Document:

ex10_1-401ksup.htm

    Exhibit
      10.1

    

    HIBBETT
      SPORTS, INC.

    SUPPLEMENTAL
      401(k) PLAN

    Effective
      January 1, 2008

    

    ARTICLE
      I

    

    DEFINITIONS

    

    
      	
              1.01

            	
              Administrator

            

    

    

    Administrator
      means the Director of
      Human Resources, or any other employee designated by the Director of Human
      Resources.

    

    
      	
              1.02

            	
              Account

            

    

    

    Account
      means the account or
      bookkeeping record reflecting a Participant’s interest in the Plan.  A
      Participant may have several Accounts in the Plan.

    

    
      	
              1.03

            	
              Affiliate

            

    

    

    Affiliate
      means any corporation which,
      when considered with Hibbett Sports, Inc., would constitute a controlled group
      of corporations within the meaning of Code section 1563(a), determined without
      regard to Code sections 1563(a)(4) and 1563(e)(3)(C) or any entity, whether
      or
      not incorporated which, when considered with Hibbett Sports, Inc., would
      constitute a controlled group in accordance with Code section 414(c) and
      regulations promulgated thereunder.

    

    
      	
              1.04

            	
              Beneficiary

            

    

    

    Beneficiary
      means the person or entity
      specified by a Participant on forms prescribed by the Company for that
      purpose.  If a Participant does not designate a Beneficiary or if the
      designated Beneficiary predeceases the Participant or is not in existence on
      the
      date of the Participant’s death, then Beneficiary means the Participant’s
      surviving spouse, or if there is no surviving spouse, the executor(s) or
      administrator(s) of the Participant’s estate.

    

    
      	
              1.05

            	
              Board
                of Directors

            

    

    

    Board
      of Directors means the Board of
      Directors of Hibbett Sports, Inc.

    

    
      	
              1.06

            	
              Cause

            

    

    

    Cause
      means the determination by the
      Board in the exercise of its reasonable judgment that the Participant has
      committed an act or acts constituting (a) a felony or other crime involving
      dishonesty, theft or embezzlement, or (b) fraud.

    

    
      	
              1.07

            	
              Change
                in Control

            

    

    

    A
      Change in Control means a change in
      the ownership of the Company, a change in effective control of the Company,
      or a
      change in the ownership of a substantial portion of the assets of the
      Company.  A change in the ownership of the Company occurs on the date
      that any one person, or more than one person, acting as a group, acquires
      ownership of stock of the Company that, together with stock held by such person
      or group constitutes more than 50% of the total fair market value or total
      voting power of the stock of the Company.  A change in the effective
      control of the Company occurs only on (i) the date any one person or group
      acquires ownership of stock of the Company possessing 30% or more of the total
      voting power of the stock, or (ii) the date a majority of the members of the
      Company’s Board is replaced

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    during
      any 12 month period by directors whose appointment or election is not endorsed
      by a majority of the members of the Company’s Board before the date of the
      appointment or election.  A change in the ownership of a substantial
      portion of the assets of the Company occurs on the date that any one person
      or
      group acquires assets from the Company that have a total gross fair market
      value
      equal to more than 40% of the total gross fair market value of all the assets
      of
      the Company immediately before such acquisition.  This definition of
      Change in Control shall be interpreted in a manner that is consistent with
      Treasury Regulation section 1.409A-3(i)(5).

    

    
      	
              1.08

            	
              Code

            

    

    

    Code
      means the Internal Revenue Code of
      1986, as amended.  Reference to specific sections of the Code includes
      those sections and any comparable sections of future legislations that modify,
      amend, supplement, supersede or recodify such sections.

    

    
      	
              1.09

            	
              Committee

            

    

    

    Committee
      means the Administrative
      Committee appointed by the Board or the Compensation Committee to administer
      the
      Plan.

    

    
      	
              1.10

            	
              Company

            

    

    

    Company
      means Hibbett Sports, Inc. and
      all of its Affiliates that have adopted the Plan.

    

    
      	
              1.11

            	
              Compensation

            

    

    

    Compensation
      means compensation as
      defined in section 1.16 of the 401(k) Plan without regard to the limit on
      compensation that may be recognized under Code section 401(a)(17) and with
      the
      inclusion of compensation deferred by the Participant pursuant to Plan section
      3.01 for any relevant period.

    

    
      	
              1.12

            	
              Disability

            

    

    

    A
      Participant is considered disabled if
      the Participant is (a) unable to engage in any substantial gainful activity
      by
      reason of any medically determinable physical or mental impairment that can
      be
      expected to result in death or can be expected to last for a continuous period
      of not less than 12 months, or (b) by reason of any medically determinable
      physical or mental impairment that can be expected to result in death or can
      be
      expected to last for a continuous period of not less than 12 months, receiving
      income replacement benefits for a period of not less than three months under
      an
      accident and health plan covering employees of the Company.

    

    
      	
              1.13

            	
              Employee

            

    

    

    Employee
      means an individual who is an
      employee of Hibbett Sports, Inc. or an affiliate who has adopted the Plan and
      who is a member of a select group of management or highly compensated employees
      of the Company.

    

    
      	
              1.14

            	
              ERISA

            

    

    

    ERISA
      means the Employee Retirement
      Security Act of 1974, as amended.  References to specific sections of
      ERISA shall include those sections and any comparable sections of future
      legislation that modify, amend, supplement, supersede or recodify such
      sections.

    

    
      	
              1.15

            	
              401(k)
                Plan

            

    

    

    401(k)
      Plan means the Hibbett Sports,
      Inc. 401(k) Plan, as now and hereafter amended.

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    

    
      	
              1.16

            	
              Investment
                Fund

            

    

    

    Investment
      Fund means any of the
      investment funds designated under the 401(k) Plan pursuant to Article XIII
      thereof.

    

    
      	
              1.17

            	
              Key
                Employee

            

    

    

    Key
      Employee means an Employee who, as
      of December 31 of any Plan Year, satisfies the requirements of Code Section
      416(i) (without regard to Code section 416(i)(5)).  Such Employee will
      be considered a Key Employee for purposes of the Plan for the 12-month period
      commencing on the next following April 1; provided, however, that an individual
      will not be considered a Key Employee unless at the time of his or her
      Termination of Employment, the Company is considered a public company pursuant
      to Code section 409A.

    

    
      	
              1.18

            	
              Matching
                Contribution

            

    

    

    Matching
      Contribution means the
      Company’s Matching Contribution which matches Salary Deferral Contributions made
      to the Plan on behalf of a Participant as described in section 4.02 of the
      Plan.

    

    
      	
              1.19

            	
              Participant

            

    

    

    Participant
      means an eligible Employee
      who satisfies the requirements of Article II.  A Participant is
      considered an active Participant if such Participant has an election to make
      a
      Salary Deferral Election in effect.  A Participant who does not have a
      Salary Deferral Election in effect or who is no longer an Employee is considered
      an inactive Participant.

    

    
      	
              1.20

            	
              Plan

            

    

    

    Plan
      means the Hibbett Sports, Inc.
      Supplemental 401(k) Plan.

    

    
      	
              1.21

            	
              Plan
                Year

            

    

    

    Plan
      Year means the annual period
      beginning on January 1st and ending on the following December 31st.

    

    
      	
              1.22

            	
              Salary
                Deferral Contribution

            

    

    

    Salary
      Deferral Contribution means a
      Participant’s pre-tax salary deferrals made under the Plan in accordance with
      Plan section 3.01.

    

    
      	
              1.23

            	
              Salary
                Deferral Election

            

    

    

    Salary
      Deferral Election means the
      Employee’s election in writing to defer amounts under the Plan.

    

    
      	
              1.24

            	
              Termination
                of Employment

            

    

    

    Termination
      of Employment means a
      Participant’s separation from service from the Company or any Affiliate, whether
      by retirement or termination, consistent with Code Section 409A and Treasury
      Regulations thereunder.

