Document:

Exhibit 10.4

 Exhibit 10.4 
 EXECUTIVE EMPLOYMENT CONTRACT 
 MADE this 16 day of February
2012, by and between CNB BANK, a state banking institution organized under the laws of the Commonwealth of Pennsylvania, with principal office at One South Second Street, P.O. Box 42, Clearfield, Pennsylvania, 16830, (hereinafter
collectively referred to as “CNB”); 

A                       
                          
 N                         

D 
 MARK D.
BREAKEY., an adult individual, residing at 1517 Warren Drive, Clearfield, Pennsylvania, 16830, (hereinafter “MR. BREAKEY”). 
 WHEREAS, MR. BREAKEY has been employed by CNB as a Senior Executive; and, 

WHEREAS, the Parties wish to terminate their earlier agreements and replace them with this Agreement, and to memorialize their
contractual relationship. 
 NOW WITNESSETH: 
 The Parties for themselves, their heirs, successors and assigns, in consideration of their mutual promises contained herein, intending to be legally bound, hereby agree to the following terms and
conditions. 
 1. PRIOR AGREEMENTS: The Parties terminate all prior employment agreements, verbal or written,
between them effective as of the date hereof. 
 2. EMPLOYMENT: CNB will employ MR. BREAKEY as an Executive Vice
President, MR. BREAKEY agrees to serve in that capacity. MR. BREAKEY promises that during the term of this Agreement he shall dedicate his full time, attention and energies to his employment with CNB. MR. BREAKEY further promises that he will report
to CNB’s Board of Directors’, carry out its decisions and otherwise abide by and enforce the policies of CNB. 

 MR. BREAKEY shall also perform such other reasonable duties as may hereafter be assigned to
him by CNB consistent with his abilities and position, including but not limited to services to CNB’s parent CNB Financial Corporation and its other subsidiaries. 
 MR. BREAKEY will not engage in any other employment during the term of this Agreement, nor shall he engage in self-employed activities. 

MR. BREAKEY also recognizes that CNB’s success and recognition depend on his involvement with charitable and social organizations.
In this regard, MR. BREAKEY agrees to engage in such social and charitable activities or organizations as are consistent with his personal responsibilities and with his position with CNB. 

MR. BREAKEY shall also comply with all other CNB procedures and polices now or hereafter in effect. 

MR. BREAKEY further agrees that he and the members of his family shall comport themselves at all times in a manner that reflects upon CNB
in a positive fashion. 
 3. TERM: The term of this Agreement shall be for four (4) years commencing on
January 1, 2012, and ending on December 31, 2015, unless terminated sooner pursuant to the other provisions of this Agreement. 
 The Parties agree that this contract shall automatically renew itself for successive terms of one (1) year unless either party gives the other ninety (90) days written notice of his or its
intent not to renew the contract prior to the end of the then current term. 
 However, the provisions of paragraphs 6 and 7
shall continue inforce and in accordance with the provisions therein and shall survive the expiration or terminatation of the term of employment. 

  
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 4. COMPENSATION: MR. BREAKEY’s shall be paid a base salary to be
established annually by the Board of Directors. MR. BREAKEY may also receive such annual increases, stock, stock rights and bonuses as may from time to time be awarded by the Board of Directors. 

CNB will also provide MR. BREAKEY with a family membership at the Clearfield-Curwensville Country Club. 

5. OTHER BENEFITS: MR. BREAKEY shall participate in CNB’s retirement plan, health insurance plan, life insurance plan
and receive such other benefits as CNB from time to time may provide to its employees. 
 MR. BREAKEY shall also be entitled to
24 days paid vacation plus such sick leave as he may reasonable and actually require, both of which are upon condition that, consistent with the past practice of senior executives at CNB and upon condition that, in the opinion of the Board of
Directors the amount and timing of his vacation does not unreasonably interfere with or detract from the fulfillment of his duties under this agreement. 
 MR. BREAKEY shall be entitled to breavement and such other employee benefits as now or hereafter granted by CNB’s personnel policies. 

6. CONFIDENTIAL INFORMATION: MR. BREAKEY acknowledges and agrees that as an inducement to CNB to employ him and enter this
written contract with him, that he shall not disclose, directly or indirectly, intentionally or unintentionally, during the term of this contract or at any time after its termination, any of CNB’s proprietary information, account information,
customer lists, customer information, policies, pricing, strategy, codes, strategic plan, plans for expansion or business development or other information of a confidential nature (hereinafter referred to as “Confidential Information”),
whatsoever regarding CNB without first 

  
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obtaining the prior, written consent from CNB’s Chairperson of the Board that such disclosure is authorized. Communications with CNB’s employees, customers and business relations are
excepted from the foregoing prohibition during the term of this Agreement to the extent that such communications are consistent with MR. BREAKEY’s duties. 
 Confidential Information shall include all information recorded, memorialized or communicated in any form whether written, printed, verbal, video, photographic, electronic, magnetic, digital or otherwise.
This shall also include such confidential information as MR. BREAKEY may have memorized or remembered notwithstanding Pennsylvania or other law to the contrary. 
 Upon termination of this contract for any reason, MR. BREAKEY promises that he shall promptly return to CNB or its designated representative any Confidential Information, automobile, insurance cards,
owner’s cards, keys, credit cards, or other CNB properly, in his possession. 
 MR BREAKEY further promises that he will
not take, keep, or record copies, duplications or reproductions of the Confidential Information or other property subject to this Agreement after termination of this Agreement. 

7. COVENANT NOT TO COMPETE: As additional consideration to CNB for entering this Agreement, and for granting the severance
benefits described in paragraph 8 below which are a new benefit, MR. BREAKEY covenants that he shall not compete against CNB, its parent, affiliates or subsidiaries, either directly or indirectly, by taking employment, gratuitously assisting or
serving as an independent contractor, consultant, partner, director or officer with a competitor of CNB, or starting his own business which would compete directly or indirectly with CNB, or have a material interest in any business, corporation,
partnership, LLC, savings and loan, bank, financial institution, brokerage, or other venture which competes directly or indirectly with 

  
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CNB while he is employed by CNB and until the earlier of the following: (i) the expiration of a period of three (3) years following the date on which MR. BREAKEY is last employed by CNB
or (ii) the date of a change in control of CNB, as defined in Section 8. For the purpose of defining and enforcing this covenant, CNB’s competitors will be identified at the time it seeks enforcement of this covenant. This
determination shall be based on CNB’s market area and CNB’s plans for expansion or acquisition into other market areas at the lime enforcement of this covenant is sought. 

The Parties also agree that indirect competition shall include the instances staled above but involving MR. BREAKEY’s spouse or
children. 
 The Parties further agree that MR. BREAKEY’s covenant not to compete shall apply in the event of his regular
retirement or voluntary termination of his employment hereunder. MR. BREAKEY agrees in this regard that the security provided by this Agreement is adequate consideration for his covenant not to compete. 

MR. BREAKEY agres that the relevant public policy and legal aspects of covenants not to compete have been discussed with him and that
every effort has been made to limit the restrictions placed upon MR. BREAKEY to those that are reasonable and necessary to protect CNB’s legitimate interests. MR. BREAKEY acknowledges that, based upon his education, experience, and training,
the non-compete and non-solicitation provisions of this Section 7 will not prevent MR. BREAKEY from earning a livelihood and supporting MR. BREAKEY and his family during the relevant time period. 

