Document:

Pacific Capital Bancorp 2012 Annual Incentive Plan, as amended

 Exhibit 10.1 

 
 

 
 2012 ANNUAL INCENTIVE PLAN 

Effective Date: February 7, 2012, as amended on March 13, 2012 

  
 

 
 2012 ANNUAL INCENTIVE PLAN 

 

	1.	PURPOSE 

 The purpose of
the 2012 Annual Incentive Plan (the “Plan”) is to promote the success of Pacific Capital Bancorp and its subsidiaries (collectively, the “Company”) by rewarding certain key employees for providing outstanding services to the
Company and by linking the overall compensation of such key employees to performance established goals that are designed to enhance the Company’s long-term financial success. 

 

	2.	ADMINISTRATION 

 The Plan
shall be administered by the Compensation Oversight Committee of the Board of Directors of Pacific Capital Bancorp (the “Committee”). The Committee shall have the authority to construe and interpret the Plan (except as otherwise provided
herein) and any agreement or other document relating to any annual incentive award under the Plan (an “Incentive Award”), may adopt rules and regulations governing the administration of the Plan, and shall exercise all other duties and
powers conferred on it by the Plan, or which are incidental or ancillary thereto. The Committee shall determine the maximum dollar amount that may be payable by the Company pursuant to the Plan during each fiscal year (a “Plan Year”).

  

	3.	PARTICIPATION 

 The Chief
Executive Officer of the Company (the “CEO”) shall submit to the Committee a list of eligible employees for participation in the Plan for the current or upcoming Plan Year (each such eligible employee, a “Participant”). The
Committee shall approve the inclusion of any Officer (as such term is defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) as a Participant in the Plan and the CEO shall approve the inclusion of all other employees as
Participants in the Plan. 
  

	4.	INCENTIVE AWARDS 

 A.
Performance Objectives. Incentive Awards under the Plan shall be linked to the achievement of performance objectives (“Performance Objectives”) associated with the Company (“Company Objectives”) and with the business
unit/department of the Participant or the Participant himself or herself (“Department or Individual Objectives”). The Performance Objectives for each Participant will be established within the first ninety (90) days of each Plan Year
in a manner that will qualify the Incentive Awards as “performance-based compensation” for purposes of Internal Revenue Code Section 409A (“Code Section 409A”) based on criteria such as, but not limited to, total
revenue, revenue growth, net income, earnings, earnings growth, earnings per share, stock price, cash flow, efficiency ratio, total deposits, deposit growth, fee income, non-interest income, investment services earnings, investment services revenue,
wealth management earnings, wealth management revenue, total loans, loan growth, loan charge offs, new trust assets, new trust fees, nonperforming assets to assets ratio, return on assets, return on equity, assets under management, trust earnings,
trust growth, trust revenue and customer satisfaction. The Committee shall approve the Performance Objectives for each Officer Participant and the CEO shall approve the Performance Objectives for all other Participants. 

  
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 B. Determination of Incentive Awards. The table below provides guidelines for the
range of potential Incentive Awards, expressed as a percentage of base salary in effect at the end of the Plan Year, and the allocation of Performance Objectives between Company Objectives and Department or Individual Objectives, based on the tier
designation of a Participant. The Incentive Award opportunities and the allocation of Performance Objectives for any Participant may be different from that contemplated in the table below. In addition, these guidelines may be modified from time to
time by the Committee in its sole and absolute discretion. 
  

																					
	 Participant

Designation
	  	Incentive Award Opportunities
(Percent
of Salary)	 	 	Performance
Objectives
(Weighting)	 
	  	Threshold
Performance	 	 	Target
Performance	 	 	Maximum
Performance	 	 	Company	 	 	Department/
Individual	 
	 Tier I
	  	 	25 - 30	% 	 	 	50 - 60	% 	 	 	75 - 90	% 	 	 	80	% 	 	 	20	% 
	 Tier II
	  	 	17.5 - 20	% 	 	 	35 - 40	% 	 	 	52.5 - 60	% 	 	 	75	% 	 	 	25	% 
	 Tier III
	  	 	12.5 - 15	% 	 	 	25 -30	% 	 	 	37.5 - 45	% 	 	 	70	% 	 	 	30	% 
	 Tier IV
	  	 	7.5 - 10	% 	 	 	15 - 20	% 	 	 	22.5 - 30	% 	 	 	0	% 	 	 	100	% 