    

    
      	
              1.25

            	
              Unforeseeable
                Emergency

            

    

    

    Unforeseeable
      Emergency means a
      Participant’s severe financial hardship resulting from an illness or accident of
      the Participant, the Participant’s spouse or of a dependent (as defined in Code
      section 152),

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    loss
      of
      the Participant’s property due to casualty or other similar extraordinary and
      unforeseeable circumstances arising as a result of events beyond the control
      of
      the Participant.  The amount of the distribution on account of an
      Unforeseeable Emergency may not exceed the amounts necessary to satisfy such
      emergency plus amounts necessary to pay taxes reasonably anticipated as a result
      of the distribution.  Payment may not be made to the extent an
      Unforeseeable Emergency is or may be relieved (a) through reimbursement or
      compensation by insurance or otherwise, or (b) by liquidation of the
      Participant’s assets, to the extent the liquidation of such assets would not
      itself cause severe financial hardship.  Any determination of the
      existence of an Unforeseeable Emergency and the amount to be distributed on
      account thereof shall be made by the Plan Administrator (or such other person
      as
      may be required to make such decisions) in accordance with rules applied in
      a
      uniform and nondiscriminatory manner.

    

    ARTICLE
      II

    

    ELIGIBILITY
      AND PARTICIPATION

    

    
      	
              2.01

            	
              Eligibility
                Requirements

            

    

    

    The
      Committee, in its sole discretion,
      shall designate the Employees who are eligible to participate in the
      Plan.  In no event shall an Employee be eligible to participate in the
      Plan prior to satisfying the eligibility requirements in the 401(k)
      Plan.  The Committee shall notify an Employee of his or her
      eligibility to participate in the Plan in writing no later than December 1
      of
      the year preceding initial participation.

    

    
      	
              2.02

            	
              Participation
                in the Plan

            

    

    

    (a)           An
      eligible Employee becomes a Participant upon his completion of a Salary Deferral
      Election pursuant to Article III.  Each Employee and Participant must
      correctly disclose to the Administrator all requested information necessary
      for
      the administration of the Plan.

    

    (b)           A
      Participant shall continue to be a Participant of the Plan until the date that
      he is no longer entitled to benefits under the Plan.

    

    ARTICLE
      III

    

    DEFERRAL
      ELECTIONS

    

    
      	
              3.01

            	
              Election
                of Deferrals

            

    

    

    (a)           In
      order to become an Active Participant, an eligible Employee must file with
      the
      Administrator a Salary Deferral Election, in accordance with its terms and
      the
      terms and conditions of this section 3.01.  Such Salary Deferral
      Election must be filed no later than the December 31 preceding such Plan Year
      and at such earlier time as may be set by the Committee in its sole
      discretion.

    

    (b)           The
      maximum Salary Deferral Contribution for a Plan Year shall be forty percent
      (40%) of the Participant’s Compensation for such Year.  A
      Participant’s election must be made in one percent (1%) increments.

    

    (c)           Each
      Salary Deferral Election shall be made on a form provided by the Administrator
      and shall specify such information as the Administrator may
      require.

    

    
      	
              3.02

            	
              Election,
                Revocation and Modification of
                Deferrals

            

    

    

    (a)           Except
      as provided in subsection (b) below, a Participant may make an election to
      defer
      Compensation for a Plan Year only if such election is made no later than
      December 31 of the prior Plan Year, or by such earlier date as may be announced
      by the Administrator.  In the case of the initial Plan Year commencing
      January 1, 2008, such election shall be made no later than December 31,
      2007.  Such election

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    shall
      remain in effect for the entire Plan Year and for all subsequent Plan Years
      until the Participant revokes such election or timely files a new election
      applicable to subsequent Plan Year.  Each Deferral Election shall be
      made on a form provided by the Administrator and shall specify such additional
      information as the Administrator may require.

    

    (b)           In
      the case of individuals who become Eligible Employees on or after January 1,
      2008, the first Plan Year in which an Eligible Employee becomes eligible to
      participate in the Plan, the Eligible Employee must make an initial deferral
      election within thirty (30) days after he or she becomes eligible to participate
      in the Plan.  Such election shall only be valid with respect to
      Compensation paid for services rendered after the date of the initial deferral
      election.

    

    ARTICLE
      IV

    

    ACCOUNTS

    

    
      	
              4.01

            	
              Establishment
                of Accounts

            

    

    

    The
      Administrator shall establish and
      maintain separate Accounts and for each Participant of the Plan to credit a
      Participant’s Salary Deferral Contributions and Matching
      Contributions.  As required for appropriate recordkeeping, the
      Administrator may establish and name additional Accounts or sub-accounts for
      each Participant.

    

    
      	
              4.02

            	
              Crediting
                of Salary Deferral
                Contributions

            

    

    

    (a)           Salary
      Deferral Contributions shall be credited to the Participant’s Account as of the
      last day of the payroll period in which such Compensation would otherwise be
      paid to the Participant.

    

    (b)           A
      Participant’s interest in his Account attributable to Salary Deferral
      Contributions and any earnings therein shall be fully vested and
      nonforfeitable.

    

    
      	
              4.03

            	
              Matching
                Contributions

            

    

    

    (a)           Prior
      to the beginning of each Plan Year, the Administrator shall announce the
      Matching Contribution and attach such formula as Exhibit A to this
      Plan.  For the Plan Year beginning January 1, 2008, the company
      Matching Contribution is an amount equal to $.75 for each dollar of Salary
      Deferral Contributions limited to 4.5% of Compensation; provided that the
      Participant was a highly compensated employee during 2006 as determined under
      the 401(k) Plan.  Matching Contributions shall be credited to the
      Participant’s Account annually on December 31st of each
      Plan
      Year.

    

    (b)           A
      Participant’s interest in his Account attributable to Matching Contributions and
      any earnings thereon shall be vested according to the vesting schedule in the
      401(k) Plan.

    

    (c)           Notwithstanding
      any other provision of this Plan, if the Participant experiences a Termination
      of Employment with the Company for Cause, he shall not be entitled to any
      benefit pursuant to Section 4.03 herein.

    

    
      	
              4.04

            	
              Equitable
                Adjustment in Case of Error or
                Omission

            

    

    

    If
      an error or omission is discovered
      in the Account of a Participant, the Administrator shall make such equitable
      adjustment as the Administrator deems appropriate.

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    ARTICLE
      V

    

    INVESTMENTS
      AND VALUATION

    

    
      	
              5.01

            	
              Investment
                of Accounts

            

    

    

    (a)           A
      Participant may direct the investment of his Account among one or more of the
      Investment Funds.  Such direction shall be in writing on a form
      provided by the Administrator and in accordance with procedures established
      by
      the Administrator.  The investment of a Participant’s Account is
      hypothetical and solely for the purpose of crediting earnings on such
      Account.

    

    (b)           The
      investment of a Participant’s Account shall be made in multiples of ten percent
      (10%).  An investment election shall remain in force until
      changed.  Participants may change the investment of their Account with
      respect to the balance in their Account and with respect to any future Salary
      Deferral Contributions and Matching Contributions in accordance with procedures
      established by the Administrator.

    

    
      	
              5.02

            	
              Valuation
                of Bookkeeping
                Accounts

            

    

    

    Each
      Participant’s Account shall be
      valued as of the last day of each calendar quarter and adjusted as of such
      date
      to reflect any gains and losses in the Investment Funds and any other expenses
      or charges attributable to the Account or Investment Fund.

    

    ARTICLE
      VI

    

    DISTRIBUTIONS
      AND WITHDRAWALS

    

    
      	
              6.01

            	
              Termination
                of Employment for Reasons Other than Death or
                Disability

            

    

    

    (a)           In
      the event of a Participant’s Termination of Employment, the Plan shall pay the
      Participant the total value of the Participant’s Account that is vested as of
      the Participant’s Termination of Employment.

    

    (b)           Subject
      to subsection (c) below, a Participant’s Account shall be distributed as soon as
      practicable following his Termination of Employment, but in no event after
      the
      later of (i) the 15th day of
      the third
      month following the Termination of Employment or (ii) the end of the calendar
      year during which the Participant terminated employment.