The existence of a claim, charge, or cause of action by MR. BREAKEY against CNB or any of its affiliates shall not constitute a defense
to the enforcement by CNB of the foregoing restrictive covenants, but such claim, charge, or cause of action shall be litigated separately. 

  
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 If any restriction set forth in this Section 7 is found by any court of competent
jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of actitives or in too broad a geographic area, the court is hereby expressly authorized to modify this Agreement or to interpret this
Agreement to extend only over the maximum period of time, range of actitives, or geographic areas as to which it may be enforceable. 
 8. SEVERANCE PAY: If MR. BREAKEY’s employment is terminated without cause, whether or not a change in control of CNB has occurred, MR. BREAKEY shall be entitled to severance benefits
equal to 2.50 times his base salary for the year in which his employment ends plus 2.50 limes the average of MR. BREAKEY’s incentive pay bonuses for the three (3) years preceding the year in which his employment is terminated
hereunder. This severance pay shall be tendered to MR. BREAKEY in cash in lump sum following the end of his employment with CNB. Mr. BREAKEY shall also be entitled to this severance pay if he voluntarily terminates his employment with CNB after
a change in control for any of the following reasons after providing CNB notice within ninety (90) days of the occurrence of the event and a thirty (30) day opportunity to cure: 

 

	 	A.	Reduction in title or responsibilities; 

  

	 	B.	Assignment of duties or responsibilities inconsistent with MR. BREAKEY’S status as Executive Vice President; 

 

	 	C.	A reduction in salary or other benefits; and, or, 

  

	 	D.	Reassignment to a location greater than 25 miles from the location of MR. BREAKEY’s office on the date of change and control. 

For the purposes of this Agreement, a “change in control” shall include but not be limited to the following: 

 

	 	1.	Sale of all or substantially all of CNB’s or CNB Financial Corporation’s stock; 

  
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	 	2.	Sale of all or substantially all of CNB’s or CNB Financial Corporation’s assets; 

 

	 	3.	Acquisition by a third party or group acting in concert of stock sufficient to elect a majority of directors to the Board of CNB or CNB Financial Corporation; or,

  

	 	4.	Ownership of more than 50% of CNB Financial Corporation stock by a single person or entity or more than one person or entity acting as a group.

 Notwithstanding anything in this Agreement to the contrary, it will be a condition to MR.
BREAKEY’s right to receive any severance benefits under this Section 8 that he execute and deliver to CNB no later than fifty-three (53) days following the date of termination and not revoke a release of claims in favor of CNB in the
form as may be reasonably prescribed by CNB. Severance payments and benefits will commence following the expiration of the sixty (60) day period following termination of employment, provided that MR. BREAKEY has executed and delivered and not
revoked the release no later than fifty-three (53) days following the date of termination and such release is effective upon the sixtieth (60th) day following termination of employment. 

A form of the release which MR. BREAKEY will be required to sign in order to receive the foregoing benefits is attached hereto
incorporated in this Agreement as Exhibit A, and MR. BREAKEY hereby expressly approves it. 
 8. TERMINATION: This
Agreement may be terminated on the occurrence of any of the following events and if terminated under this paragraph, MR. BREAKEY shall not be entitled to severance benefits under Paragraph 8: 

 

	 	A.	The execution of a written agreement between CNB and MR. BREAKEY to terminate this Agreement; 

 

	 	B.	MR. BREAKEY’s death; 

  
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	 	C.	MR. BREAKEY’s breach of any term or condition of this Agreement; 

  

	 	D.	MR. BREAKEY’s failure or refusal to comply with such reasonable policies, directions, standards and regulations that CNB may establish from time to time;

  

	 	E.	MR. BREAKEY’s inability to fully and competently perform his duties hereunder for a period of 180 continuous days due to physical, mental or psychological illness,
injury or condition; or, 

  

	 	F.	MR. BREAKEY ceases to qualify for his offices and responsibilities under this Agreement pursuant to any statute or regulation, now or hereafter issued by the United
States of America, the Federal Reserve, the Office of the Comptroller of Currency, the Pennsylvania Department of Banking or other regulatory agency or body duly invested with authority over CNB, its parent or affiliate(s). 

9. NOTICES: All notices or communications required by or bearing upon this Agreement or between the Parties shall be in
writing and sent by First Class Mail to the Parties as follows unless otherwise specified above: 
  

			
	CNB Financial Corporation	  	Mark D. Breakey
	CNB Bank	  	1517 Warren Drive
	Attention: Chairperson of the Board	  	Clearfield, PA 16830
	One South Second Street, P.O. Box 42	  	
	Clearfield, PA 16830	  	

 10. NON-ASSIGNMENT: The Parties acknowledge the unique nature of services to be provided by
MR. BREAKEY under this Agreement, the high degree of responsibility borne by him and the personal nature of his relationship to CNB’S Board of Directors and customers. Therefore, the Parties agree that MR. BREAKEY may not assign this Agreement.

 11. ARBITRATION: The Parties agree that all disputes or questions arising under this Agreement or because of
their employment relationship shall be submitted to arbitration by three (3) arbitrators. Each Party shall select one (1) arbitrator, and then those two (2) arbitrators shall select a third (3) arbitrator. The arbitrators’
decision need not be unanimous. Arbitration shall be conducted at a private location in Clearfield County convenient to the parties. The 

  
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arbitrators must reach and give notice of their decision within five (5) days after completion of an arbitration. The Pennsylvania Uniform Arbitration Act, 42 Pa.C.S.A. §57301 et sec.
shall govern arbitrations hereunder. CNB shall compensate the arbitrators and stenographer if used. CNB shall also pay for the arbitration room: Each party shall pay their attorney fees and other costs. 

12. LIMITATION ON PAYMENTS: In the event that the severance and other benefits provided for in this Agreement or
otherwise payable to MR. BREAKEY (i) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) and (ii) but for this Section 13, would be
subject to the excise tax imposed by Section 4999 of the Code, than MR. BREAKEY’s severance benefits shall be either: 
  

	 	A.	delivered in full (the “Full Amount”), or 

  

	 	B.	delivered as to such lesser extent which would result in no portion of such severance benefits being subject to the excise tax under Section 4999 of the Code (the
“Reduced Amount”). 

