Document:

Subscription Agreement dated July 12, 2004

 Exhibit 10.22 
  
 MASCOT SILVER-LEAD MINES, INC. 
  
 SUBSCRIPTION AGREEMENT 
  
 Sterling Mining Company, an Idaho corporation, (“Purchaser”) wishes to purchase 400,000 shares (“Securities”) of Mascot Silver-Lead Mines, Inc, from
Mascot Silver-Lead Mines, Inc. (“Company”) at $0.14 per share. 
  
 The
Purchaser is in a position with regard to the Company which based upon background, employment experience, economic power or other relationship enables Purchaser to obtain information from the Company in order to evaluate the merits and risks of the
investment and the Purchaser acknowledges that the Company has made available the opportunity to ask questions of and receive answers from the Company or persons acting in its behalf concerning additional information to the extent that the Company
possess such information or could acquire it without unreasonable effort or expense, necessary to verify the accuracy of information furnished by the Company or required by the Purchaser to make an informed decision concerning the investment
hereunder. 
  
 It is understood that, upon the acceptance of this subscription by
the Company, the Purchaser will receive an executed counterpart of this Subscription Agreement. 
  

	1.	Subscription. 

  
 The Purchaser hereby irrevocably subscribes for and agrees to purchase 400,000 shares for an aggregate investment of $56,000. The Purchaser tenders herewith a check in the above amount (the “Funds”).

  
 The Purchaser’s contribution shall be immediately available to the
Company. 
  

	2.	Conditions of Subscription. 

  
 The Purchaser understands and agrees that: 
  

	 	(a)	The Company shall have the right to reject the subscription, in whole or in part; 

  

	 	(b)	The Company shall accept subscriptions in the order received; and 

  

	 	(c)	The Securities to be issued and delivered on account of this subscription will only be issued in the name of, and delivered to, the Purchaser. 

  

	3.	Representations and Warranties of the Undersigned. 

  
 The Purchaser hereby agrees, represents, and warrants as follows: 
  

	 	(a)	 The Purchaser understands that the Shares are being offered and sold under the exemption from registration provided for in Section 4(2) and Rule 506 of
Regulation “D” under the Securities Act of 1933 (the “Act”) and similar exemptions from registration, or limited registration provisions, for private 

  

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offerings under state law, that it is purchasing the Securities without being furnished any sales literature or prospectus, that this transaction has not
been scrutinized by the United States Securities and Exchange Commission or by any state securities administrator because of the small number of persons solicited and the private aspects of the offering, that all documents, records, and books
pertaining to this investment have been made available to the Purchaser and its representatives, including its attorney, its accountants, and/or its purchaser representative, and that the books and records of the Company will be available upon
reasonable notice for inspection by investors during reasonable business hours at its principal place of business; 

  

	 	(b)	The Purchaser, if a natural person or general partner of a partnership, (i) is a citizen of the United States, and at least 21 years of age, and (ii) is a bona fide
resident and domiciliary (not a temporary or transient resident) of the state indicated on the signature page below and has no present intention of becoming a resident of any other state or jurisdiction; 

  

	 	(c)	Purchaser belongs to the following categories of “Accredited Investors” (check applicable categories; if “None”, so state) (all amounts are in U.S. currency):

  
 (i) A bank as defined in Section 3(a)(2)
of the Securities Act, or a savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity, a broker dealer registered pursuant to Section 15
of the Securities Exchange Act of 1934; an insurance company as defined in Section 2(13) of the Securities Act; an investment company registered under the Investment Company Act of 1940 or a business development company as defined in
Section 2(a)(48) of that Act; a Small Business Investment Company licensed by the US Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; a Plan established and maintained by a state,
its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5.0 million; an employee benefit plan within the meaning of the
Employee Retirement Income Security Act of 1974, if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of that Act, which is either a bank, savings and loan association, company, or registered investment adviser,
or if the employee benefit plan has total assets in excess of $5.0 million or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors; 
  
 (ii) A private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940;

  
 (iii) An organization described in Section 501(c)
(3) of the Internal Revenue Code; a corporation; a Massachusetts or similar business trust; or a partnership; in each case, not formed for the specific purpose of acquiring the Shares and with total assets in excess of $5.0 million; 

 
 (iv) A director or executive officer; 
  

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 (v) X A natural person whose individual net worth, or joint net worth with that person’s spouse, at
the time of such person’s purchase of the Shares exceeds $1.0 million; 
  
 (vi) A natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a
reasonable expectation of reaching the same income level in the current year; 
  
 (vii) Any organization described in Section 501(c) (3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring the
securities offered, with total assets in excess of $5,000,000; 
  
 (viii) A trust, with total assets in excess of $5.0 million, not formed for the specific purpose of acquiring the Shares, whose purchase is directed by a sophisticated person as described in Rule 506(b) (ii) of Regulation D under the
Securities Act; and 
  
 (ix) An entity in which all of the equity
owners are accredited investors (as defined above). 
  