 Threshold performance is the minimum level of performance necessary for a Participant to be eligible to
receive an Incentive Award. Target performance is the anticipated level of performance based on both historical data and management’s judgment of anticipated performance during the performance period. Maximum performance is the level of
performance which based on historical data and management’s judgment would be exceptional or significantly beyond the expected. Any payment of an Incentive Award will be calculated using a ratable approach, where payouts are calculated as a
proportion of threshold, target and maximum performance levels. 
 Each Plan Year, the CEO shall submit to the Committee the
proposed tier level, Incentive Award opportunities and allocation of Performance Objectives for each Participant. The Committee shall approve the tier level, Incentive Award opportunities and allocation of Performance Objectives for each Officer
Participant and the CEO shall approve the tier level, Incentive Award opportunities and allocation of Performance Objectives for all other Participants. For the avoidance of doubt, the tier level, Incentive Award opportunities and allocation of
Performance Objectives for any Participant may be different from that contemplated in the table above. In addition, and notwithstanding the fact that Performance Objectives have been achieved, the Company may pay an Incentive Award of less than the
amount contemplated by the Plan or otherwise determined with respect to a Participant, or may pay no Incentive Award at all. In addition, the Committee, in its sole and absolute discretion, may adjust or modify the calculation of Performance
Objectives for a Plan Year, among other reasons, to prevent the dilution or enlargement of the rights of Participants (i) in the event of, or in anticipation of, any unusual or extraordinary corporate item, transaction, event, or development,
or (ii) in recognition of, or in anticipation of, any other unusual or nonrecurring events affecting the Company, or the financial statements of the Company, or in response to, or in anticipation of, changes in applicable laws, regulations,
accounting principles, or business conditions. 

  
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 C. Committee Discretion to Determine Incentive Awards. The Committee has the sole and
absolute discretion to determine whether all or any portion of the Incentive Award contemplated by the Plan or otherwise determined with respect to a Participant for such Plan Year will be paid, and the specific amount (if any) of any such Incentive
Award to be paid to each Participant for such Plan Year. The Committee has the sole and absolute discretion to reduce or eliminate a Participant’s Incentive Award. To this same extent, the Committee may at any time establish (and, once
established, rescind, waive, or amend) additional conditions and limitations on the payment of Incentive Awards (including but not limited to the achievement of other financial, strategic or individual goals, which may be objective or subjective) as
it may deem desirable in carrying out the purposes of the Plan and may take into account such other factors as it deems appropriate in administering any aspect of the Plan. Without limiting the generality of the foregoing, a Participant must receive
a minimum performance rating of “meets expectations” or better and adhere to the Company’s compliance standards to be eligible for any payment of an Incentive Award. 

D. Time of Payment. Subject to the provisions of any written deferred compensation plan or agreement that may be applicable to a
Participant, any Incentive Award payable under the Plan shall be paid in cash in the year following the Plan Year in which the performance period ends as soon as practicable following the Committee’s determinations under this Section 4
(the “Determination Date”) but in no event later than March 31 of the year following the Plan Year in which the performance period ends. Any such payment shall be in cash on such payment date as the Committee may approve or require,
subject to applicable withholdings. 
 E. Tax Withholding. The Company shall withhold from any amounts payable under this
Plan, or from any other compensation payable to a Participant, any and all federal, state and local income taxes, the Participant’s share of FICA and other employment taxes, and any other taxes that are required to be withheld from such payment
under applicable law. 
 F. [Intentionally Omitted] 

 

	5.	RECOVERY OF AWARDS 

 All
payments made under the Plan are subject to the “clawback” obligations of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) and any other “clawback” obligations pursuant to
applicable law. As a result, and by way of example, if the Company’s financial statements must be restated for any reason, to the extent required by Dodd-Frank, the Company must recover from each Participant, and each Participant agrees to
promptly repay, any incentive-based compensation which would not have been earned under the restated financial statements. 
  

	6.	TERMINATION OF EMPLOYMENT 

If a Participant’s employment with the Company is terminated for any reason prior to the payment of an Incentive Award, no Incentive
Award will be paid except as set forth below or as otherwise determined by the Committee in its sole and absolute discretion. Notwithstanding the foregoing, if a Participant is disabled and placed on disability leave, his/her Incentive Award may be
prorated so that no Incentive Award will be earned during the period of disability leave. 