 MR. BREAKEY shall only be entitled to delivery of the Full Amount if, on an
after-tax basis after taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, payment of the Full Amount would result in MR. BREAKEY receiving an amount equal to or greater than 110%
of the Reduced Amount. If MR. BREAKEY is entitled to receive the Reduced Amount, the payments and/or benefits to be provided under this Agreement shall be reduced, but not below zero, by first reducing or eliminating those payments or benefits which
are not payable in cash and then by reducing or eliminating cash payments. Unless CNB and MR. BREAKEY otherwise agree in writing, any determination required under this Section 13 shall be made in writing by CNB’s independent public
accountants, whose determination shall be conclusive and binding upon CNB and MR. BREAKEY for all purposes. For purposes of making the calculations required by this Section 13, the accountants may make

  
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reasonable reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the
Code. CNB and MR. BREAKEY shall furnish such information and documents as the accountants may reasonably request in order to make a determination under this Section. CNB shall bear all costs the accountants may reasonably incur in connection with
any calculations contemplated by this Section 13. 
 13. COMPLIANCE WITH SECTION 409A OF THE CODE: MR.
BREAKEY and CNB acknowledge that each of the payments and benefits promised to MR. BREAKEY under this Agreement must either comply with the requirements of Section 409A of the Code (“Section 409A”), and the regulations thereunder or
qualify for an exception from compliance. To that end, MR. BREAKEY and CNB agree that the payment described in section 8 is intended to be exceptcd from compliance with Section 409A as a short-term deferral pursuant to Treasury Regulation
Section 1.409A-1(b)(4). 
 In the case of a payment that is not excepted from compliance with Section 409A, and that
is not otherwise designated to be paid immediately upon a permissible payment event within the meaning of Treasury Regulation Section 1,409A-3(a), the payment shall not be made prior to, and shall, if necessary, be deferred to and paid on the
later of the date sixty (60) days after MR. BREAKEY s earliest separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)) and, if MR. BREAKEY is a specified employee (within the meaning of Treasury Regulation
Section 1.409A-1 (i)) on the date of his separation from service, the first day of the seventh month following MR. BREAKEY’s separation from service. Furthermore, this Agreement shall be construed and administered in such manner as shall
be necessary to effect compliance with Section 409A. 

  
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 15. INJUNCTIVE RELIEF: MR. BREAKEY acknowledges and accepts that his compliance with
his Agreements in Sections 6, 7 and/or 8 is an integral part of the consideration to be received by CNB and is necessary to protect the equity value, business and goodwill and other proprietary interests of CNB. MR. BREAKEY acknowledges that a
breach of his Agreements in Sections 6, 7 and/or 8 will result in irreparable and continuing damage to CNB and the business of CNB for which the remedies at law will be inadequate, and agrees that, in the event of any breach of the aforesaid
Agreements, CNB and its successors and assigns shall be entitled to seek injunctive relief and to any such other and further relief as may be proper. 
 16. ENFORCEABILITY: If any provision of this Agreement shall be found by a court with proper jurisdiction to be invalid or unenforceable, in whole or in part, then such provision shall be deemed to
be modified, narrowed, or restricted only to the limited extent and in the manner necessary to render the same valid and enforceable, as the case may require, and this Agreement shall be construed and enforced to the maximum extent permitted by law
as if such provision had been originally incorporated herein as so modified, narrowed, or restricted. 
 17. GENERAL
PROVISIONS: 
  

	 	A.	This Agreement shall be governed by the laws of Pennsylvania; 

  

	 	B.	In construing or interpreting this Agreement, “CNB” and “MR. BREAKEY” shall mean, wherever applicable, the singular or plural, the masculine or the
feminine, individual, individuals, partnership or corporation, as the case may be; 

  

	 	C.	This Agreement represents the sole agreement of the parties on these subjects and supersedes all prior communications, representations and negotiations, whether oral or
written; 

  

	 	D.	This Agreement can only be modified or amended by the prior written consent of both parties hereto; 

 

	 	E.	Jurisdiction and venue shall rest in the Court of Common Pleas of Clearfield, Pennsylvania, for all suits, claims and causes of action whatsoever;

  
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	 	F.	Failure by either Party to pursue remedies or assert rights under this Agreement shall not be construed as waiver of that party’s rights or remedies, nor shall a
party’s failure to demand strict compliance with the terms and conditions of this Agreement prohibit or estop that party from insisting upon strict compliance in the future; and 

 

	 	G.	The Parties deem that the terms of this Agreement are unique, and in addition to their other rights and remedies at law, and at equity, either Party shall have the
right to specifically enforce the terms of this Agreement. 

  

	 	H.	This Agreement shall bind the Parties’ heirs, successors, representatives, related corporations and assigns. 

 

	 	I.	Notwithstanding anything herein contained to the contrary, and payment to MR. BREAKEY by CNB, whether pursuant to this Agreement or otherwise, are subject to and
conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and any regulations promulgated thereunder. 

IN WITNESS WHEREOF, the parties have executed this Agreement on the date written above for the purposes herein contained. 

 

									
	CNB BANK	 		 	MR. BREAKEY
					
	By:	 	 /s/ Joseph B. Bower. Jr.,
	 		 	By:	 	 /s/ Mark D. Breakey

		 	Joseph B. Bower. Jr., President	 		 		 	Mark D. Breakey

  
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 EXHIBIT A  
 RELEASE OF CLAIM 
 For and in consideration of the payments to be
provided to me upon the expiration of the Term or upon the termination of my employment, as applicable (the “Applicable Date”) pursuant to the applicable provision of the agreement between me and CNB Bank (the
“Employer”) dated             , 2012 (the “Employment Agreement”), which are conditioned on my signing this Release of Claims: 

I, Mark D. Breakey, on my own behalf and on behalf of my heirs, executors, administrators, beneficiaries, representatives and assigns,
and all others connected with or claiming through me, hereby release and forever discharge the Employer, its Affiliates and all of their respective past, present and future officers, directors, trustees, shareholders, employees, employee benefit
plans, agents, general and limited partners, members, managers, joint venturers, representatives, successors and assigns, and all others connected with any of them, both individually and in their official capacities, from any and all causes of
action, rights or claims of any type or description, known or unknown, which I have had in the past, now have, or might now have, through the date of my signing of this Release of Claims, in any way resulting from or arising out of my employment by
the Employer or any of its Affiliates (including, if applicable, the termination of that employment) or pursuant to any federal, state or local law, regulation or other requirement, including without limitation Title VII of the Civil Rights Act of
1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, and the fair employment practices laws of the state or states in which I have been employed by the Employer or any of its Affiliates, each as amended from time to
time. 
 In signing this Release of Claims, I acknowledge my understanding that I may not sign it prior to the Applicable Date,
but that I may consider the terms of this Release of Claims for up to twenty-one (21) days (or such longer period as the Employer may specify) from the later of the Applicable Date or the date I receive this Release of Claims, provided that
this Release of Claims, signed and dated by me, is received not later than the sixtieth (60th) day following the Applicable Date by the person designated under the Agreement to receive notices on behalf of the Employer in order for me to
qualify for benefits under the applicable provision of the Agreement. 
 I also acknowledge that I was advised by the Employer
and its Affiliates to seek the advice of an attorney prior to signing this Release of Claims; that I have had sufficient time to consider this Release of Claims and to consult with an attorney, if I wished to do so, or to consult with any other
person of my choosing before signing; and that I am signing this Release of Claims voluntarily and with a full understanding of its terms. I understand that capitalized terms not defined in this Release of Claims have the meaning assigned to them in
the Agreement. 

 I further acknowledge that, in signing this Release of Claims, I have not relied on any
promises or representations, express or implied, that are not set forth expressly in the Agreement. I understand that I may revoke this Release of Claims at any time within seven (7) days of the date of my signing by written notice to the
person designated under the Agreement to receive notices on behalf of the Employer and that this Release of Claims will take effect only upon the expiration of such seven-day revocation period and only if I have not timely revoked it. 

Intending to be legally bound, I have signed this Release of Claims under seal as of the date written below. 