    

    (c)           In
      the event the Participant is a Key Employee on the date of his Termination
      of
      Employment, the distribution of his Account shall be made on the first day
      of
      the month following the six month anniversary of the participant’s Termination
      of Employment.

    

    
      	
              6.02

            	
              Death
                or Disability

            

    

    

    In
      the event of a Participant’s death
      or Disability, the Plan shall pay the Participant, or his Beneficiary, as the
      case may be, the total value of the Participant’s Account as of his death or
      Disability within 60 days following the date of the Participant’s death or
      Disability.

    

    
      	
              6.03

            	
              Hardship

            

    

    

    (a)           No
      withdrawals or distributions are permitted from the Plan while the Participant
      remains employed by the Company except upon an Unforeseeable
      Emergency.

    

    (b)           A
      distribution of up to 50% of the vested portion of the Participant’s Account
      because of an Unforeseeable Emergency will be permitted only to the extent
      required by the Participant to satisfy the emergency need.  Whether an
      Unforeseeable Emergency has occurred will be determined solely by
      the

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    Administrator.  Distributions
      in the event of an Unforeseeable Emergency may be made by and with the approval
      of the Administrator upon written request by a Participant.

    

    
      	
              6.04

            	
              Form
                of Distribution

            

    

    

    Payment
      shall be made from the Plan to
      a Participant or Beneficiary in a single lump sum in cash.

    

    
      	
              6.05

            	
              Federal
                Income Tax Withholding

            

    

    

    The
      Company shall withhold from any
      payment made by it under the Plan such amount or amounts as may be required
      for
      purposes of complying with the tax withholding or other provisions of the Code,
      the Social Security Act,  as amended, or any federal, state or local
      income or employment tax provision, or otherwise.

    

    
      	
              6.06

            	
              Benefit
                Determination and Payment
                Procedure

            

    

    

    The
      Administrator shall make all
      determinations concerning eligibility for benefits under the Plan, the time
      or
      terms of payment, and the form or manner of payment to the Participant or the
      Participant’s Beneficiary, in the event of the death of the
      participant.  The Administrator shall promptly notify the Company of
      each such determination that benefit payments are due and provide to the Company
      all other information necessary to allow the Company to carry out such
      determination, whereupon the Company shall pay such benefits in accordance
      with
      the Administrator’s determination.

    

    
      	
              6.07

            	
              Distribution
                of Benefit When Distributee Cannot Be
                Located

            

    

    

    The
      Administrator shall make all
      reasonable attempts to determine the identity and/or whereabouts of a
      Participant’s Beneficiary entitled to benefits under the Plan, including the
      mailing by certified mail of a notice to the last know address shown on the
      Company’s or the Administrator’s records.  If the Administrator is
      unable to locate such a person entitled to benefits hereunder, or if there
      has
      been no claim made for such benefits, the Company shall continue to hold the
      benefit due to such person.

    

    
      	
              6.08

            	
              Acceleration
                of Benefits Prohibited

            

    

    

    Except
      as provided in Treasury
      Regulation section 1.409A-3(j), no acceleration in the time or schedule of
      any
      payment or amount scheduled to be paid from the Participant’s Account is
      permitted.

    

    ARTICLE
      VII

    

    FUNDING

    

    
      	
              7.01

            	
              Funding

            

    

    

    (a)           All
      Participants and Beneficiaries are generally unsecured creditors of the Company
      with respect to the benefits due hereunder and the Plan constitutes a mere
      promise by the Company to make benefit payments in the future.  It is
      the intention of the Company that the Plan be considered unfunded for tax
      purposes.

    

    (b)           The
      Company may, but is not required to, purchase life insurance in amounts
      sufficient to provide some or all of the benefits provided under this Plan
      or
      may otherwise segregate assets for such purpose.

    

    (c)           Except
      as provided in Plan section 7.02 below, the Company may, but is not required
      to
      establish a grantor trust which may be used to hold assets of the Company which
      are maintained as reserves against the Company’s unfunded, unsecured obligations
      under the Plan.  Such reserves shall at all times be subject to the
      claims of the Company’s creditors.  To the extent such trust or other
      vehicle is established, and assets contributed for the purpose of fulfilling
      the
      Company’s obligation hereunder, then such

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    obligation
      of the Company shall be reduced to the extent such assets are utilized to meet
      its obligations hereunder.

    

    
      	
              7.02

            	
              Change
                in Control

            

    

    

    Effective
      upon a Change in Control, the
      Company shall contribute to a grantor trust an amount equal to the aggregate
      Account balances of all participants in the Plan.  The trust shall be
      funded with cash or cash equivalents other than stock of the
      Company.

    

    ARTICLE
      VIII

    

    ADMINISTRATION

    

    
      	
              8.01

            	
              Appointment
                of Administrator

            

    

    

    The
      Committee shall serve as the Plan
      Administrator and shall be responsible for the operation and administration
      of
      the Plan except to the extent its duties are allocated to and assumed by persons
      or entities hereunder.

    

    
      	
              8.02

            	
              Duties

            

    

    

    (a)           The
      Committee shall make such rules and regulations as it deems necessary for
      operation of the Plan, shall determine all questions arising in the
      administration, interpretation and application of the Plan, review claims for
      benefits which have been denied, and shall perform all other functions which
      may
      be assigned to it by the Board.

    

    (b)           The
      Committee or its delegate shall maintain, on a plan or calendar year basis,
      employee and other such records as are necessary for the successful operation
      of
      the Plan and shall supply such full and timely information for all matters
      relating to the Plan as the Committee may require for the effective discharge
      of
      its duties.

    

    (c)           The
      Committee or its delegate shall receive all applications for benefits and shall
      establish rules and procedures to be followed by Participants and Beneficiaries
      in filing such applications and for furnishing and verifying all data which
      may
      be required in order to establish their rights to benefits in accordance with
      the Plan.  Upon receipt of an application for benefits, the Committee
      or its delegate shall determine all facts which are necessary to establish
      the
      right of an applicant to benefits and the amount thereof.  All
      approved benefits shall be paid at the direction of the Committee or its
      delegate.  Such payments shall be made in accordance with the
      Committee’s or its delegate’s written directions setting forth the amount of
      such payments and the specific manner in which such payments are to be
      made.

    

    
      	
              8.03

            	
              Benefit
                Claims Review
                Procedure

            

    

    

    (a)           Claims
      for benefits under the Plan may be submitted to the Committee or such person
      as
      the Committee may designate in writing who shall have the initial responsibility
      for determining the eligibility of any Participant or Beneficiary for
      benefits.  Such claims for benefits shall be made in writing and shall
      set forth the facts which such Participant or Beneficiary believes to be
      sufficient to entitle him to the benefit claimed.  The Committee may
      adopt forms for the submission of claims for benefits in which case all claims
      for benefits shall be filed on such forms.

    

    (b)           Upon
      receipt of a claim, the Committee or its delegate must respond in writing within
      90 days.  If necessary, the Committee or its delegate’s first notice
      must indicate any special circumstances requiring an extension of time for
      the
      Committee or its delegate’s decision.

    

    The
      extension notice must indicate the date by which the Committee or its delegate
      expects to give a decision.  An extension of time for processing may
      not exceed 90 days after the end of the initial 90 day period.

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

    

    (c)           If
      the written claim for a Plan benefit is wholly or partially denied or the
      claimant has had no response, the claimant or his duly authorized
      representative, at the sole expense of the claimant, may appeal the denial
      within 60 days of the date of the denial or the expiration of the time period
      provided in subsection (b) to the Committee.  An adverse notice must
      be written in a manner calculated to be understood by the claimant and must
      include (i) each reason for denial; (ii) specific references to the pertinent
      provisions of the Plan or related documents on which the denial is based; (iii)
      a description on any additional material or information necessary for the
      claimant to perfect the claim and an explanation of why that material or
      information is needed; and (iv) appropriate information about the steps to
      be
      taken if the claimant wishes to submit the claim for review.