  
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In the event of death, the Company may pay to the Participant’s estate the pro-rata portion of the Incentive Award that had been earned by the Participant. Employees who qualify for official
retirement may receive payment for a pro-rata portion of the Incentive Award that they would be eligible for prior to retirement based on the actual attainment of the Performance Objectives. 

 

	7.	AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN 

 The Board of Directors of Pacific Capital Bancorp (the “Board”) or the Committee may from time to time amend, suspend, or terminate in whole or in part, and if suspended or terminated, may
reinstate, any or all of the provisions of the Plan. 
  

	8.	MISCELLANEOUS 

 A. No
Right to Incentive Award or Continued Employment. Neither the establishment of the Plan nor the provision for or payment of any amounts hereunder nor any action of the Company, the Board, the Committee or the CEO in respect of the Plan shall be
held or construed to confer upon any person any legal right to receive, or any interest in, an Incentive Award or any other benefit under the Plan, or any legal right to be continued in the employ of the Company. The Company expressly reserves any
and all rights to discharge a Participant in its sole and absolute discretion, without liability of any person, entity, or governing body under the Plan or otherwise. Nothing in this Section 8(A), however, is intended to adversely affect any
express independent right of any person under a separate employment agreement. Notwithstanding any other provision hereof and notwithstanding the fact that the Performance Objectives have been attained, the Company shall have no obligation to pay
any Incentive Award hereunder nor to pay the maximum amount of any Incentive Award or any prorated amount based on service during a Plan Year or otherwise. 
 B. Discretion. Any decision made or action taken by the Company or by the Board, Committee or CEO arising out of or in connection with the creation, amendment, construction, administration,
interpretation, and effect of the Plan shall be within the absolute discretion of such entity or person and shall be conclusive and binding upon all persons. No member of the Board or Committee, nor the CEO, shall have any liability for actions
taken or omitted under the Plan by such person or any other person. 
 C. Arbitration. All claims, disputes and other
matters in question arising out of or relating to this Plan shall be resolved by binding arbitration before an arbitrator, selected by the mutual agreement of the parties, from the Judicial Arbitration and Mediation Services, Inc.
(“JAMS”), in Santa Barbara, California. In the event JAMS is unable or unwilling to conduct the arbitration provided for under the terms of this paragraph, or has discontinued its business, the parties agree that an arbitrator, selected by
the mutual agreement of the parties, from the American Arbitration Association (“AAA”), in Santa Barbara, California, shall conduct the binding arbitration referred to in this paragraph. Notice of the demand for arbitration shall be filed
in writing with the other party to the dispute and with JAMS (or AAA, if necessary). In no event shall the demand for arbitration be made after the date when institution of legal or equitable proceedings based on such claim, dispute or other matter
in question would be barred by the applicable statute of limitations. The arbitration shall be subject to commercial rules and procedures used or established by JAMS, or if there are none, the commercial rules and procedures used or established by
AAA. Notwithstanding anything to the contrary in the JAMS (or AAA) rules and procedures, the arbitration shall provide for (i) written discovery and depositions adequate to give the parties access to documents and witnesses that are essential
to the dispute and (ii) a written decision by the arbitrator that includes the essential findings and 

  
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conclusions upon which the decision is based. Subject to Section 8(D) below, the parties shall bear their own costs and attorneys’ fees incurred in conducting the arbitration, and shall
split equally the fees and administrative costs charged by the arbitrator and JAMS (or AAA) unless required otherwise by applicable law. Any award rendered by JAMS (or AAA) shall be final and binding upon the parties, and as applicable, their
respective heirs, beneficiaries, legal representatives, agents, successors and assigns, and may be entered in any court having jurisdiction thereof. Any arbitration hereunder shall be conducted in Santa Barbara, California, unless otherwise agreed
to by the parties. 
 D. Attorneys Fees. In the event of any arbitration or litigation concerning any controversy, claim,
or dispute arising out of or relating to this Plan, the prevailing party shall be entitled to recover from the non-prevailing party reasonable expenses, attorneys’ fees, and costs incurred in connection therewith or in the enforcement or
collection of any judgment or award rendered therein. The “prevailing party” means the party determined by the arbitrator(s) or court, as the case may be, to have most nearly prevailed, even if such party did not prevail in all matters,
not necessarily the one in whose favor a judgment is rendered. 
 E. No Funding of Plan. The Company shall not be
required to fund or otherwise segregate any cash or any other assets, which may at any time be paid to Participants under the Plan. The Plan shall constitute an “unfunded” plan of the Company. The Company shall not, by any provisions of
the Plan, be deemed to be a trustee of any property, and any rights of any Participant or former Participant shall be no greater than those of a general unsecured creditor or shareholder of the Company, as the case may be. 