 

			
	Signature:	 	  

			
		
	Name (please print):	 	  

			
		
	Date Signed:Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 EMPLOYMENT AGREEMENT (the “Agreement”),
made this 5th day of March, 2012, is entered into between Allied Nevada Gold Corp. (the “Company”) and STEPHEN M. JONES (the “Employee”). 
 WHEREAS, the Company desires to employ the Employee and Employee desires to be employed by the Company on the terms set forth herein; 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth in this Agreement, the Company and the Employee agree
as follows: 
 1. Employment. The Company agrees to employ the Employee as EVP and Chief Financial Officer and the
Employee agrees to accept such employment upon the terms and conditions set forth in this Agreement. Specifically, the Employee will be responsible for all areas, including supervision of M&A, Controller functions, Tax, Audit, CIO, Legal and
Treasury. In addition to the foregoing, the Employee shall have such additional responsibilities as may be assigned by the Company or its Board of Directors from time to time. The Employee shall devote his full business time and effort to the
performance of his duties for the Company, which he shall perform faithfully and to the best of his ability. 
 2.
Term. The Employee’s employment shall commence on March 1, 2012. The Employee shall be an “at-will” employee of the Company whose employment may be terminated (by the Company or by the Employee) at any time, for any
or no reason. Any representation, statement or implication to the contrary is unauthorized and not valid unless in writing and signed by both Employee and CEO of the Company. 
 3. Compensation and Benefits. 
 a. Base
Salary. The Company shall pay the Employee a base annual salary of US $350,000 payable in accordance with the normal payroll practices of the Company and shall be subject to applicable withholdings, deductions and taxes. Base salary may be
adjusted on an annual basis, upward or downward. 
 b. Bonus. The Employee shall be eligible to be
considered for a bonus upon achieving of certain pre-determined performance targets to be set by the Company’s Board and consistent with any bonus or incentive compensation program established by the Company. 

c. Stock/Stock Options. The Employee will be eligible to participate in any stock option, restricted stock units,
performance stock units, stock appreciation rights or other equity-based compensation plan that may become generally available for employees of the Company, on a basis commensurate with other employees of the Company. 

d. Benefits. During his employment, the Employee shall be entitled to participate in or benefit from, in accordance
with the eligibility and other provisions thereof, benefit plans and policies such as medical, dental, disability, insurance, 

  
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retirement savings plans or other fringe benefit plans or policies as the Company may make available to, or have in effect for, its employees. The Company retains the rights to terminate or alter
any such plans or policies from time to time, provided that such termination or alteration is done for all eligible employees and not specifically for the Employee. The Employee shall also be entitled to vacations, sick leave and other similar
benefits in accordance with policies of the Company from time to time in effect for personnel with commensurate duties. 
 e. Reimbursement of Business Expenses. The Company agrees to reimburse Employee for reasonable out-of-pocket expenses incurred in connection with Company business, including without limitation
travel and accommodations for authorized business trips, and within standards to be established by the Board, provided receipts, invoices or other supporting documentation satisfactory to the Company supporting the expenses are presented to the
Company. Reimbursement payments will be payable promptly, but no later than the end of the second calendar year after the year in which the expense was incurred. 
 4. Termination. 
 a. Rights and Duties. The
Employee is an employee “at will.” Accordingly, the Company or the Employee may terminate his employment, with or without notice, for any lawful reason or no reason. The Employee and the Company agree that, without modifying or altering
the Employee’s “at will” status, each will provide the other with at least thirty (30) days’ prior written notice of termination of the Employee’s employment with the Company. If the Employee gives notice of
termination, such notice will be deemed a voluntary resignation by the Employee and the Company, in its sole discretion, may elect to relieve the Employee of any obligation to perform duties during the notice period, waive the notice period and
immediately accept termination of the Employee’s employment, without changing the status of such termination as a voluntary resignation by the Employee. Should the Company in the event of a voluntary resignation decide to relieve the Employee
of any obligation to perform duties during the notice period, waive the notice period and immediately accept Employee’s resignation, it shall nonetheless continue his compensation and benefits for the term of the notice period (but only to the
extent permitted by the terms of such plans), except that no bonus shall be earned or awarded during and after the notice period. 
 b. Termination by the Company for Cause. The Company may terminate the Employee’s employment at any time for “cause.” “Cause” shall mean: 

i) The Employee committed any material breach of any of the terms of this Agreement, including the failure to perform any
covenant contained in this Agreement or in Exhibit A, which is attached to this Agreement and expressly incorporated hereby, such as the disclosure of or failure to protect the Company’s confidential, proprietary or trade secret information;

 ii) The Employee committed any act or crime involving dishonesty, violence or moral turpitude, including
fraud, theft, embezzlement, assault, battery and rape, drunk driving, whether or not the Employee has been formally charged with or convicted of such act or crime; 

  
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 iii) The Employee committed an act or allowed the existence of a state of
facts by the Employee’s inaction which renders the Employee incapable of performing his duties under this Agreement, or which adversely affects or could reasonably be expected to adversely affect the Company’s business reputation;

 iv) The Employee failed to follow any significant lawful instruction from the Employee’s relevant
supervisor, the President/CEO of the Company or the Board of Directors; 
 v) The Employee failed to maintain or
had suspended, revoked or denied any applicable license, permit or card required by the federal or state authorities, or a political subdivision or agency thereof; 

vi) The Employee committed any act that constitutes a breach of fiduciary duty or a breach of the duty of loyalty, both of
which the Employee acknowledges are due to and owed to the Company based, among other things, on the Employee’s job duties; 
 vii) The Employee failed or became unable, for any reason other than a disability (as defined below), to devote 100% of the Employee’s business time, his/her best efforts, skills, and abilities to
the Company’s business; 
 viii) The Employee failed to diligently or effectively perform the
Employee’s duties under any provision of this Agreement or any duty as directed from time to time by the Company; 
 ix) The Employee violated any material policy established by the Company. 
 c. Termination in the event of death or disability. The Agreement shall terminate upon the Employee’s death or Disability. For purposes of the Agreement, “Disability” shall mean the
inability of the Employee, due to physical or mental impairment, to perform the essential functions of his position, with or without reasonable accommodation. 
 d. Effect of termination. 
 i) If the Employee is terminated
by the Company due to death or Disability, the Employee (or the Employee’s estate in the event of death) shall be permitted to receive benefits for which he and/or his beneficiaries are eligible and in which the Employee participated for long
term disability insurance or life insurance the Company may have at that time. The Employee (or the Employee’s estate in the event of death) shall also receive any earned but unpaid base salary, expense reimbursements, and vacation days accrued
prior to termination of employment. 