    

    (d)           In
      pursuing his appeal the claimant or his representative:

    

    
      	
               

            	
              (i)

            	
              may
                request in writing that the Committee review the
                denial;

            

    

    

    
      	
               

            	
              (ii)

            	
              may
                review pertinent documents; and

            

    

    

    
      	
               

            	
              (iii)

            	
              may
                submit issues and comments in
                writing.

            

    

    

    (e)           The
      decision on review shall be made within 60 days; provided that the 60 day period
      may be extended for an additional 60 days by written notice to the claimant
      setting forth the reasons for the extension.  The decision on review
      shall be made in writing, shall include specific reasons for the decision,
      shall
      be written in a manner calculated to be understood by the claimant and shall
      contain specific references to the pertinent Plan provisions on which the
      decision is based.

    

    
      	
              8.04

            	
              Fiduciary
                Discretion

            

    

    

    In
      discharging the duties assigned to
      it under the Plan, the Committee and each other fiduciary with respect to the
      Plan has the discretion to interpret the Plan; adopt, amend and rescind rules
      and regulations pertaining to its duties under the Plan; and to make all other
      determinations necessary or advisable for the discharge of its duties under
      the
      Plan.  Each fiduciary’s discretionary authority is absolute and
      exclusive if exercised in a uniform and nondiscriminatory manner with respect
      to
      similarly situated individuals.  The express grant in the Plan of any
      specific power to a fiduciary with respect to any duty assigned to it under
      the
      Plan must not be construed as limiting any power or authority of the fiduciary
      to discharge its duties.  A fiduciary’s decision is final and
      conclusive unless it is established that the fiduciary’s decision constituted an
      abuse of its discretion.

    

    ARTICLE
      IX

    

    AMENDMENT
      OR TERMINATION OF THE PLAN

    

    
      	
              9.01

            	
              Amendment
                or Termination of Plan

            

    

    

    The
      Plan may be terminated or amended
      at any time by the Board, effective as of any date specified provided, however,
      that any termination must comply with the requirements of Code section
      409A.  Any such action taken by the Board shall be evidenced by a
      resolution.  No amendment or termination shall decrease the value of a
      Participant’s Account accrued prior to the effective date of the amendment or
      termination.

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    ARTICLE
      X

    

    GENERAL
      PROVISIONS

    

    
      	
              10.01

            	
              No
                Guaranty of Employment

            

    

    

    The
      Plan shall not be deemed to
      constitute a contract between the Company and any Participant or to be
      consideration or an inducement for the employment of any Participant of the
      Company.  Nothing contained in the Plan shall be deemed to give any
      Participant the right to be retained in the service of the Company or to
      interfere with the rights of the Company to discharge or to terminate the
      service of any Participant at any time without regard to the effect such
      discharge or termination may have on any rights under the Plan.

    

    
      	
              10.02

            	
              Payments
                to Minors and
                Incompetents

            

    

    

    If
      a Participant or Beneficiary
      entitled to receive any benefits hereunder is a minor or is deemed so by the
      Administrator or is adjudged to be legally incapable of giving valid receipt
      and
      discharge for such benefits, benefits will be paid to such person as the
      Administrator might designate.  Such payments shall, to the extent
      made, be deemed a complete discharge of any liability for such payment under
      the
      Plan.

    

    
      	
              10.03

            	
              Non-Alienation
                of Benefits

            

    

    

    To
      the extent permitted by law, no
      benefit payable under the Plan will be subject in any manner to anticipation,
      assignment, garnishment, or pledge; and any attempt to anticipate, assign,
      garnish or pledge the same will be void and no such benefits will be made in
      any
      manner liable for or subject to the debts, liabilities, engagements or torts
      of
      any Participants.

    

    
      	
              10.04

            	
              Headings
                and Subheadings

            

    

    

    The
      headings and subheading in this
      Plan have been inserted for convenience of reference only and are to be ignored
      in any construction of the provisions hereof.

    

    
      	
              10.05

            	
              Use
                of Masculine and Feminine; Singular and
                Plural

            

    

    

    In
      the construction of the Plan the
      masculine shall include the feminine and the singular the plural in all cases
      where such meanings are indicated by the context.

    

    
      	
              10.06

            	
              Beneficiary
                Designation

            

    

    

    At
      the time of enrollment in the Plan,
      each Participant, if applicable, must designate a Beneficiary to receive
      settlement of his Plan account in the event of his death during
      employment.  A Participant may, from time to time, change a
      Beneficiary or Beneficiaries under the Plan.  In the event that no
      designated Beneficiary is surviving at the time of the Participant’s death,
      settlement under the Plan will be made as provided in Plan section
      1.04.

    

    
      	
              10.07

            	
              Errors
                and Omissions

            

    

    

    It
      shall be the responsibility of those
      individuals and entities charged with the administration of the Plan to see
      that
      it is administered in accordance with its terms.  In the event an
      innocent error or omission is discovered in the operation or administration
      of
      the Plan, then the Committee may correct such error as it deems necessary or
      desirable in a manner consistent with the goodwill intended to be engendered
      by
      the Plan and to put Participants in the same relative position they would have
      been in but for such error or omission.

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    

    
      	
              10.08

            	
              Governing
                Law

            

    

    

    The
      Plan shall be construed, enforced
      and administered in accordance with the laws of the State of
      Alabama.

    

    
      	
              10.09

            	
              Binding
                Effect

            

    

    

    The
      Plan shall be binding upon and
      inure to the benefit of the Company, its successors and assigns, and the
      Participant and his heirs, executors, administrators and legal
      representatives.

    

    
      	
              10.10

            	
              Effect
                on Other Plans

            

    

    

    The
      amount of Compensation deferred
      under the Plan and the crediting of any Matching Contribution shall not be
      deemed to be earnings or compensation for the purpose of calculating a
      Participant’s benefits or contribution under a retirement or deferral plan of
      the Company or the basis for determining benefits under any other benefit plan
      provided by the Company, except to the extent provided in any such
      plan.  No amount distributed under this Plan shall be deemed to be
      earnings or a part of the Participant’s total Compensation when determining a
      Member’s benefit under any benefit plan established by a Company, unless
      otherwise provided in such plan.

    

    
      	
              10.11

            	
              Other
                Benefits and
                Agreements

            

    

    

    The
      benefits provided for a Participant
      under the Plan are not intended to duplicate any other benefits available to
      such Participant under any other plan or program of the Corporation for its
      employees, and, except as may otherwise be expressly provided for, the Plan
      shall not duplicate, supersede, modify or amend any other plan or program of
      the
      Company in which a Participant is participating.

    

    ARTICLE
      XI

    

    ADOPTION
      OF PLAN

    

    As
      evidenced of it adoption of the Plan
      herein constituted, Hibbett Sports, Inc. has caused this instrument to be signed
      by its duly authorized officer this 29th day of
      November,
      2007.

    

    
      	 	
              HIBBETT
                SPORTS, INC.

            
	 	 	 
	 	
              By:

            	
              /s/
                Michael J. Newsome

            
	 	 	
              Michael
                J. Newsome

            
	 	 	 
	 	
              Title:

            	
              Chairman
                of the Board and Chief Executive
                Officer

            

    

    

    

    

    -
      END of Exhibit 10.1 -

     

     

     

     

     

     

    -11-<page>

Exhibit 10.1

                          SECURITIES PURCHASE AGREEMENT

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO
AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO
THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH MUST BE REASONABLY
ACCEPTABLE TO THE COMPANY.

         THIS SECURITIES PURCHASE AGREEMENT (this "AGREEMENT") is dated as of ,
2007, among Bullion River Gold Corp., a Nevada corporation (the "COMPANY"), and
each purchaser identified on the signature pages hereto (each, including its
successors and assigns, a "PURCHASER" and collectively the "PURCHASERS"); and

         WHEREAS, subject to the terms and conditions set forth in this
Agreement and pursuant to Section 4(2) of the Securities Act (as defined below),
and Rule 506 promulgated thereunder, the Company desires to issue and sell to
each Purchaser, and each Purchaser, severally and not jointly, desires to
purchase from the Company shares of Common Stock and Warrants on the Closing
Date.