 (x) None
of the above categories. 
  

	 	(d)	The purchaser is capable of evaluating the merits and risks of an investment in the Securities and of making an informed investment decision and understands and has fully considered
for purposes of this investment the risk of loss of all monies invested herein. 

  

	 	(e)	The Purchaser is able (i) to bear the economic risk of its investment; (ii) to hold the Securities for an indefinite period of time; and (iii) to afford a complete
loss of its investment; and represents that it has adequate means of providing for its current needs and possible personal contingencies, and that it has no need for liquidity in this investment; 

  

	 	(f)	The Securities are being acquired by the Purchaser in good faith solely for its own personal account, unless otherwise specifically set forth below, and these Securities are being
acquired for investment purposes only, and not with a view to or for the resale, distribution, subdivision, or fractionalization thereof; the Purchaser has no contract, undertaking, understanding, agreement, or arrangement, formal or informal, with
any person to sell, transfer, or pledge to any person the Securities or any part thereof, the Purchaser has no present plans to enter into any such contract, undertaking, agreement, or arrangement; and it understands that the legal consequences of
the foregoing representations and warranties to mean that it must bear the economic risk of the investment for an indefinite period of time because the Securities have not been registered under the Act, and, therefore, cannot be sold unless they are
subsequently registered under the Act (which the Company is not obligated to do) or an exemption from such registration is available; 

  

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	 	(g)	The Purchaser consents to the placement of a legend on the certificates evidencing the Securities being purchased by it, which legend shall be in form substantially as follows:

  
 THESE SECURITIES HAVE NOT BEEN REGISTERED
FOR PUBLIC SALE WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER STATE SECURITIES LAWS. THE SALE, PLEDGE OR OTHER DISPOSITION OF THE SHARES IS PROHIBITED UNLESS THE SHARES ARE REGISTERS OR
SOLD IN A TRANSACTION EXEMPT FROM SUCH REGISTRATION; 
  

	 	(h)	If more than one person is signing this Agreement, each representation, warranty, and undertaking made herein shall be a joint and several representation, warranty, or undertaking
of each person. If the Purchaser is a partnership, corporation, trust, or other entity, the Purchaser entity and each individual signing on behalf of such entity represent and warrant that the purchase of the Securities pursuant to this Subscription
Agreement has been duly authorized by all necessary corporate, partnership, or other action, and that such individuals are authorized to bind the Purchaser to this Agreement. 

  

	5.	Transferability. 

  
 The Purchaser agrees not to transfer or assign this Agreement, or of any of its interest herein, and any such transfer shall be void. 
  

	6.	Revocation. 

  
 The Purchaser agrees that it may not cancel, terminate, or revoke this Agreement or any agreement of the Purchaser made hereunder and that this Agreement shall survive the death or disability of the Purchaser and
shall be binding upon the Purchaser’s heirs, executors, administrators, successors, and assigns. 
  

	7.	No Waiver. 

  
 Notwithstanding any of the representations, warranties, acknowledgments, or agreements made herein by the Purchaser, the Purchaser does not waive any right granted to it under federal or state securities laws.

  

	8.	Continuing Effect of Representations and Warranties; Undertaking. 

  
 The representation and warranties of Paragraph 3 are true and accurate as of the date of this Subscription Agreement and shall be true and accurate as of the date of
delivery of the Funds and shall survive such delivery, if in any respect, such representations and warranties shall not be true and accurate prior to the issuance of Securities to the Purchaser, the Purchaser shall give immediate written notice of
such fact to the Company and to the Purchaser Representative, if any, specifying which representations and warranties are not true and accurate and in what respects they are inaccurate. 
  

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	9.	Indemnification. 