  
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 ii) If the Employee is terminated by the Company for Cause, the Employee
shall only be entitled to receive any earned but unpaid base salary and expense reimbursements, and vacation days accrued prior to termination of employment. 
 iii) If the Employee is terminated by the Company other than for Cause (and except as provided above in cases of death or disability), the Employee shall only be entitled to payment when due of any earned
but unpaid base salary, expense reimbursements, and vacation days accrued prior to termination of employment. 
 In addition (and
notwithstanding the foregoing), conditioned upon the Employee’s execution of a separation agreement and general release in a form acceptable to the Company, the Employee shall also receive the following: a lump sum severance payment equal to
one (1) times the Employee’s then base salary (annualized) plus a lump sum of one (1) times the Employee’s target bonus for the year in which his employment is terminated, all payments subject to appropriate withholdings and
deductions as requested by the Employee and/or for any monies owed by the Employee to the Company and/or overpayments made by the Company to the Employee. Such payment will be made sixty (60) days after the Employee’s separation from
service with the Company, and if the Employee has not executed a binding release by such date, the Employee shall forfeit all rights to the payment; 
 Further, if the Employee is eligible for and elects continuation of such coverage during the permissible time frame, the Company will pay premiums for continuation of health insurance coverage under COBRA
or state equivalent, up to a maximum of $18,000, subject to appropriate withholdings and deductions as requested by the Employee and/or for any monies owed to the Company and/or overpayments made by the Company to the Employee. The Employee will be
responsible for premium payments for continuation of such group health insurance coverage after the Company’s obligation expires; and 
 iv) In the event a Change of Control (as defined below) occurs and, if within one (1) year thereafter, the Employee’s employment is terminated as an involuntary termination by the Company for a
reason other than for Cause, death, or Disability (as defined above), then the Employee will be entitled to payment when due of any unpaid base salary, expense reimbursements, and vacation days accrued prior to termination of employment and, in
exchange for the Employee’s execution of a separation agreement and general release in a form acceptable to the Company, the following: 
 a) FOR EXECUTIVES: A lump sum equal to two (2) years of his then current base salary, less applicable withholdings, plus a lump sum of two (2) times the Employee’s target bonus for
the year in which his/her employment is terminated, all payments subject to appropriate withholdings and deductions as requested by the Employee and/or for any 

  
 4 

 
monies owed by the Employee to the Company and/or overpayments made by the Company to the Employee. Such payment will be made sixty (60) days after the Employee’s separation from
service with the Company, and if the Employee has not executed a binding release by such date, the Employee shall forfeit all rights to the payment; 
 b) If the Employee is eligible for and elects continuation of such coverage during the permissible time frame, the Company will pay premiums for continuation of health insurance coverage under COBRA or
state equivalent up to a maximum of $27,000.00, subject to appropriate withholdings and deductions as requested by the Employee and/or for any monies owed to the Company and/or overpayments made by the Company to the Employee. The Employee will be
responsible for premium payments for continuation of such group health insurance coverage after the Company’s obligation expires; and 
 For purposes of this Agreement, “Change of Control” means (A) the occurrence of a merger or consolidation of the Company whether or not approved by the Board of Directors, other than a
merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or
the parent of such corporation) at least 50% of the total voting power represented by the voting securities of the Company or such surviving entity or parent of such corporation outstanding immediately after such merger or consolidation, or a
merger or consolidation which is in effect a financing transaction for the Company, including, but not limited to, a reverse merger of the Company into a publicly traded “shell” company, or (B) the occurrence of a sale or disposition
by the Company of all or substantially all of the Company’s assets, which sale or disposition has been approved by the stockholders of the Company. 
 5. Nondisclosure, Noncompetition, Nonsolicitation and Inventions. As a condition of the Employee’s employment by the Company and the payment of compensation and receipt of benefits
referred to above, the Employee has executed the Employee Nondisclosure, Noncompetition, Nonsolicitation and Inventions Agreement, in the form attached hereto as Exhibit A. The Employee acknowledges that the Company would not offer him employment or
provide compensation and/or benefits set forth above if he was not willing to be bound by the terms of such Nondisclosure, Noncompetition, Nonsolicitation and Inventions Agreement. The Employee acknowledges that: 

a. He has signed such an agreement prior to his commencing employment with the Company; 

b. He continues to be bound by the terms of such agreement; 

c. Executing this Employment Agreement does not change or alter his obligations under the Nondisclosure, Noncompetitive,
Nonsolicitation Agreement; 

  
 5 

 d. His continued employment is sufficient consideration for the Employer to
remain bound by the terms of the Nondisclosure, Noncompetition, Nonsolicitation and Inventions Agreement; and 

e. The terms of the Nondisclosure, Noncompetition, Nonsolicitation and Inventions Agreement are incorporated herein by
reference. 
 6. Notice. 
 a. To the Company. The Employee will send all communications to the Company in writing, addressed as follows (or in any other manner the Company notifies him to use): 

 

							
		 	Allied Nevada Gold Corporation	  	
				
		 	c/o	  	 /s/ Scott Caldwell
	  	
		 		  	     President and CEO
     9790 Gateway Drive Suite 200
     Reno, NV
89521
	  	

 b. To the Employee. All communications from the Company to the Employee relating
to this Agreement shall be sent to the Employee in writing, addressed as follows (or in any other manner he notifies the Company to use): 
 Stephen M. Jones 
 3066 Hickory Ride Circle 

Bryan, TX 77807 
 or the Employee’s most recent address on file with the Company. 
 c. Time Notice Deemed Given. Notice shall be deemed to have been given when delivered or, if earlier (1) three business days after mailing by United States certified or registered mail, return
receipt requested, postage prepaid, or (2) faxed with confirmation of delivery, in either case, addressed as required in this section. 
 7. Modification or Amendment. No provisions of this Agreement may be modified, waived, or discharged except by a written document signed by a Company officer duly authorized by the Board or
a member of the Company’s Board of Directors and the Employee. 
 8. Waiver. A waiver of any conditions or
provisions of this Agreement in a given instance shall not be deemed a waiver of such conditions or provisions at any other time in the future. No failure or delay by the Company in exercising any right, power, or remedy under this Agreement shall
operate as a waiver of any such right power or remedy. 
 9. Choice of Law. The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of the State of Nevada. 

  
 6 

 10. Successors. This Agreement shall be binding upon, and shall inure to the
benefit of, the Employee and his estate, but the Employee may not assign or pledge this Agreement or any rights arising under it. Without the Employee’s consent, the Company may assign this Agreement to any affiliate or to a successor to
substantially all the business and assets of the Company. 
 11. Survival. The provisions of Sections 4 and 5
hereof and the Nondisclosure, Noncompetition, Nonsolicitation and Inventions Agreement shall survive termination of this Agreement or termination of the Employee’s employment with the Company or any successor or assign regardless of the reason
for such termination. 
 12. Validity and Severability. The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
 13. Entire Agreement. The Employee acknowledges receipt of this Agreement and agrees that with respect to the subject matter hereof it along with the Nondisclosure, Noncompetition,
Nonsolicitation and Invention Agreement, contains the entire understanding and agreement with the Company, superseding any previous oral or written communication, representation, understanding or agreement with the Company or any representative
thereof including specifically the offer letter dated February 6, 2012. No term or condition should be construed strictly against any party on the basis that it was drafted by such party. 