         IN CONSIDERATION of the mutual covenants contained in this Agreement,
and for other good and valuable consideration the receipt and adequacy of which
are hereby acknowledged, the Company and each Purchaser agrees as follows:

                                   ARTICLE I.
                                   DEFINITIONS

         1.1 DEFINITIONS. For all purposes of this Agreement:

                  "AFFILIATE" means any Person that, directly or indirectly
         through one or more intermediaries, controls or is controlled by or is
         under common control with a Person as these terms are used in and
         construed under Rule 144, and any investment fund or managed account
         that is managed on a discretionary basis by the same investment manager
         as a Purchaser.

                  "CLOSING" means the closing of the purchase and sale of the
         Common Stock and the Warrants under Section 2.1.

                  "CLOSING DATE" means the Trading Day when all of the
         Transaction Documents have been executed and delivered by the
         applicable parties.

                  "COMMISSION" means the Securities and Exchange Commission.

                  "COMMON STOCK" means the common shares of the Company with a
         par value of $0.001 per share, and any securities into which the common
         shares might be reclassified.

<PAGE>

                  "COMMON STOCK EQUIVALENTS" means any securities of the Company
         or the Subsidiaries that would at any time entitle the holder to
         acquire Common Stock, including without limitation, any debt, preferred
         stock, rights, options, warrants or other instrument that is at any
         time convertible into or exchangeable for, or otherwise entitles the
         holder thereof to receive, Common Stock.

                  "EFFECTIVE DATE" means the date that the Registration
         Statement is first declared effective by the Commission.

                  "LIENS" means a lien, charge, security interest, encumbrance,
         and right of first refusal, preemptive right or other restriction.

                  "MATERIAL ADVERSE EFFECT" is defined in Section 3.1(b).

                  "PER SHARE PURCHASE PRICE" equals $0.25, subject to adjustment
         for reverse and forward stock splits, stock dividends, stock
         combinations and other similar transactions of the Common Stock that
         occur after the date of this Agreement.

                  "PERSON" means an individual or corporation, partnership,
         trust, incorporated or unincorporated association, joint venture,
         limited liability company, joint stock company, government (or an
         agency or subdivision thereof) or other entity of any kind.

                   "PROCEEDING" means an action, claim, suit, investigation or
         proceeding (including, without limitation, an investigation or partial
         proceeding, such as a deposition), whether commenced or threatened.

                  "REGISTRATION RIGHTS AGREEMENT" means the Registration Rights
         Agreement, dated as of the date of this Agreement, among the Company
         and each Purchaser, in the form of the Attachment 2.

                  "REGISTRATION STATEMENT" means a registration statement
         meeting the requirements set forth in the Registration Rights Agreement
         and covering the resale by the Purchasers of the Shares and the Warrant
         Shares.

                  "REQUIRED APPROVALS" is defined in Section 3.1(e).

                  "RULE 144" means Rule 144 promulgated by the Commission
         pursuant to the Securities Act, as such Rule may be amended from time
         to time, or any similar rule or regulation hereafter adopted by the
         Commission having substantially the same effect as such Rule.

                  "SECURITIES" means the Shares, the Warrants and the Warrant
Shares.

                  "SECURITIES ACT" means the Securities Act of 1933.

                  "SHARES" means the shares of Common Stock issued or issuable
         to each Purchaser under to this Agreement.

                                       2 of 15
<PAGE>

                  "SUBSCRIPTION AMOUNT" means, as to each Purchaser, the amount
         set below each Purchaser's signature block on the signature page, in
         United States dollars and in immediately available funds.

                   "SUBSIDIARY" means any subsidiary of the Company and any
         future direct or indirect subsidiary of the Company.

                  "TRADING DAY" means a day on which the Common Stock is quoted
         or traded on a Trading Market.

                  "TRADING MARKET" means the American Stock Exchange, the New
         York Stock Exchange, the Nasdaq National Market, the Nasdaq SmallCap
         Market or the OTC Bulletin Board.

                  "TRANSACTION DOCUMENTS" means this Agreement, the Warrants and
         the Registration Rights Agreement and any other documents or agreements
         executed in connection with the transactions contemplated hereunder.

                  "WARRANTS" means the Common Stock Purchase Warrants in the
         form of the attached Attachment 1.

                  "WARRANT SHARES" means the shares of Common Stock issuable
         upon exercise of the Warrants.

                                  ARTICLE II.
                                PURCHASE AND SALE

         2.1 CLOSING. On the Closing Date, each Purchaser will purchase from the
Company, severally and not jointly with the other Purchasers, and the Company
will issue and sell to each Purchaser, (a) a number of Shares equal to such
Purchaser's Subscription Amount divided by the Per Share Purchase Price and (b)
the Warrants as determined pursuant to Section 2.2(a)(iii). Upon satisfaction of
the conditions set forth in Section 2.3, the Closing will occur at the offices
of the Company or such other location as the parties will mutually agree.

         2.2 DELIVERIES.

                  (a) On the Closing Date, the Company will deliver or cause to
         be delivered to each Purchaser the following:

                           (i) this Agreement duly executed by the Company;

                           (ii) a certificate evidencing a number of Shares
                  equal to the Purchaser's Subscription Amount divided by the
                  Per Share Purchase Price, registered in the name of the
                  Purchaser;

                           (iii) a Warrant, registered in the name of the
                  Purchaser, pursuant to which the Purchaser has the right to
                  acquire up to the number of shares of

                                       3 of 15
<PAGE>

                  Common Stock equal to the Warrant Shares identified in the
                  Securities Purchase Agreement to be issued to the Purchaser;
                  and

                           (iv) the Registration Rights Agreement duly executed
                  by the Company.

                  (b) On the Closing Date, each Purchaser will deliver or cause
         to be delivered to the Company the following:

                           (i) this Agreement duly executed by the Purchaser;

                           (ii) the Purchaser's Subscription Amount by wire
                  transfer as per the wire instructions provided by the Company;
                  and

                           (iii) the Registration Rights Agreement duly executed
                  by the Purchaser.

         2.3 CLOSING CONDITIONS.

                  (a) The obligations of the Company in connection with the
         Closing are subject to each of the following conditions being met:

                           (i) The representations and warranties of the
                  Purchasers are accurate in all material respects when they
                  were made and on the Closing date.

                           (ii) The Purchasers have performed all obligations,
                  covenants and agreements required to be performed by the
                  Closing Date.

                           (iii) The Purchasers have delivered the items set
                  forth in Section 2.2(b) of this Agreement.

                  (b) The respective obligations of the Purchasers in connection
         with the Closing are subject to each of the following conditions being
         met:

                           (i) The representations and warranties of the Company
                  are accurate in all material respects on the Closing Date.

                           (ii) The Company has performed all obligations,
                  covenants and agreements required to be performed by the
                  Closing Date.

                           (iii) The Company has delivered the items set forth
                  in Section 2.2(a)of this Agreement.

                                  ARTICLE III.
                         REPRESENTATIONS AND WARRANTIES

         3.1 REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company
represents and warrants to each Purchaser:

                  (a) SUBSIDIARIES. The Company owns, directly or indirectly,
         all of the capital stock or other equity interests of each Subsidiary
         free and clear of any Liens, and all the

                                       4 of 15
<PAGE>

         issued and outstanding shares of capital stock of each Subsidiary are
         validly issued and are fully paid, non-assessable and free of
         preemptive and similar rights to subscribe for or purchase securities.