  
 The Purchaser acknowledges that it understands the meaning and legal consequences of the representations and warranties contained in Paragraph 3 and of the undertaking contained in Paragraph 8, and hereby agrees to
defend, indemnity, and hold harmless the Company and its officers, directors, employees and agents, and their successors and assigns, from and against any and all loss, damage, liability, or expense (including attorneys’ fees) due to or arising
out of the inaccuracy of any representation or acknowledgment or the breach of any agreement, warranty, or undertaking of the Purchaser contained in this Subscription Agreement. 
  

	10.	Miscellaneous. 

  

	 	(a)	All notices or other communications given or made hereunder shall be sufficiently given if hand-delivered or mailed by registered or certified mail return receipt requested, postage
prepaid, to the Purchaser or to the Company at the respective addresses set forth herein, or such other addresses as the Purchaser or the Company shall designate to the other by notice in writing. 

  

	 	(b)	This Agreement shall be governed by and construed in accordance with the internal laws of the State of Idaho, Venue for any action arising out of or in conjunction with this
Agreement shall lie in Shoshone County, Idaho. 

  

	 	(c)	This Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and may be amended only by a writing executed by all parties.

  

	11.	Signatures. 

  
 The “Purchaser” or “it” shall mean person or entity whose signature appears below. I have read this Subscription Agreement and agree to be bound by its terms, 
  

			
	 Sterling Mining Company

		
	By:	 	 
	 	 	Ray DeMotte, President
	 411 E. Coeur d’Alene Avenue, Suite I -J

	 Coeur d’Alene, ID 83814

	
	 
	 Soc. Sec. or Federal Identification No.

	
	 
	 (Date)

  
 The Company hereby
accepts the foregoing Subscription subject to the terms and conditions hereof this 12th day of July , 2004.

  

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	 MASCOT SILVER-LEAD MINES, INC.,
  an Idaho corporation

		
	BY:	 	 
	 	 	Joseph J. Wallace, Jr., President

  

 6Form of Stock Option Agreement of Sterling Mining Company

 Exhibit 10.23 
  
 STERLING MINING COMPANY 
  
 Option For The Purchase Of _______________ 
 Shares Of Common Stock 
 Par Value $0.05 
  
 STOCK OPTION AGREEMENT 
  
 THE HOLDER OF THIS OPTION, BY ACCEPTANCE HEREOF, BOTH WITH RESPECT TO THE OPTION AND COMMON STOCK ISSUABLE UPON EXERCISE OF THE OPTION, AGREES AND ACKNOWLEDGES THAT THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY
NOT BE TRANSFERRED OR SOLD IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT OR OTHER COMPLIANCE UNDER THE SECURITIES ACT OR THE LAWS OF THE APPLICABLE STATE OR A “NO ACTION” OR INTERPRETIVE LETTER FROM THE SECURITIES AND EXCHANGE
COMMISSION OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER, AND ITS COUNSEL, TO THE EFFECT THAT THE SALE OR TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH STATE STATUTES. 
  
 This is to certify that, for value received, ______________________________
(the “Optionee”) is entitled to purchase from STERLING MINING COMPANY (the “Company” or “Corporation”), on the terms and conditions hereinafter set forth, all or any part of ________________________ shares
(“Option Shares”) of the Company’s common stock, par value $0.05 (the “Common Stock”), at the purchase price of $_________ per share (“Option Price”). Upon exercise of this option in whole or in part, a certificate
for the Option Shares so purchased shall be issued and delivered to the Optionee. If less than the total option is exercised, a new option of similar tenor shall be issued for the unexercised portion of the options represented by this Agreement.

  
 This option is granted subject to the following further terms
and conditions: 
  
 1. This option shall vest and be exercisable
immediately upon issuance and delivery to the Optionee. The right to exercise this option with respect to any of the Option Shares shall terminate on the earlier to occur of the date that is one year following the death of Optionee or
_____________________. In order to exercise this option with respect to all or any part of the Option Shares for which this option is at the time exercisable, Optionee (or in the case of exercise after Optionee’s death, Optionee’s
executor, administrator, heir or legatee, as the case may be) must take the following actions: 
  
 (a) Deliver to the Corporate Secretary of the Corporation an executed notice of exercise in substantially the form of that attached to this Agreement (the “Exercise Notice”) in which there is specified the
number of Option Shares which are to be purchased tinder the exercised option. 
  
 (b) Pay the aggregate Option Price for the purchased by full payment in cash or by check made payable to the Corporation’s order. 
  
 (c) Furnish to the Corporation appropriate documentation that the person or persons exercising the option (if other than
Optionee) have the right to exercise this option. 
  