F. Non-Transferability of Benefits and Interests. No benefit payable under the Plan shall be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any such attempted action shall be void and no such benefit shall be in any manner liable for or subject to debts, contracts, liabilities, engagements or torts
of any Participant or former Participant. This Section 8(F) shall not apply to an assignment of a contingency or payment due (i) after the death of a Participant to the deceased Participant’s legal representative or beneficiary or
(ii) after the disability of a Participant to the disabled Participant’s personal representative. 
 G. Law to
Govern. All questions pertaining to the construction, regulation, validity, and effect of the provisions of the Plan shall be determined in accordance with the laws of the State of California. 

H. Non-Exclusivity. The Plan does not limit the authority of the Company, the Board, the Committee or the CEO to grant awards or
authorize any other compensation to any person under any other plan or authority. 

  
 Page 5Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement
(“Agreement”) is effective as March 8, 2012 between Gold Resource Corporation, a Colorado corporation (the “Company”), and Brad Blacketor (the “Employee”) (collectively, the
“Parties”). 
 W I T N E S S E T H: 

WHEREAS, the Company wishes to engage the Employee’s services upon the terms and conditions hereinafter set forth; and 

WHEREAS, the Employee wishes to be employed by the Company upon the terms and conditions hereinafter set forth. 

NOW, THEREFORE, in consideration of the premises and mutual promises set forth below, the sufficiency of which is hereby acknowledged,
the Parties agree as follows: 
 1. Employment; Duties. The Company hereby agrees to employ the Employee effective on or
about May 8, 2012 (the “Effective Date”) as its Chief Financial Officer, and the Employee hereby agrees to serve in such capacity. Employee shall be responsible for performing such duties as are customarily performed by the
chief financial officer, including but not limited to, oversight of the Company’s tax and financial accounting and reporting functions including preparation, review and execution of the Company’s periodic compliance reports to be filed
with securities regulators, budgeting and financial forecasting, and for any other duties assigned by the Chief Executive Officer (“CEO”), Board of Directors or President of the Company. The Employee shall at all times report to and
take direction from the CEO, Board of Directors or the President and shall perform such additional duties not inconsistent with his position as shall be designated from time to time by the Company. 

2. Best Efforts. The Employee agrees to use his best efforts to promote the interests of the Company and shall, except for
illness, reasonable vacation periods and leaves of absence, devote his full business time and energies to the business and affairs of the Company. The Employee shall be permitted to perform material outside business endeavors only with the approval
of the CEO, President or Board of Directors, provided that such outside activities do not interfere with the performance of the Employee’s duties. The Employee may also engage in work for charitable, benevolent, civic or educational purposes so
long as such endeavors do not interfere with the Employee’s duties hereunder. 
 3. Term of Agreement. The term of
this Agreement shall commence on the Effective Date and such term and the employment hereunder shall continue, unless earlier terminated in accordance with the provisions of Section 5, for a period of three years (the “Original
Term”). On the third anniversary of the effective date of this Agreement and on each subsequent anniversary thereafter, the term of the Employee’s employment shall be automatically extended one additional year unless, prior to 120 days
before such anniversary, the Company shall have delivered to the Employee or the Employee shall have delivered to the Company written notice that the term of the Employee’s employment hereunder will not be extended. The period of

 
employment of the Employee by the Company, commencing with the Effective Date and continuing until termination of the employment by expiration or notice hereunder, in accordance with
Section 5 or otherwise, shall be known as the “Term of Employment.” 
 4. Compensation. 

4.1 Base Salary. As compensation for the Employee’s services rendered hereunder, 

the Company shall pay to the Employee a base salary at an annual rate equal to two hundred fifty thousand dollars ($250,000.00) (the
“Base Salary”). The Base Salary shall be payable to the Employee on a monthly basis in accordance with the Company’s standard policies for management personnel. 

4.2 Incentive Compensation. With respect to each calendar year or portion thereof, beginning with calendar year 2012, the Employee
shall be eligible to receive incentive compensation, including but not limited to, bonuses, stock options and other perquisites, payable solely in the discretion of the Board of Directors of the Company. 