                  (b) ORGANIZATION AND QUALIFICATION. Each of the Company and
         the Subsidiaries is an entity duly incorporated or otherwise organized,
         validly existing and in good standing under the laws of the
         jurisdiction of its incorporation or organization (as applicable), with
         the requisite power and authority to own and use its properties and
         assets and to carry on its business as currently conducted. Neither the
         Company nor any Subsidiary is in violation or default of any of the
         provisions of its respective certificate or articles of incorporation,
         bylaws or other organizational or charter documents. Each of the
         Company and the Subsidiaries is duly qualified to conduct business and
         is in good standing as a foreign corporation or other entity in each
         jurisdiction in which the nature of the business conducted or property
         owned by it makes such qualification necessary, except where the
         failure to be so qualified or in good standing could not reasonably be
         expected to have (i) a material adverse effect on the legality,
         validity or enforceability of any Transaction Documents, (ii) a
         material adverse effect on the results of operations, assets, business,
         prospects or financial condition of the Company and the Subsidiaries,
         taken as a whole, or (iii) a material adverse effect on the Company's
         ability to perform in any material respect on a timely basis its
         obligations under any Transaction Documents (any of (i), (ii) or (iii),
         a "MATERIAL ADVERSE EFFECT") and no Proceeding has been instituted in
         any such jurisdiction revoking, limiting or curtailing or seeking to
         revoke, limit or curtail such power and authority or qualification.

                  (c) AUTHORIZATION; ENFORCEMENT. The Company has the requisite
         corporate power and authority to enter into and to consummate the
         transactions contemplated by each of the Transaction Documents and
         otherwise to carry out its obligations under them. The Company's
         execution and delivery of each of the Transaction Documents and its
         consummation of the transactions contemplated by them have been duly
         authorized by all necessary action on the part of the Company and no
         further action is required by the Company in their connection other
         than in connection with the Required Approvals. Each Transaction
         Documents has been (or upon delivery will have been) duly executed by
         the Company and, when delivered in accordance with the terms hereof,
         will constitute the valid and binding obligation of the Company
         enforceable against the Company in accordance with its terms except (i)
         as limited by applicable bankruptcy, insolvency, reorganization,
         moratorium and other laws of general application affecting enforcement
         of creditors' rights generally and (ii) as limited by laws relating to
         the availability of specific performance, injunctive relief or other
         equitable remedies.

                  (d) NO CONFLICTS. The Company's execution, delivery and
         performance of the Transaction Documents, its issuance and sale of the
         Shares and its consummation of the other transactions contemplated
         hereby do not and will not (i) conflict with or violate any provision
         of the Company's or any Subsidiary's certificate or articles of
         incorporation, bylaws or other organizational or charter documents, or
         (ii) conflict with or result in a violation of any law, rule,
         regulation, order, judgment, injunction, decree or other restriction of
         any court or governmental authority to which the Company or a
         Subsidiary is subject (including federal and state securities laws and
         regulations).

                                       5 of 15
<PAGE>

                  (e) FILINGS, CONSENTS AND APPROVALS. The Company is not
         required to obtain any consent, waiver, authorization or order of, give
         any notice to, or make any filing or registration with, any court or
         other federal, state, local or other governmental authority or other
         Person in connection with its execution, delivery and performance of
         the Transaction Documents, other than (i) the filing with the
         Commission of the Registration Statement, and (ii) any filings that are
         required by applicable federal and state securities laws (collectively,
         the "REQUIRED APPROVALS").

                  (f) ISSUANCE OF THE SECURITIES. The Shares and Warrants are
         duly authorized and, when issued and paid for in accordance with the
         Transaction Documents, will be duly and validly issued, fully paid and
         nonassessable, free and clear of all Liens imposed by the Company other
         than restrictions on transfer provided for in the Transaction
         Documents. The Warrant Shares, when issued in accordance with the terms
         of the Transaction Documents, will be validly issued, fully paid and
         nonassessable, free and clear of all Liens imposed by the Company. The
         Company has reserved from its duly authorized capital stock the maximum
         number of shares of Common Stock issuable pursuant to this Agreement
         and the Warrants.

                  (g) PRIVATE PLACEMENT. Assuming the accuracy of the Purchasers
         representations and warranties set forth in Section 3.2, no
         registration under the Securities Act is required for the offer and
         sale of the Securities by the Company to the Purchasers. The issuance
         and sale of the Securities does not contravene the rules and
         regulations of the Trading Market.

                  (h) INVESTMENT COMPANY. The Company is not, and is not an
         Affiliate of, and immediately after receipt of payment for the Shares,
         will neither be nor be an Affiliate of, an "investment company" within
         the meaning of the Investment Company Act of 1940, as amended. The
         Company will conduct its business in such a manner that it will not
         become subject to the Investment Company Act.

                  (i) DISCLOSURE. The Company confirms that neither the Company
         nor any other Person acting on its behalf has provided any of the
         Purchasers or their agents or counsel with any information that
         constitutes or might constitute material, non-public information. All
         disclosure provided to the Purchasers regarding the Company, its
         business and the transactions contemplated by it furnished by or on
         behalf of the Company with respect to the representations and
         warranties are true and correct and do not contain any untrue statement
         of a material fact or omit to state any material fact necessary in
         order to make the statements, in light of the circumstances under which
         they were made, not misleading. The Company acknowledges and agrees
         that no Purchaser makes or has made any representations or warranties
         with respect to the transactions contemplated hereby other than those
         specifically set forth in Section 3.2.

                  (j) GENERAL SOLICITATION. Neither the Company nor any person
         acting on behalf of the Company has offered or sold any of the Shares
         by any form of general solicitation or general advertising. The Company
         has offered the Shares for sale only to the Purchasers and certain
         other "accredited investors" within the meaning of Rule 501 under the
         Securities Act.

                                    6 of 15
<PAGE>

                  (k) ACKNOWLEDGMENT REGARDING PURCHASERS' PURCHASE OF SHARES.
         The Company acknowledges that each of the Purchasers is acting solely
         in the capacity of an arm's length purchaser with respect to the
         Transaction Documents and the transactions contemplated. The Company
         further acknowledges that no Purchaser is acting as a financial advisor
         or fiduciary of the Company (or in any similar capacity) with respect
         to this Agreement and the transactions contemplated and any advice
         given by any Purchaser or any of their respective representatives or
         agents in connection with this Agreement and the transactions
         contemplated is merely incidental to the Purchasers' purchase of the
         Shares. The Company further represents to each Purchaser that the
         Company's decision to enter into this Agreement has been based solely
         on the independent evaluation of the transactions contemplated by the
         Company and its representatives.

                  (l) ACKNOWLEDGMENT OF DILUTION. The Company acknowledges that
         the issuance of the Securities may result in dilution of the
         outstanding shares of Common Stock, which dilution may be substantial
         under certain market conditions. The Company further acknowledges that
         its obligations under the Transaction Documents, including without
         limitation its obligation to issue the Shares and Warrant Shares
         pursuant to the Transaction Documents, are unconditional and absolute
         and not subject to any right of set off, counterclaim, delay or
         reduction, regardless of the effect of any such dilution or any claim
         the Company may have against any Purchaser and regardless of the
         dilutive effect that such issuance may have on the ownership of the
         other stockholders of the Company.

         Purchaser acknowledges that the Company does not make or has not made
any representations or warranties with respect to the transactions contemplated
other than those specifically set forth in this Section 3.1.

                  (m) ANTI-DILUTION PROTECTION. The Exercise Price of the
         Warrants and the Conversion Price of this stock shall be subject to
         adjustment for issuances of common stock or common stock equivalents at
         a purchase price less than the then-effective Exercise Price or
         Conversion Price, as the case may be, such that the Exercise Price or
         Conversion Price shall be adjusted using weighted average anti-dilution
         price protection based on such new issuances, subject to customary
         carve outs as subscribed in the Forms of Warrant. The Conversion Price
         of this stock will also be subject to proportional adjustment for stock
         splits, stock dividends, recapitalizations and the like.

                  (n) REGISTATION. The Company shall file a Registration
         Statement on Form SB-2 (or an alternative available form if the Company
         is not eligible to file a Form SB-2) covering the common shares and
         warrants shares no later than sixty (60) days following the Initial
         Closing and use its best efforts to have the registration Statement
         declared effective. The Company's obligation to register shares shall
         be limited to the number of shares the Company may register from time
         to time as permitted by the SEC's interpretation of SEC Rule 415.