 (d) For
purposes of this Agreement, the Exercise Date shall be the date on which the executed Exercise Notice shall have been delivered to the Company. Except to the extent the sale and 

 
remittance procedure specified above is utilized in connection with the option exercise, payment of the Option Price for the purchased shares must accompany
such Exercise Notice. 
  
 (e) Upon such exercise, the Company
shall issue and cause to be delivered with all reasonable dispatch (and in any event within three business days of such exercise) to or upon the written order of the Optionee at its address, and in the name of the Optionee, a certificate or
certificates for the number of full Option Shares issuable upon the exercise together with such other property (including cash) and securities as may then be deliverable upon such exercise. Such certificate or certificates shall be deemed to have
been issued and the Optionee shall be deemed to have become a holder of record of such Option Shares as of the Exercise Date. 
  
 2. The Optionee acknowledges that the shares subject to this option have not and will not be registered as of the date of exercise of this option under
the Securities Act or the securities laws of any state. The Optionee acknowledges that this option and the shares issuable on exercise of the option, when and if issued, are and will be “restricted securities” as defined in Rule 144
promulgated by the Securities and Exchange Commission and must be held indefinitely unless subsequently registered under the Securities Act and any other applicable state registration requirements. Except as provided herein, the Company is under no
obligation to register the securities under the Securities Act or under applicable state statutes. In the absence of such a registration or an available exemption from registration, sale of the Option Shares may be practicably impossible. The
Optionee shall confirm to the Company the representations set forth above in connection with the exercise of all or any portion of this option. The Company agrees to register or qualify the Option Shares, but not this option, for resale as follows:

  
 (a) If, at any time during the period in which the rights
represented by this Agreement are exercisable, the Company proposes to file a registration statement or notification under the Securities Act for the primary or secondary sale of any debt or equity security, it will give written notice at least 30
days prior to the filing of such registration statement or notification to the Optionee of its intention to do so. The Company agrees that, after receiving written notice from the Optionee of its desire to include its Option Shares in such proposed
registration statement or notification, the Company shall afford the Optionee the opportunity to have its Option Shares included therein. Notwithstanding the provisions of this paragraph 2(a), the Company shall have the right, at any time after it
shall have given written notice pursuant to this paragraph (whether or not a written request for inclusion of the Option Shares shall be made) to elect not to file any such proposed registration statement or notification or to withdraw the same
after the filing but prior to the effective date thereof. In no event shall the Company be obligated to include the Option Shares in any registration statement or notification under this paragraph 2(a) if, in the opinion of the underwriter, the
inclusion of the Option Shares in such registration statement or notification would be materially detrimental to the proposed offering of debt or equity securities pursuant to which the Company gave notice to the holders under this paragraph;
provided, that the Option Shares shall not be excluded from any such registration statement or notification if debt or equity securities of the Company held by any other persons are, or will be, included in such registration statement or
notification. 
  
 (b) In connection with the filing of a
registration statement, notification, or post-effective amendment under this section, the Company covenants and agrees: 
  

	 	(i)	to pay all expenses of such registration statement, notification, or post-effective amendment, including, without limitation, printing charges, legal fees and disbursements of
counsel for the Company, blue sky expenses, accounting fees and filing fees, but not including legal fees and disbursements of counsel to the Optionee and any sales commissions on Option Shares offered, and sold; 

  

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	 	(ii)	to take all necessary action which may reasonably be required in qualifying or registering the Option Shares included in a registration statement, notification or post-effective
amendment for the offer and sale under the securities or blue sky laws of such states as requested by the Optionee; provided that the Company shall not be obligated to execute or file any general consent to service of process or to qualify as a
foreign corporation to do business under the laws of any such jurisdiction; and 

  

	 	(iii)	to utilize its best efforts to keep the same effective on a continuous or shelf basis until all registered Option Shares of the Optionee have been sold. 

  
 (c) The Optionee shall cooperate with the Company and shall furnish such
information as the Company may request in connection with any such registration statement, notification or post-effective amendment hereunder, on which the Company shall be entitled to rely, and the Optionee shall indemnity and hold harmless the
Company (and all other persons who may be subject to liability under the Securities Act or otherwise) from and against any and all claims, actions, suits, liabilities, losses, damages, and expenses of every nature and character (including, but
without limitation, all attorneys’ fees and amounts paid in settlement of any claim, action, or suit) which arise or result directly or indirectly from any untrue statement of a material fact furnished by the Optionee in connection with such
registration or qualification, or from the failure of the Optionee to furnish material information in connection with the facts required to be included in such registration statement, notification or post-effective amendment necessary to make the
statements therein not misleading. 
  