14. Tax Compliance. All payments made pursuant to this Agreement shall be subject to withholding of applicable federal,
state and local income and employment taxes. 
 15. 409A. Anything in this Agreement to the contrary
notwithstanding: (a) the parties intend that all payments and benefits under this Agreement shall either be exempt from or shall comply with Internal Revenue Code Section 409A, and to the maximum extent permitted this Agreement shall be
interpreted in a manner consistent with that intent. To the extent that any provision hereof is modified in order to comply with Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible,
maintain the original intent and economic benefit to Employee and Company of the applicable provision without violating the provisions of Section 409A; (b) no amount shall be payable pursuant to Section 4 or otherwise upon a
termination of employment unless such termination constitutes a “separation from service” with Company under Section 409A, and in the event that Employee is a “specified employee” for purposes of Section 409A, no amount
shall be payable until the first day of the seventh month immediately following the separation from service; (c) to the extent that reimbursements or other in-kind benefits under this Agreement constitute nonqualified deferred compensation,
(i) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by Employee, (ii) any right to reimbursement or in-kind
benefits shall not be subject to liquidation or exchange for another benefit, and (iii) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible
for reimbursement, or in-kind benefits to be provided, in any other taxable year; (d) for purposes of Section 409A, Employee’s right to receive installment payments pursuant to this Agreement shall be treated as a right to receive a
series of separate and distinct 

  
 7 

 
payments, whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole
discretion of Company; and (e) any other provision of this Agreement to the contrary notwithstanding, in no event shall any payment or benefit under this Agreement that constitutes nonqualified deferred compensation for purposes of
Section 409A be subject to offset by any other amount unless otherwise permitted by Section 409A. Notwithstanding anything in this paragraph or any other provision of this Agreement, if any payment under this Agreement gives rise, directly
or indirectly, to liability for a penalty tax under Code Section 409A (and/or any penalties and/or interest with respect to such penalty tax or excise tax), Employee shall bear the cost of any and all such penalties, taxes and interest.

 16. 280G. In the event that any payment or benefits of any type by Company to or for the benefit of Employee,
whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, would exceed the statutory limit under Code Section 280G and result in an excise tax imposed on Employee by Code Section 4999 (or
any similar tax that may hereafter be imposed), then such Employee shall receive, subject to the conditions of this Agreement and in full satisfaction of his rights under this Agreement, (A) such payment and benefits, or (B) an amount
equal to the product of 2.99 and Employee’s “base amount” (as defined in Code Section 280G), whichever yields the highest after-tax benefit to the Employee. Any calculations regarding the applicability of the Code
Section 4999 excise tax to any payments by Company to Employee shall be made in the Company’s discretion. 
  

									
	Stephen M. Jones	  		 	ALLIED NEVADA GOLD CORP.
			
	 /s/ Stephen M. Jones
	  		 	 /s/ Scott A. Caldwell

	Date:	 	 February 29, 2012
	  		 	By:	 	 Scott A. Caldwell

		 		  		 	Its:	 	  

		 		  		 	Date:	 	  

  
 8 

 EXHIBIT A 
 FORM OF EMPLOYEE NONDISCLOSURE, NONCOMPETITION 
 NONSOLICITATION
AND INVENTIONS AGREEMENT 
 This Employee Nondisclosure, Noncompetition, Nonsolicitation and Inventions Agreement
(referred to as the “Agreement”) is entered into on this      day of February, 2012, by and between Allied Nevada Gold Corporation (referred to as the “Company”) and me. 

I desire to be employed by the Company and the Company desires to employ me; however, as a condition of my employment, the Company
requires that I agree to the terms of and execute this Agreement. I understand that if I do not agree to the terms of and execute this Agreement, the Company is unwilling to hire and/or retain me and pay me compensation for my employment.
Accordingly, I agree as follows: 
 1. At-Will Employment. I understand and acknowledge that my employment with the Company is for
an unspecified duration and constitutes “at-will” employment. Any representation, statement or implication to the contrary is unauthorized and not valid unless in writing and signed by both Employee and CEO of the Company. I acknowledge
that this employment relationship may be terminated at any time, with or without cause, for any cause or for no cause, at the option either of the Company or myself, and with or without notice. The Employee and the Company agree that, however,
without modifying or altering the Employee’s “at will” status, each will provide the other with at least thirty (30) days’ prior written notice of termination of the Employee’s employment with the Company. 

2. Confidential, Proprietary and Trade Secret Information. 
 (a) I understand that “Personal Property” refers to all tangible property including but not limited to paper, storage devices, computers, phones, automobiles, machines, tools, equipment,
models, molds, any document, record, customer list, management analysis, notebook, plan, model, component, device, tangible property, or computer software or code, whether embodied in a disk or in any other form, etc., that is used, leased, owned or
controlled by the Company. 
 (b) I understand that “Proprietary Information” means all information that has
commercial value in the business in which the Company is engaged. By way of illustration, but not limitation, Proprietary Information includes any and all technical and non-technical information including patent, copyright, trade secret, proprietary
information and other intellectual property and techniques, sketches, drawings, models, inventions, know-how, processes, apparatus, equipment, algorithms, software programs, software source documents, formulating recipes, and formulae related to the
current, future and proposed products and services of the Company, and includes, without limitation, respective information concerning research, experimental work, development, design details and specifications, engineering, financial information,
procurement requirements, purchasing, manufacturing, customer lists, business forecasts, sales and merchandising and marketing plans and information. 

  
 1 

 “Proprietary Information” also specifically includes but is not limited to joint
ventures, exploration programs, documentation and/or schematics; business proposals and communications; identities of existing investors; details of current mineral exploration land packages, technical reports/studies and associated technical data;
and the identity of any persons or entities associated with or engaged as consultants, advisers, or agents. “Proprietary Information” further includes proprietary or confidential information of any third party who may disclose such
information to the Company or to the Employee in the course of the Company’s business. 
 (c) I understand that
“Trade Secret Information” shall include any information that is a Trade Secret as defined by the Nevada Uniform Trade Secrets Act. 
 (d) I understand that “Confidential Information” means all information disclosed to me or known to me, either directly or indirectly in writing, orally or by drawings or observation of
parts or equipment, as a consequence of or through my employment with the Company, that is not generally known to the public or in the relevant trade or industry about the Company’s business, products, processes, services, employees, investors,
and suppliers. (For purposes of this Agreement, Proprietary, Confidential, and Trade Secret Information will be collectively referenced as “Information.”) 
 (e) I acknowledge that during the performance of my duties with the Company, I will receive and have access to the Company’s Personal Property and Information. (To the extent I may have acquired
Company information while performing work for the Company prior to becoming a Company employee, such Information shall be entitled to the same protections as Information acquired during my course of employment with the Company.) Because of the
nature of the Company’s business, the protection of such Personal Property and Information is of vital concern to the Company. This Information represents one of the most important assets of the Company and enhances the Company’s
opportunity for maintaining business and future growth. 
 (f) In exchange for the consideration set forth in this Agreement, I
further covenant as follows: 
 (i) Both during and following employment, I will hold in strictest confidence the Company’s
Information, and will not disclose it to any individual or entity except with the specific prior written consent of the company, or except as otherwise expressly permitted by the terms of this Agreement, or compelled by legal process. In the event I
am required by law or a court order to disclose any such Information, I shall promptly notify the Company of such requirement and provide the Company with a copy of any court order or of any law which requires such disclosure and, if the Company so
elects, to the extent that it is legally able, permit the Company an adequate opportunity, at its own expense, to contest such law or court order. 
 (ii) Any Trade Secrets of the Company will be entitled to all of the protections and benefits under the Nevada Uniform Trade Secret Act and any other applicable law. If any information that the Company
deems to be a Trade Secret is found by a court of competent jurisdiction not to be a Trade Secret for purposes of this Agreement, such information will, nevertheless, be considered Confidential Information for purposes of this Agreement. I hereby
waive any requirement that the Company submit proof of the economic value of any Trade Secret. 