                  (o) LIQUIDATION DAMAGES. If the Registration Statement is not
         filed within sixty (60) days after the Initial Closing, the Company
         will pay cash liquidated damages equal to 2.0% of the amount invested
         by the Purchaser. If the Registration Statement has not been declared
         effective within one hundred fifty (150) days after the filing date,
         the Company will pay cash liquidated damages equal to 1.0% of the
         amount of the invested by the Purchaser and for

                                    7 of 15
<PAGE>

         each thirty (30) day period thereafter up to twenty four (24) months
         following the Initial Closing, however such Liquidated damages can be
         waived with the approval of at least 3/4 of the new purchase.
         Liquidated damages shall not apply to common shares underlying the
         warrants.

         3.2 REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS. Each Purchaser
hereby, for itself and for no other Purchaser, represents and warrants as of the
date hereof and as of the Closing Date to the Company as follows:

                  (a) ORGANIZATION; AUTHORITY. The Purchaser is an entity duly
         organized, validly existing and in good standing under the laws of the
         jurisdiction of its organization with full right, corporate or
         partnership power and authority to enter into and to consummate the
         transactions contemplated by the Transaction Documents and otherwise to
         carry out its obligations. The execution, delivery and performance by
         the Purchaser of the transactions contemplated by this Agreement have
         been duly authorized by all necessary corporate or similar action on
         the part of the Purchaser. Each of the Transaction Documents to which
         it is a party has been duly executed by the Purchaser, and when
         delivered by the Purchaser in accordance with these terms, constitutes
         the valid and legally binding obligation of the Purchaser, enforceable
         against it in accordance with its terms, except as limited by
         applicable law.

                  (b) INVESTMENT INTENT. The Purchaser understands that the
         Securities are "restricted securities" and have not been registered
         under the Securities Act or any applicable state securities law and
         that Purchaser is acquiring the Securities as principal for its own
         account and not with a view to or for distributing or reselling any of
         the Securities, has no present intention of distributing any of such
         Securities, and has no arrangement or understanding with any other
         persons regarding the distribution of the Securities (this
         representation and warranty does not limit the Purchaser's right to
         sell the Securities pursuant to the Registration Statement or otherwise
         in compliance with applicable federal and state securities laws).
         Purchaser is acquiring the Securities in the ordinary course of its
         business. Purchaser does not have any agreement or understanding,
         directly or indirectly, with any Person to distribute any of the
         Securities.

                  (c) DISCLOSURE OF INFORMATION. Purchaser carefully reviewed
         all filings made by the Company with the Commission as of the date of
         this Agreement and has received and carefully reviewed any information
         Purchaser has requested from the Company that Purchaser considers
         necessary or appropriate for deciding whether to acquire the
         Securities, including, without limitation, all material risk factors
         relating to the Company. Purchaser further represents that Purchaser
         has had ample opportunity to ask questions and receive answers from the
         Company concerning the information and the terms and conditions of the
         offering of the Securities and to obtain any additional information
         necessary to verify the accuracy of the information given to Purchaser.
         Purchaser is making its investment in the Company after having
         reviewed, analyzed, sought professional advice regarding, and fully
         understanding the risk, uncertainties, and liabilities associated with
         the Company.

                  (d) PURCHASER STATUS. At the time Purchaser was offered the
         Securities, it was, and at the date hereof it is, and on each date on
         which it exercises any Warrants, it

                                    8 of 15
<PAGE>

         will be either: (i) an "accredited investor" as defined in Rule
         501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or
         (ii) a "qualified institutional buyer" as defined in Rule 144A(a) under
         the Securities Act. Purchaser is not required to be registered as a
         broker-dealer under Section 15 of the Exchange Act.

                  (e) EXPERIENCE OF PURCHASER. Purchaser, either alone or
         together with its representatives, is knowledgeable, sophisticated, and
         experienced in business and financial matters and is capable of
         evaluating the merits and risks of the prospective investment in the
         Securities, and has evaluated the merits and risks of the investment.
         Purchaser is able to bear the economic risk of an investment in the
         Securities and is able to afford a complete loss of the investment.

                  (f) GENERAL SOLICITATION. Purchaser is not purchasing the
         Securities as a result of any advertisement, article, notice or other
         communication regarding the Securities published in any newspaper,
         magazine or similar media or broadcast over television or radio or
         presented at any seminar or any other general solicitation or general
         advertisement.

         The Company acknowledges that each Purchaser does not make or has not
made any representations or warranties with respect to the transactions
contemplated other than those specifically set forth in this Section 3.2.

                                  ARTICLE IV.
                         OTHER AGREEMENTS OF THE PARTIES

         4.1 TRANSFER RESTRICTIONS.

                  (a) The Securities may only be disposed of in compliance with
         state and federal securities laws. In connection with any transfer of
         the Securities other than pursuant to an effective registration
         statement or in compliance with Rule 144, the Company may require the
         transferor to provide to the Company an opinion of counsel selected by
         the transferor and reasonably acceptable to the Company, the form and
         substance of which opinion must be reasonably satisfactory to the
         Company, to the effect that the transfer does not require registration
         of the transferred Securities under the Securities Act. As a condition
         of transfer, any transferee must agree in writing to be bound by the
         terms of this Agreement and will have the rights of a Purchaser under
         this Agreement and the Registration Rights Agreement.

                  (b) The Purchaser agrees to the imprinting, so long as it is
         required under the Securities Act and the rules and regulations
         promulgated under it, on any of the Securities any of the following
         legends or substantially similar legends:

                  THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES
         AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN
         RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
         OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT
         BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
         STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
         EXEMPTION FROM, OR

                                    9 of 15
<PAGE>

         IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
         SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS
         AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH
         EFFECT, THE SUBSTANCE OF WHICH WILL BE REASONABLY ACCEPTABLE TO THE
         COMPANY.

         4.2 NON-PUBLIC INFORMATION. The Company covenants and agrees that
neither it nor any other Person acting on its behalf will provide any Purchaser
or its agents or counsel with any information that the Company believes
constitutes material non-public information, unless Purchaser has first executed
a written agreement regarding the confidentiality and use of the information.

         4.3 USE OF PROCEEDS. The Company will use the net proceeds from the
sale of the Securities for working capital purposes, current debt, and trade
payables in the ordinary course of the Company's business, and not to redeem any
Common Stock or Common Stock Equivalents or to settle any outstanding
litigation.

         4.4 RESERVATION OF COMMON STOCK. As of the date hereof, the Company has
reserved and the Company will continue to reserve and keep available at all
times, free of preemptive rights, a sufficient number of shares of Common Stock
for the purpose of enabling the Company to issue the Shares and Warrant Shares
on any exercise of the Warrants.

         4.5 DELIVERY OF SECURITIES AFTER CLOSING. The Company will deliver, or
cause to be delivered, the respective Shares and Warrants purchased by each
Purchaser to the Purchaser within 3 Trading Days of the Closing Date.

         4.6 RESALES BY PURCHASER. Each Purchaser understands and acknowledges,
severally and not jointly with any other Purchaser, that the SEC takes the
position that the coverage of short sales of shares of the Common Stock "against
the box" before the Effective Date of the Registration Statement with the Shares
is a violation of Section 5 of the Securities Act, as set forth in Item 65,
Section 5 under Section A, of the Manual of Publicly Available Telephone
Interpretations, dated July 1997, compiled by the Office of Chief Counsel,
Division of Corporation Finance. Accordingly, no Purchaser will use any of the
Shares to cover any short sales made before the Effective Date. Further, each
Purchaser will comply with any obligations it may have under Regulation M with
respect to the resale of the Securities.