4.3 Benefits. The Employee shall be entitled to participate in all benefit programs established by the Company and generally
applicable to the Company’s employees, including group health, dental and life insurance and vacation pay. The Employee shall also be reimbursed for reasonable and necessary business expenses incurred in the course of his employment with the
Company pursuant to Company policies established from time to time. Reimbursement shall be made to the extent such expenses are deductible by the Company in accordance with applicable Internal Revenue Service rules. The Employee shall be entitled to
four weeks of paid vacation per year and all paid holidays. 
 4.4 Cellular Phone. The Company shall, during the Term of
Employment, provide the Employee with and pay for the Employee’s use of a cellular phone for business and reasonable personal use. 
 4.5 Office, Equipment and Assistance. The Company shall provide for the Employee all facilities, equipment and services suitable to his position and adequate for the performance of his duties. The
Employee will be required to perform the services and duties described in Section 1 primarily in Denver at his residence or a Denver office if established and at the Colorado Springs location of the Company on an as-needed basis. 

5. Termination of Employment Relationship. 
 5.1 Death. This Agreement shall terminate immediately upon the death of the Employee. In such event, the Company shall pay Employee’s estate an amount equal to twelve (12) months Base
Salary, such amount being payable within 90 days after his death. 
 5.2 Disability. This Agreement shall not terminate
upon the temporary disability of the Employee, but the Company may terminate this Agreement upon Employee’s permanent disability (“Total Disability”). In such event, the Company shall pay Employee an amount equal to

 
twenty-four (24) months Base Salary, such amount being payable within 90 days after such termination, such amount being reduced by any disability insurance thereafter to be received by
Employee for which the Company pays all the premiums and of which Employee is the beneficiary. The Board of Directors shall make a determination of the Total Disability of the Employee based upon the definition of disability contained in any
disability insurance policy owned by the Company and insuring against the disability of the Employee, and if the Company does not have such a policy, then by reference to any policy owned by the Employee. If no such policy exists or if such policy
does not comply with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), Total Disability shall be based upon the inability of the Employee 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. Any such determination by the Board of Directors
shall be evidenced by its written opinion delivered to the Employee. Such written opinion shall specify with particularity the reasons supporting such opinion and be manually signed by at least a majority of the Board of Directors. 

5.3 Termination by the Company. This Agreement may be terminated by the Company for “Cause” and, in such event, the term
of employment shall terminate at the termination date designated by the Company. For the purpose of this paragraph, “Termination 

for Cause” or “Cause” shall include the following: 

(a) Failure by the Employee to substantially perform his duties hereunder; 

(b) Conviction of criminal conduct by the Employee that adversely affects the reputation of the Employee or the Company or
adversely impacts the ability of the Employee to perform the duties required hereunder. 
 (c) Engagement by the Employee in the
use of narcotics or alcohol to the extent that the performance of his duties is materially impaired; 
 (d) Material breach of
the terms of this Agreement by the Employee or failure to substantially comply with proper instructions of the CEO, President or Board of Directors; 
 (e) Willful misconduct by the Employee which is materially injurious to the Company, other than business decisions made in good faith; or 

(f) Any act or omission on the part of the Employee not described above, but which constitutes material and willful misfeasance,
malfeasance, or gross negligence in the performance of his duties to the Company. 
 5.4 Termination by the Employee. The
Employee may terminate this Agreement for “Good Reason.” For purposes of this paragraph, “Good Reason” shall mean: 
 (a) Any assignment to the Employee of any duties materially inconsistent with the position described in Section 1 hereof; 

 (b) Any material diminution of the duties of the Employee then-existing without the written
consent of the Employee; 
 (c) Any removal of the Employee from the position described in Section 1 hereof without the
Employee’s written consent, except in connection with termination of the Employee pursuant to Section 5.1, 5.2 or 5.3 hereof; 
 (d) A reduction in the Employee’s rate of compensation, or a reduction in the Employee’s fringe benefits, moving the Company’s headquarters from Colorado Springs or any other failure of the
Company to comply with Section 4 of this Agreement; or 
 (e) Other material breach of this Agreement by the Company.