  
 2 

 (iii) I will not remove from the Company’s premises (except to the extent such removal
is for purposes of the performance of my duties at home or while traveling, or except as otherwise specifically authorized by the Company) the Company’s Personal Property and Information. I recognize that, as between the Company and me, all of
the Personal Property and Information, whether or not developed by me, is the exclusive property of the Company. 
 (iv) I agree
not to use any of the Company’s Personal Property or Information for any purpose, except for the benefit of the Company, and I agree not to disclose, share, provide or allow use of the Company’s Personal Property or Information to or with
any person, firm or corporation without written authorization from the CEO of the Company. I agree to abide by the Company’s policies and regulations for the protection of the Company’s Personal Property and Information. I understand and
agree that the unauthorized disclosure, removal or misuse of such Personal Property or Information will irreparably damage the Company and/or third parties dealing with the Company. 
 3. Past Non-Disclosure. I have not used the Company’s Personal Property or Information for any purpose, except for the benefit of the Company. I further represent that I have not provided the
Company’s Personal Property or Information to any person, firm or corporation for any purpose, except for the benefit of the Company. 
 4.
Non-Disclosure of Former Employer Information. I agree that I will not, during my employment with the Company, improperly use or disclose any confidential, proprietary or trade secret information of any former or concurrent employer or other
person or entity, and that I will not bring onto the premises of the Company any unpublished document or confidential, proprietary or trade secret information belonging to any such employer, person or entity unless consented to in writing by such
employer, person, or entity. 
 5. Inventions. 
 (a) Inventions Retained and Licensed. I have attached hereto, as Exhibit 1, a list describing all inventions, original works of authorship, developments, improvements, and Trade Secrets which were
made by me prior to my employment with the Company (collectively referred to as “Prior Inventions”), which belong to me, and which are not assigned to the Company hereunder; or, if no such list is attached, by my signature to this
Agreement I represent that there are no such Prior Inventions. If in the course of my employment with the Company, I incorporate into a Company product, proceeds or machine a Prior Invention owned by me or in which I have an interest, the Company is
hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide license to make, have made, modify, use and sell such Prior Invention as part of or in connection with such product, process or machine. 

(b) Disclosure and Assignment of Inventions. I agree that I will promptly make full written disclosure to the Company of any and
all inventions, original works of authorship, developments, concepts, improvements, designs, discoveries, ideas, techniques, methods, formulas, processes, trademarks or Trade Secrets, whether or not patentable or registerable under

  
 3 

 
copyright or similar laws, which I may solely or jointly conceive or develop or reduce to practice during the period of time I am in the employ of the Company (collectively referred to as
“Inventions”). I further agree that any and all such Inventions are the sole and exclusive property of the Company; and that I will hold in trust for the sole right and benefit of the Company, will assign and hereby assign to the Company,
or its designee, all my rights, titles, and interests in and to any and all Inventions except as provided in the “Non-Assertion” sub-section below. I hereby waive and quitclaim to the Company any and all claims, of any nature whatsoever,
which I now or may hereafter have for infringement of any patents, mask works or copyrights resulting from any such application for letters patent or mask work or copyright registrations assigned hereunder to the Company. 

(c) Works for Hire. I further acknowledge that all original works of authorship which are made by me (solely or jointly with
others) within the scope of and during the period of my employment with the Company and which are protectable by copyright are “works made for hire,” (hereinafter “Works”) as that term is defined in the United States Copyright
Act or international law and the Company may file applications to register copyright as author thereof. I assign to the Company all rights, including all copyright rights throughout the world, including all renewals and extensions thereof, in and to
all Works created by me, both past and future, during my employment by the Company. I will take whatever steps the Company requests, including, but not limited to, placement of the Company’s proper copyright notice on such Works to secure or
aid in securing copyright protection and will assist the Company or its nominees in filing applications to register claims of copyright in such Works. I will not reproduce, distribute, display publicly, or perform publicly, alone or in combination
with any data processing or networks system, any Works of the Company without the written permission of the Company. 
 (d)
Patent and Copyright Registrations. I further agree to execute all applications, assignments, contracts and other instruments, as the Company deems necessary to effectuate the intent of this Agreement. If the Company is unable because of my
mental or physical incapacity or for any other reason to secure my signature on any such document, then I hereby irrevocably designate and appoint the Company and its duly authorized officers and agents as my agent and attorney in fact to act for
and in my behalf and stead to execute and file any such document and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent or copyright registrations thereon with the same legal force and effect as if
executed by me. 
 (e) Maintenance of Records. I agree to keep and maintain adequate and current written records of all
Inventions made by me (solely or jointly with others) during the term of my employment with the Company. The records will be in the form of notes, sketches, drawings, and any other format that may be specified by the Company. The records will be
available to and remain the sole property of the Company at all times. 
 (f) Non-Assertion. Except for matters listed in
Exhibit 1 to this Agreement, I will not assert any rights as to any inventions, copyrights, patents, discoveries, concepts, or ideas or improvements thereof, or know-how related thereto, as having been made or acquired by me prior to my being
employed by the Company, or since the date of my employment and not otherwise covered by the terms of this Agreement. 

  
 4 

 6. No Solicitation of Employees. I acknowledge that the Company has invested substantial time, effort
and expense in training and assembling its present staff. In order to protect that investment by the Company, for a period of one (1) year following termination of my employment with the Company, regardless of the reason for such termination, I
will not hire, attempt to hire or solicit any individual who is an employee of the Company at the time of termination or was an employee of the Company at any time during the year preceding termination of my employment with the Company. 

7. No Solicitation or Acceptance of Business from Customers or Business Partners. I agree that I, whether acting directly or indirectly, whether
as a principal, consultant, employee, owner, shareholder, director, officer, partner, advisor, agent, financier, independent contractor or otherwise, during the period of my employment with the Company and for a period of 1 year immediately
following the termination of my employment for any reason (voluntary or involuntary), whether with or without cause: 
 (a) Will
not either directly or indirectly, either for myself or for any other person or entity, solicit, induce, recruit or encourage any of the Company’ Customers (as defined below) to reduce or negatively change or otherwise alter their existing
relationship, course of dealing or level of business with the Company. This prohibition specifically includes soliciting, inducing, recruiting or encouraging any of the Company’ Customers to send or do business with an alternative business or
entity; 
 (b) Canvass, solicit or accept competing business from any Customer or Prospective Customer, Business Partner, or
Prospective Business Partner of the Company. 
 For purposes of this Agreement, a “Customer” is any person or entity
to whom the Company has sold any of its products or services in the 2 years preceding my separation from employment with the Company. A “Prospective Customer” is any person or entity to whom the Company has provided a written proposal to
deliver products or services in the 1 year preceding my separation from employment with the Company. A “Business Partner” is an individual or entity who is a property owner or joint venture partner associated with the Company. A
“Prospective Business Partner” is an individual or entity whom the Company is or was actively pursuing as a potential partner or a business associate, as evidenced by outstanding written proposals from the Company to the prospective
partner or business associate at any time during the 1 year preceding the termination of my employment with the Company. 
 8.
Non-Competition. I agree that during the period of my employment with the Company and for a period of 1 year immediately following the termination of my employment with the Company for any reason (voluntary or involuntary), within the
Protected Areas, I, whether acting directly or indirectly, whether as a principal, consultant, employee, owner, shareholder, director, officer, partner, advisor, agent, financier, independent contractor or otherwise, will not: 

(a) Either directly or indirectly, for myself or any third party, divert or attempt to divert any business of the Company; 

