquisitions and divestitures. Such performance goals also may be based solely by reference to the Corporation’s performance or the performance of a subsidiary, division, business segment or business unit of the Corporation, or based upon the relative performance of other companies or upon comparisons of any of the indicators of performance relative to other companies. To the extent consistent with Section 162(m) of the Code, the Committee may also exclude charges related to an event or occurrence which the Committee determines should appropriately be excluded, including (a) restructurings, discontinued operations, extraordinary items, and other unusual or non-recurring charges, (b) an event either not directly related to the operations of the Corporation or not within the reasonable control of the Corporation’s management, or (c) the cumulative effects of tax or accounting changes in accordance with U.S. generally accepted accounting principles. 
Section 4.03 Timing and Designations; Duration of Performance Periods: For each Award, the Committee shall, not later than 90 days after the beginning of each Performance Period, as defined herein (i) designate all Participants for such Performance Period, and (ii) establish the objective performance factors for each Participant for that Performance Period on the basis of one or more of the criteria set forth in Section 4.02 above; provided that, with respect to such criteria, the outcome is substantially uncertain at the time the Committee actually establishes the goal. The Committee shall have sole discretion to determine the applicable performance period (“Performance Period”), provided that in the case of a Performance Period less than 12 months, in no event will a performance goal be considered to be pre-established if it is established after 25 percent of the Performance Period (as scheduled in good faith at the time the goal is established) has elapsed. Such performance goals shall otherwise comply with the requirements of Section 162(m) of the Code, and the regulations thereunder. 
Section 4.04 Certification: Following the close of each Performance Period and prior to payment of any amount to a Participant with respect to an Award, the Committee shall certify in writing as to the attainment of all factors (including the performance factors for a Participant) upon which any payments to a Participant for that Performance Period are to be based. Certified Awards shall be paid no later than two and one-half months following the conclusion of the applicable performance period; provided, however, that the Committee may establish procedures that allow for the payment of Certified Awards on a deferred basis subject to the requirements of Section 409A of the Code. 
Section 4.05 Adjustments: Notwithstanding any provision of the Plan (other than Section 6.06), with respect to any Restricted Share Right that is subject to this Article 4, the Committee may adjust downwards, but not upwards, the amount payable pursuant to such Restricted Share Right Grant Letter, and the Committee may not waive the achievement of the applicable performance goals, except in the case of the death or disability of the Participant. 
Section 4.06 Restrictions: The Committee shall have the power to impose such other restrictions on Awards subject to this Article as it may deem necessary or appropriate to ensure that such Awards satisfy all requirements for “performance-based compensation” within the meaning of Section 162(m) of the Code. 
Section 4.07 Limitations on Grants to Individual Participants: Subject to adjustment as provided in Section 6.07, no Participant may be granted Restricted Share Rights in any calendar year that are intended to comply with the performance-based exception under Code Section 162(m) and are denominated in Common Shares with respect to more than 2,837,577 Common Shares (the “Limitations”). If an Award is cancelled, the cancelled Award shall continue to be counted toward the applicable Limitations. 
ARTICLE FIVE 
WITHHOLDING TAXES4  
Section 5.01 Withholding Taxes: The Corporation or any Designated Affiliate of the Corporation may take such steps as are considered necessary or appropriate for the withholding of any taxes which the Corporation or any Designated Affiliate of the Corporation is required to withhold by any law or regulation of any governmental authority whatsoever, without limiting the generality of the foregoing, through (i) the withholding of all or any portion of any payment; (ii) the withholding from the Common Shares to be issued under the Restricted Share Plan the minimum number of Common Shares sufficient to satisfy such withholding obligation; or (iii) the sale of the minimum number of Common Shares to be issued under the Restricted Share Plan sufficient to satisfy such withholding obligation to a broker of the Corporation’s or the Designated Affiliate of the Corporation’s choosing. 
Any Award may provide that the Participant may elect, in accordance with any conditions set forth in such Award, to satisfy in full the minimum tax withholding obligation by authorizing the Corporation or the Designated Affiliate of the Corporation to withhold from the Common Shares to be issued under the Restricted Share Plan the minimum number of Common Shares sufficient to satisfy such withholding obligation and, at the 

	
		
	(4) 
	As amended by resolution of the Board of Directors on March 12, 2012.