 5.5 Change in Control. The Employee may terminate this Agreement following a “Change of Control” of the
Company. For purposes of this paragraph, a “Change of Control” shall be deemed to have occurred if (i) a tender offer shall be made and consummated for the ownership of 50% or more of the outstanding voting securities of the
Company; (ii) the sale of 50% or more of the outstanding voting securities of the Company in a single transaction or a series of transactions occurring during a period of not more than twelve months; (iii) the Company shall be merged or
consolidated with another corporation and as a result of such merger or consolidation less than 50% of the outstanding securities of the surviving or resulting corporation shall be owned in the aggregate by the former shareholders of the Company, as
the same shall have existed immediately prior to such merger or consolidation; or (iv) the Company shall sell substantially all of its assets to another corporation which is not a wholly owned subsidiary. 

Any termination by the CEO or Board of Directors pursuant to Section 5.2 or 5.3 or by the Employee pursuant to Section 5.4 or
5.5 shall be communicated by written Notice of Termination to the other Party hereto. “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set
forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Employee’s employment under the provision so indicated. 
 The Employee’s obligations under Section 6 regarding confidentiality shall survive any termination of this Agreement by the Employee, by the Company or otherwise. 

5.6 Payment Upon Termination. 
 (a) If this Agreement is terminated by the Company for Cause, or the Employee resigns without Good Reason, during the Term of Employment, the Employee shall not be entitled to severance pay of any kind
but shall be entitled to be reimbursed for all reasonable business expenses incurred by the Employee and shall be paid the Base Salary earned by the Employee prior to the effective date of termination or resignation, and all obligations of the
Company under Section 4 hereof shall terminate upon the designated termination date, except to the extent otherwise required by law. 

 (b) In the event that the Employee is terminated without Cause or resigns with Good Reason,
or in the event that the Company notifies Employee that Employee’s employment pursuant to this Agreement will not be extended, the Company shall pay to the Employee an amount equal to twelve (12) months Base Salary at the rate prevailing
for the Employee prior to such termination as severance pay within 90 days from the date of termination of employment. 
 (c) In
the event that the Employee resigns or is terminated following a Change in Control, the Company shall pay the Employee thirty-five (35) months Base Salary at the rate prevailing for the Employee immediately prior to such termination as
severance pay, payable within 90 days of the date of termination of employment. The Employee shall also be entitled to receive benefits to which he was entitled immediately preceding the date of termination for a similar 35-month period, including
but not limited to health and dental insurance. Notwithstanding the foregoing, the timing of the payments described in this subsection (c) of Section 5.6 may be modified if, and only if, necessary to comply with the provisions of
Section 409A such that the amounts payable to the Employee are paid to him in the year in which such income is required to be included in his gross income for tax purposes. 

(d) The parties agree that this Agreement is intended to comply with the requirements of Section 409A and the regulations and other
guidance promulgated thereunder or an exemption from 409A. Notwithstanding anything in this Agreement to the contrary, if the Employee is a “specified employee” (as described in Section 409A) on the date of his separation from
service, any amount to which the Employee would otherwise be entitled during the first six (6) months following separation of service that constitutes nonqualified deferred compensation within the meaning of Section 409A and that is
therefore not exempt from Section 409A as involuntary separation pay or a short-term deferral will be accumulated and paid in a single lump sum cash payment (without interest) on the earlier of (i) the first business day of the seventh
(7th) month following the date of such “separation from service” (as defined under Section 409A) or (ii) the date of the Employee’s death, and any remaining payments and benefits due under this Agreement shall be paid
or provided in accordance with the normal payment dates specified herein. For purposes of this Agreement, each amount to be paid or benefit to be provided hereunder shall be construed as a separate identified payment for purposes of
Section 409A. 
 6. Confidentiality and Non-Disclosure. 

6.1 Confidential Information. The Employee and the Company recognize that due to the nature of his engagement under this Agreement,
and the relationship of the Employee to the Company, the Employee has had access to and has acquired or will have access to and will acquire, and has assisted in and may assist in developing, confidential and proprietary information relating to the
business and operations of the Company and its affiliates, including trade secrets as defined in the Colorado Uniform Trade Secrets Act and information with respect to their present and prospective products, services, systems, software, data,
customers, agents, processes, and sales and marketing methods. The Employee acknowledges that such information has been and will continue to be of central importance to the business of the Company and its affiliates and that disclosure of it to or
its use by others could cause substantial loss to the Company. The Employee will keep confidential any trade secrets or confidential or proprietary 