                                   ARTICLE V.
                                  MISCELLANEOUS

         5.1 TERMINATION. This Agreement may be terminated by any party, by
written notice to the other parties, if the Closing has not taken place by the
end of thirty days from the date of this Agreement; but no termination affects
the right of any party to sue for any breach by the other party (or parties).

         5.2 FEES AND EXPENSES. Except as otherwise set forth in this Agreement,
each party will pay the fees and expenses of its advisers, counsel, accountants
and other experts, if any, and all other expenses incurred by the party incident
to the negotiation, preparation, execution,

                                    10 of 15
<PAGE>

delivery and performance of this Agreement. The Company will pay all stamp and
other taxes and duties levied in connection with the delivery of the Securities.

         5.3 ENTIRE AGREEMENT. The Transaction Documents, together with their
exhibits and schedules, contain the entire understanding of the parties with
respect to their subject matter and supersede all prior agreements and
understandings, oral or written, with respect to these matters, which the
parties acknowledge have been merged into the Transaction Documents and their
exhibits and schedules.

         5.4 NOTICES. Any notices or other communications or deliveries required
or permitted to be provided hereunder must be in writing and are deemed given
and effective on the earliest of (a) the date of transmission, if the notice or
communication is delivered via facsimile at the facsimile number set forth on
the signature attached pages before 6:30 p.m. (Reno, Nevada, time) on a Trading
Day, (b) the next Trading Day after the date of transmission, if the notice or
communication is delivered via facsimile at the facsimile number set forth on
the signature attached pages on a day that is not a Trading Day or later than
6:30 p.m. (Reno, Nevada, time) on any Trading Day, (c) the second Trading Day
following the date of mailing, if sent by U.S. nationally recognized overnight
courier service, or (d) upon actual receipt by the party to whom the notice is
required to be given. The address for notices and communications are as set
forth on the attached signature pages.

         5.5 AMENDMENTS; WAIVERS. No provision of this Agreement may be waived
or amended except in a written instrument signed, in the case of an amendment,
by the Company and each Purchaser or, in the case of a waiver, by the party
against whom enforcement of any waiver is sought. No waiver of any default with
respect to any provision, condition or requirement of this Agreement is deemed
to be a continuing waiver in the future or a waiver of any subsequent default or
a waiver of any other provision, condition or requirement, nor does any delay or
omission of either party to exercise any right hereunder in any manner impair
the exercise of the right.

         5.6 CONSTRUCTION. The headings in this Agreement are for convenience
only, do not constitute a part of this Agreement, and cannot be deemed to limit
or affect any of the provisions. The language used in this Agreement is deemed
to be the language chosen by the parties to express their mutual intent, and no
rules of strict construction can be applied against any party.

         5.7 SUCCESSORS AND ASSIGNS. This Agreement binds and inures to the
benefit of the parties and their successors and permitted assigns and is not
assignable.

         5.8 NO THIRD-PARTY BENEFICIARIES. This Agreement is intended for the
benefit of the parties and their respective successors and permitted assigns and
is not for the benefit of, nor may any provision be enforced by, any other
Person.

         5.9 GOVERNING LAW. All questions concerning the construction, validity,
enforcement and interpretation of the Transaction Documents must be governed by
and construed and enforced in accordance with the internal laws of the State of
Nevada, without regard to the principles of conflicts of law. All legal
proceedings concerning the interpretations, enforcement and defense of the
transactions contemplated by the Transaction Documents

                                    11 of 15
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(whether brought against a party or its respective affiliates, directors,
officers, shareholders, employees or agents) must be commenced exclusively in
the state and federal courts sitting in Reno. Each party irrevocably submits to
the exclusive jurisdiction of the state and federal courts sitting in Reno for
the adjudication of any dispute in connection with the Transaction Documents,
and irrevocably waives, and will not assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such
court, that it is an improper or inconvenient venue for the proceeding. The
parties waive all rights to a trial by jury. If either party commences an action
or proceeding to enforce any provisions of the Transaction Documents, then the
non-prevailing party in the action or proceeding will reimburse the prevailing
party for its attorneys' fees and other costs and expenses incurred with the
investigation, preparation and prosecution of the action or proceeding.

         5.10 EXECUTION. This Agreement may be executed in two or more
counterparts and delivered to the other parties by any means; and the
counterparts, taken together, are considered one and the same agreement, and any
electronically delivered signature page is deemed to be an originally signed
document.

         5.11 SEVERABILITY. If any provision of this Agreement is held to be
invalid or unenforceable in any respect, the validity and enforceability of the
remaining terms and provisions of this Agreement are not in any way be affected
or impaired thereby and the parties will attempt to agree upon a valid and
enforceable provision that is a reasonable substitute, and upon so agreeing,
will incorporate the substitute provision in this Agreement.

         5.12 REPLACEMENT OF SECURITIES. If any certificate or instrument
evidencing any Securities is mutilated, lost, stolen or destroyed, the Company
will issue or cause to be issued in exchange and substitution for and upon its
cancellation, or in lieu of and substitution, a new certificate or instrument,
but only upon receipt of evidence reasonably satisfactory to the Company of the
loss, theft or destruction and customary and reasonable indemnity, if requested.
An applicant for a new certificate or instrument under such circumstances will
pay any reasonable third-party costs associated with the issuance of the
replacement Securities.

         5.13 REMEDIES. In addition to being entitled to exercise all rights
provided herein or granted by law, including recovery of damages, each of the
Purchasers and the Company is entitled to specific performance under the
Transaction Documents.

         5.14 INDEPENDENT NATURE OF PURCHASERS' OBLIGATIONS AND RIGHTS. The
obligations of each Purchaser under the Transaction Documents are several and
not joint with the obligations of any other Purchaser, and no Purchaser is
responsible in any way for the performance of the obligations of any other
Purchaser under the Transaction Documents. Nothing contained in any Transaction
Documents, and no action taken by any Purchaser pursuant to them, can be deemed
to constitute the Purchasers as a partnership, an association, a joint venture
or any other kind of entity, or create a presumption that the Purchasers are in
any way acting in concert or as a group with respect to the obligations or the
transactions contemplated by the Transaction Documents. Each Purchaser is
entitled to independently protect and enforce its rights, including, without
limitation, the rights arising out of this Agreement or out of the other
Transaction Documents, and it is not be necessary for any other Purchaser to be
joined as an additional party in any proceeding for this purpose. Each Purchaser
has been represented by its own separate legal

                                    12 of 15
<PAGE>

counsel in their review and negotiation of the Transaction Documents. The
Company has elected to provide all Purchasers with the same terms and
Transaction Documents for the convenience of the Company and not because it was
required or requested to do so by the Purchasers.

                            (Signature pages follow.)

                                    13 of 15
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Securities
Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

BULLION RIVER GOLD CORP.                          ADDRESS FOR NOTICE:

By:______________________________________         3500 Lakeside Court, Suite 200
     Name:  Peter M. Kuhn                         Reno, NV 89509
     Title:    President                          Fax: 775-324-7893

With a copy to (which cannot constitute
notice):

                  [Remainder of page intentionally left blank.
                     Signature pages for purchasers follow.]

                                    14 of 15
<PAGE>

       [Purchasers' signature pages to BLRV Securities Purchase Agreement]

         IN WITNESS WHEREOF, the undersigned have caused this Securities
Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

Name of Purchaser: ____________________________________________________________

Country of incorporation or residence: ________________________________________

SIGNATURE OF AUTHORIZED SIGNATORY OF PURCHASER: _______________________________

Name of Authorized Signatory: _________________________________________________

Title of Authorized Signatory: ________________________________________________
Email Address of Purchaser: ___________________________________________________

Address for notice of Purchaser:_______________________________________________

_______________________________________________________________________________

Address for delivery of Securities for Purchaser (if not same as above):

_______________________________________________________________________________
_______________________________________________________________________________

Subscription Amount: $______________________________

Shares: ______________________________

Warrant Shares: ($0.40)____________________________________

Warrant Shares: ($0.40) ________________________

EIN number: ____________________________________

Date:_______________________ 2007

                                  [Purchasers' signature pages continue]

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