	
			
	 
	6
	Allied Nevada Gold Corp. Restricted Share Plan, as amended

Corporation’s or Designated Affiliate of the Corporation’s discretion, to sell such Common Shares to a broker of the Corporation’s or the Designated Affiliate of the Corporation’s choosing. This election and authorization is intended to comply with the requirements of Rule 10b5-1(c)(i)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and to be interpreted to comply with the requirements of Rule 10b5-1(c) of the Exchange Act. 
ARTICLE SIX 
GENERAL 
Section 6.01 Effective Time of Restricted Share Plan: The Restricted Share Plan shall become effective as of the date first mentioned on the first page of this plan, but will remain subject to the necessary shareholder and regulatory approvals. 
Section 6.02 Amendment of Restricted Share Plan: The Committee may from time to time in the absolute discretion of the Committee amend, modify and change (without obtaining shareholder approval) the provisions of the Restricted Share Plan, including, without limitation: 
	
			
	 
	(i)
	amendments of a house keeping nature; and 

	
			
	 
	(ii)
	the change to the Restricted Period of the Plan or any Restricted Share Right. 

However, any amendment, modification or change to the provisions of the Restricted Share Plan which would: 
	
			
	 
	(a)
	materially increase the benefits of the holder under the Restricted Share Plan to the detriment of the Corporation and its shareholders; 

	
			
	 
	(b)
	increase the number of Common Shares, other than by virtue of Sections 6.06, 6.07 and 6.08 of the Restricted Share Plan, which may be issued pursuant to the Restricted Share Plan; or 

	
			
	 
	(c)
	materially modify the requirements as to eligibility for participation in the Restricted Share Plan; 

shall only be effective upon such amendment, modification or change being approved by the shareholders of the Corporation, if required, by the Stock Exchange and any other regulatory authority having jurisdiction over the securities of the Corporation. Any amendment, modification or change of any provision of the Restricted Share Plan shall be subject to approval, if required, by any regulatory authority having jurisdiction over the securities of the Corporation. 
Section 6.03 Non-Assignable: Except as otherwise may be expressly provided for under this Restricted Share Plan or pursuant to a will or by the laws of descent and distribution, no Restricted Share Right and no other right or interest of a Participant is assignable or transferable. 
Section 6.04 Rights as a Shareholder: No holder of any Restricted Share Rights shall have any rights as a shareholder of the Corporation prior to the issuance of Restricted Shares. Subject to Section 6.07 no holder of any Restricted Share Rights shall be entitled to receive, and no adjustment shall be made for, any dividends, distributions or any other rights declared for shareholders of the Corporation for which the record date is prior to the date of exercise of any Restricted Share Right. 
Section 6.05 No Contract of Employment: Nothing contained in the Restricted Share Plan shall confer or be deemed to confer upon any Participant the right to continue in the employment of, or to provide services to, the Corporation or any Designated Affiliate nor interfere or be deemed to interfere in any way with any right of the Corporation or any Designated Affiliate to discharge any Participant at any time for any reason whatsoever, with or without cause. Participation in the Restricted Share Plan by a Participant shall be voluntary. 
Section 6.06 Change of Control: In the event of a Change of Control, each Participant who holds Restricted Share Rights shall receive the securities, property or cash which the Participant would have received upon such Change of Control if the Participant had held the Restricted Shares issuable upon exercise of such Restricted Share Rights immediately prior to such Change of Control. 
Section 6.07 Adjustment in Number of Shares Subject to the Restricted Share Plan: In the event there is any change in the Common Shares, whether by reason of a stock dividend, consolidation, subdivision, reclassification or otherwise, an appropriate adjustment shall be made by the Committee in: 
	
			
	 
	(a)
	the number of Common Shares available under the Restricted Share Plan; and 

	
			
	 
	(b)
	the number of Common Shares subject to any Restricted Share Rights. 