 
information of the Company and its affiliates which are now known to him or which hereafter may become known to him as a result of his employment or association with the Company and shall not at
any time directly or indirectly disclose any such information to any person, firm or corporation, or use the same in any way other than in connection with the business of the Company or its affiliates during and at all times after the expiration of
the Term of Employment. 
 6.2 Remedy. In the event of a breach or threatened breach by the Employee of any of the
provisions of this Section 6, the Company shall be entitled to injunctive relief, restraining the Employee and any business, firm, partnership, individual, corporation, or entity participating in such breach or attempted breach, from engaging
in any activity which would constitute a breach of this Section 6. Nothing herein, however, shall be construed as prohibiting the Company from pursuing any other remedies available at law or in equity for such breach or threatened breach,
including the recovery of damages. The provisions of this Section 6 shall survive the termination of this Agreement and the termination of the Employee’s employment. 
 7. Miscellaneous. 
 7.1 Assignability. The Employee may not assign
his rights and obligations under this Agreement without the prior written consent of the Company, which consent may be withheld for any reason or for no reason. 
 7.2 Severability. In the event that any of the provisions of this Agreement shall be held to be invalid or unenforceable, the remaining provisions shall nevertheless continue to be valid and
enforceable as though the invalid or unenforceable parts had not been included therein. 
 7.3 Entire Agreement. This
Agreement, and any attachments hereto, constitute the entire agreement between the Parties relating to the subject matter hereof and supersedes all prior agreements or understandings among the Parties hereto with respect to the subject matter
hereof. 
 7.4 Amendments. This Agreement shall not be amended or modified except by a writing signed by both Parties
hereto. 
 7.5 Waiver. The failure of either Party at any time to require performance of the other Party of any provision
of this Agreement shall in no way affect the right of such Party thereafter to enforce the same provision, nor shall the waiver by either Party of any breach of any provision hereof be taken or held to be a waiver of any other or subsequent breach,
or as a waiver of the provision itself. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Colorado without regard to the conflict of laws of such State. The benefits of this Agreement may not be assigned
nor any duties under this Agreement be delegated by the Employee without the prior written consent of the Company, except as contemplated in this Agreement. This Agreement and all of its rights, privileges, and obligations will be binding upon the
Parties and all successors and agreed to assigns thereof 
 7.6 Binding Agreement. This Agreement shall be effective as
of the date hereof and shall be binding upon and inure to the benefit of the Employee, his heirs, personal and legal representatives, guardians and permitted assigns. The rights and obligations of the Company under this Agreement shall inure to the
benefit of and shall be binding upon any successor or assignee of the Company, including any entity that may be merged with or into the Company. 

 7.7 Headings. The headings or titles in this Agreement are for the purpose of
reference only and shall not in any way affect the interpretation or construction of this Agreement. 
 7.8 No Conflict.
The Employee represents and warrants that he is not subject to any agreement, order, judgment or decree of any kind which would prevent him from entering into this Agreement or performing fully his obligations hereunder. 

7.9 Survival. The rights and obligations of the Parties shall survive the Term of Employment to the extent that any performance is
required under this Agreement after the expiration or termination of such Term of Employment. 
 7.10 Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which shall together constitute one and the same document. 
 7.11 Notices. Any notice to be given hereunder by either Party to the other may be effected in writing by personal delivery, or by mail, certified with postage prepaid, or by overnight delivery
service. Notices sent by mail or by an overnight delivery service shall be addressed to the Parties at the addresses appearing following their signatures below, or upon the employment records of the Company but either Party may change its or his
address by written notice in accordance with this paragraph. 
 7.12 Opportunity to Consult Counsel. The Parties hereto
represent and agree that, prior to executing this Agreement, each has had the opportunity to consult with independent counsel concerning the terms of this Agreement. 
 7.13 Attorney Fees. In the event of any dispute, arbitration, litigation between the Parties or proceeding before any court of competent jurisdiction, the prevailing Party shall be entitled to
reasonable attorney fee, costs and expenses. 
 [Signatures on following page] 

 IN WITNESS WHEREOF, the Parties hereto have properly and duly executed this Agreement to be
effective as of the date first written above. 
  

			
	THE COMPANY:
	
	Gold Resource Corporation
		
	By:	 	 /s/ William Reid

		 	William Reid, Chief Executive Officer
	
	EMPLOYEE:
	
	 /s/ Brad Blacketor

	Brad Blacketor
	
	Address: 8156 Lone Oak Ct.
	Lone Tree, CO 80124

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