(b) Engage in gold mining or mine exploration; 

  
 5 

 (c) Accept any position or affiliation with a company as a result of which I will, in the
regular and ordinary course of business, necessarily be called upon, required, or expected to reveal, base judgments on, or otherwise use Information that I have received during my employment with the Company; 

(d) Engage or invest in, own, manage, operate, finance, control, or participate in, lend my name or credit to, or render services or
advice to, any business that conducts gold mining or mine exploration, provided, however, that the beneficial ownership of less than 5% of any class of securities of any entity having a class of equity securities actively traded on a national
securities exchange or the Nasdaq Stock Market will not be deemed, in and of itself, to violate the prohibitions of this paragraph. 
 The “Protected Areas” for purposes of this Agreement shall constitute the State of Nevada and other mineral districts in which the Company (i) is engaging in business or actively pursuing
an exploration, development or mining opportunity, as evidenced by outstanding proposals from the Company to the prospective partner or individual entity with whom the Company is pursuing a business relationship at the time of termination of my
employment with the Company. 
 9. Extension of Non-Solicitation and Non-Compete Covenants. The period of time applicable to the
covenants not to solicit and not to compete will be extended by the duration of any violation by me of such covenant(s). In addition, the time periods applicable to the covenants not to solicit employees and not to compete will be extended by the
duration of any period of time during which I am retained as a consultant to the Company or an independent contractor by the Company (in any capacity). 
 10. Returning Personal Property and Confidential, Proprietary, or Trade Secret Information. Upon termination of employment, or upon the request of the Company during employment, I will return to
the Company all of the Personal Property and Information in my possession or subject to my control, and I shall not retain any copies, abstracts, sketches, or other physical embodiment of any of the Personal Property or Information. I also agree
that I will not recreate, copy or deliver to anyone else any Personal Property and Information of the Company. 
 11. Reasonableness of
Restrictions. I agree and acknowledge that the restrictions of this Agreement are reasonable and necessary, and will not prevent me from obtaining adequate and gainful employment upon termination of my employment with the Company. 

12. Duty of Loyalty. I agree that during my employment with the Company, I will not participate in, assist, or take any action designed to benefit
a person or entity engaging in any business that competes or plans to compete with the Company. 
 13. Survival. Termination of my
employment, whether voluntary or involuntary, whether with or without cause (even if I believe such termination is in violation of the law or contract), shall not impair or relieve me of my obligations set forth in this Agreement, which shall
survive the termination. 
 14. Remedies and Relief. I agree that it would be impossible or inadequate to measure and calculate the
Company’s damages and that the Company will be immediately and irreparably 

  
 6 

 
harmed from any breach of the restrictive covenants set forth in this Agreement. Accordingly, I agree that in addition to any remedies at law or equity that may be available to the Company for
such breach, the Company may also seek specific performance, seek appropriate injunctive relief to prevent a breach, and seek any other relief that may be available. Such relief shall be in addition to other remedies available and shall not
constitute an election of remedies. 
 (a) Costs and Attorneys’ Fees. In the event that a dispute under this
Agreement arises, the prevailing party shall be entitled to recover its reasonable attorney’s fees and costs incurred in pursuing or defending the matter. 
 (b) Indemnity. I agree to indemnify and hold the Company harmless from and against (i) any and all claims, demands, proceedings, suits and actions against the Company, and (ii) any and
all losses, liabilities, damages, costs suffer by the Company, resulting from any breach of this Agreement. 
 15. General Provisions.

 (a) Governing Law; Consent to Personal Jurisdiction. The laws of the state of Nevada shall govern this Agreement. In
any legal proceeding arising under this Agreement, venue shall be in Washoe County, Nevada, and Employee consents to personal jurisdiction in Nevada and Washoe County. The venue choice set forth herein shall not limit or restrict the Company’s
right, at its sole discretion, to pursue the equitable, injunctive or specific performance remedies set forth in this Agreement in any jurisdiction or venue where I may be found or where a breach or threatened breach may or has occurred. 

(b) Entire Agreement; Enforcement of Right. This Agreement sets forth the entire agreement and understanding between the Company
and me relating to the subject matter herein and merges all prior discussion between us. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing signed by me and the
CEO of the Company. No oral waiver, amendment or modification will be effective under any circumstances whatsoever. The failure by either party to enforce any rights hereunder will not be construed as a waiver of any rights of such party. Any
subsequent change or changes in my duties, salary or compensation will not affect the validity or scope of this Agreement. 

(c) Enforceability. The parties intend that the covenants contained in this section shall be construed as a series of separate
covenants. If any provision of this Agreement is determined to be to be wholly or partially illegal, invalid, contrary to public policy or unenforceable, the legality, validity, and enforceability of the remaining parts, terms, or provisions shall
not be affected thereby, and said illegal, unenforceable, or invalid part, term, or provision shall be first amended to give it/them the greatest effect allowed by law and to reflect the intent of the parties. If modification is not possible, such
term shall be severed from this Agreement. 
 (d) Successors. This Agreement will be binding upon my heirs, executors,
administrators and other legal representatives and will be for the benefit of the Company, its successors, and its assigns. 

  
 7 

 (e) Assignment and Addition of Parties. I agree that this Agreement, specifically
including the non-compete, non-solicitation and confidentiality provisions, may be assigned by the Company, including to a successor-in-interest to Company’s business whether by sale of assets, stock, merger or otherwise, and I consent to any
such assignment. The assignment is supported by consideration, including my employment, continued employment and/or the first 10% of any bonus I receive from the Company. 
 Employee Acknowledgment 
 I acknowledge that I have read and understand the provisions of
this Agreement, and I have been given an opportunity for my legal counsel to review this Agreement. I further acknowledge that the provisions of this Agreement are reasonable, and I will fully and faithfully comply with this Agreement. Finally, I
acknowledge that I have entered into this Agreement freely and voluntarily and not as the result of any threat, promise or undue influence made or exercised by the Company or any other party. 

 

											
		 	Date:	 	 February 29, 2012
	 		 		 	 /s/ Stephen M. Jones

		 		 		 		 		 	Signature
		 		 		 		 		 	Stephen M. Jones, Employee
						
		 	Date:	 	  
	 		 		 	 /s/ Scott A. Caldwell

		 		 		 		 		 	Signature
						
		 		 		 		 		 	Scott A. Caldwell, CEO
		 		 		 		 		 	Allied Nevada Gold Corp.

  
 8 

 EXHIBIT 1 
 LIST OF PRIOR INVENTIONS, DISCOVERIES OR IDEAS 
 AND ORIGINAL WORKS OF AUTHORSHIP
CREATED, DEVELOPED OR 
 CONCEIVED BY THE EMPLOYEE PRIOR TO BEGINNING EMPLOYMENT WITH THE COMPANY 

 
  
  

					
	TITLE	  	DATE	  	IDENTIFYING NUMBER OR BRIEF
DESCRIPTION
		  		  	
		  		  	
		  		  	

                         I
have no inventions, discoveries, ideas or original works of authorship. 

                        
Additional Sheets Attached. 

                         I
agree to immediately correct or amend this list with written notification to the Company. 
  

							
		 	Signature of Employee:	 	  
	  	
				
		 	Print Name of Employee:	 	  
	  	
				
		 	Date: ___________        	 		  	

  
 9

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