If the foregoing adjustment shall result in a fractional Common Share, the fraction shall be disregarded. All such adjustments shall be conclusive, final and binding for all purposes of the Restricted Share Plan. 

	
			
	 
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	Allied Nevada Gold Corp. Restricted Share Plan, as amended

Section 6.08 Securities Exchange Take-over Bid: In the event that the Corporation becomes the subject of a take-over bid (within the meaning of the Securities Act (Ontario)) pursuant to which 100% of the issued and outstanding Common Shares are acquired by the offeror either directly or as a result of the compulsory acquisition provisions of the incorporating statute, and where consideration is paid in whole or in part in equity securities of the offeror, the Committee may send notice to all holders of Restricted Share Rights requiring them to surrender their Restricted Share Rights within 10 days of the mailing of such notice, and the holders of Restricted Share Rights shall be deemed to have surrendered such Restricted Share Rights on the tenth (10th ) day after the mailing of such notice without further formality, provided that: 
	
			
	 
	(a)
	the offeror delivers with such notice an irrevocable and unconditional offer to grant replacement restricted share rights to the holders of Restricted Share Rights on the equity securities offered as consideration; 

	
			
	 
	(b)
	the Committee has determined, in good faith, that such replacement options have substantially the same economic value as the Restricted Share Rights being surrendered; and 

	
			
	 
	(c)
	the surrender of Restricted Share Rights and the granting of replacement restricted share rights can be effected on a tax deferred basis under the Income Tax Act (Canada) or the Internal Revenue Code (as applicable). 

Section 6.09 No Representation or Warranty: The Corporation makes no representation or warranty as to the future market value of any Common Shares issued in accordance with the provisions of the Restricted Share Plan. 
Section 6.10 Compliance with Applicable Law: If any provision of the Restricted Share Plan or any Restricted Share Right contravenes any law or any order, policy, by-law or regulation of any regulatory body having jurisdiction, then such provision shall be deemed to be amended to the extent necessary to bring such provision into compliance therewith. 
Section 6.11 Interpretation: This Restricted Share Plan shall be governed by and construed in accordance with the laws of the State of Delaware. 

	
			
	 
	8
	Allied Nevada Gold Corp. Restricted Share Plan, as amended

ALLIED NEVADA GOLD CORP. 
RESTRICTED SHARE RIGHT GRANT LETTER 
To: • 
Date: • 
This notice is to evidence that you have been granted • Restricted Share Rights in the following amounts and on the following terms (select one): 
	
			
	 
	 ̈
	In accordance with the terms specified in Schedule A attached hereto (if any); or 

	
			
	 
	 ̈
	In accordance with the following terms: 

	
			
	Number of Restricted Share Rights awarded
	 
	Date(s) of expiry of applicable Restricted Period(s) (vesting dates)

	•
	 
	•

	•
	 
	•

	•
	 
	•

This notice serves as a Restricted Share Right Grant Letter under section 3.06 of the Allied Nevada Gold Corp. Inc. (“Allied Nevada”) Restricted Share Plan (the “Plan”). All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Plan. In the event of any inconsistency between the terms of this Restricted Share Right Grant Letter and the Plan, the terms of the Plan shall govern. 
Vesting of your Restricted Share Rights evidenced by this Restricted Share Right Grant Letter shall be subject to the terms of the Plan, the resolutions of the Board approving the grant and the administrative rules passed by the Committee under the Plan. 
If you are a Canadian resident and wish to defer the vesting of your Restricted Share Rights, you may do so in accordance with the terms of the Plan, the resolutions of the Board approving the grant and the administrative rules of the Committee under the Plan. 
Dated this • day of •, 201•. 

ALLIED NEVADA GOLD CORP. 
Name: • 
Title: President and Chief Executive Officer 

	
			
	 
	9
	Allied Nevada Gold Corp. Restricted Share Plan, as amended

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