 3. The Company, during the
term of this Agreement, will obtain from the appropriate regulatory agencies any requisite authorization in order to issue and sell such number of shares of its Common Stock as shall be sufficient to satisfy the requirements of the Agreement.

  
 4. The number of Option Shares purchasable upon the exercise
of this option and the Option Price per share shall be subject to adjustment from time to time subject to the following terms. If the outstanding shares of Common Stock of the Company are increased, decreased, changed into or exchanged for a
different number or kind of shares of the Company through reorganization, recapitalization, reclassification, stock dividend, stock split or reverse stock split, the Company or its successors and assigns shall make an appropriate and proportionate
adjustment in the number or kind of shares, and the per-share Option Price thereof, which may be issued to the Optionee under this Agreement upon exercise of the options granted under this Agreement. The purchase rights represented by this option
shall not be exercisable with respect to a fraction of a share of Common Stock. Any fractional shares of Common Stock arising from the dilution or other adjustment in the number of shares subject to this option shall rounded-up to the nearest whole
share. 
  
 5. The Company covenants and agrees that all Option
Shares which may be delivered upon the exercise of this option will, upon delivery, be free from all taxes, liens, and charges with respect to the purchase thereof; provided, that the Company shall have no obligation with respect to any income tax
liability of the Optionee and the Company may, in its discretion, withhold such amount or require the Optionee to make such provision of funds or other consideration as the Company deems necessary to satisfy any income tax withholding obligation
under federal or state law. 
  
 6. The Company agrees at all times
to reserve or hold available a sufficient number of shares of Common Stock to cover the number of Option Shares issuable upon the exercise of this and all other options of like tenor then outstanding. 
  

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 7. This option shall not entitle the holder hereof to any voting rights or other rights as a shareholder
of the Company, or to any other rights whatsoever, except the rights herein expressed, and no dividends shall be payable or accrue in respect of this option or the interest represented hereby or the Option Shares purchasable hereunder until or
unless, and except to the extent that, this option shall be exercised. 
  
 8. The Company may deem and treat the registered owner of this option as the absolute owner hereof for all purposes and shall not be affected by any notice to the contrary. 
  
 9. In the event that any provision of this Agreement is found to be invalid or otherwise unenforceable under any applicable
law, such invalidity or unenforceability shall not be construed as rendering any other provisions contained herein invalid or unenforceable, and all such other provisions shall be given full force and effect to the same extent as though the invalid
or unenforceable provision were not contained herein. 
  
 10. This
Agreement shall be governed by and construed in accordance with the internal laws of the state of Idaho, without regard to the principles of conflicts of law thereof. 
  
 11. Except as otherwise provided herein, this Agreement shall be binding on and inure to the benefit of the Company and the
person to whom an option is granted hereunder, and such person’s heirs, executors, administrators, legatees, personal representatives, assignees, and transferees. 
  
 IN WITNESS WHEREOF, the Company has caused this option to be executed on the ____ day of _______________ 200____ by the
signature of its duly authorized officer. 
  

			
	STERLING MINING COMPANY
		
	By	 	 
	 	 	 Duly Authorized Officer

  
 The undersigned
Optionee hereby acknowledges receipt of a copy of the foregoing option and acknowledges and agrees to the terms and conditions set forth in the option. 
  

	
	
	 
	 

  

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 Exercise Notice

 (to be signed only upon exercise of Option) 
  

	TO:	Sterling Mining Company 

  
 The Optionee, holder of the attached option, hereby irrevocable elects to exercise the purchase rights represented by the option for, and to purchase
thereunder, ________________________________ shares of common stock of Sterling Mining Company and herewith makes payment therefor, and requests that the certificate(s) for such shares be delivered to the Optionee at: 
  
                                       
                                        
                                        
                                        
                                        
                                        
           
  
                                       
                                        
                                        
                                        
                                        
                                        
           
  
                                       
                                        
                                        
                                        
                                        
                                        
           
  
 If purchase is to be effected by conversion of the option to Common Stock, the Optionee hereby converts option rights with respect to ________________________________ Option Shares represented by the option. 
  
 If acquired without registration under the Securities Act of 1933, as amended
(“Securities Act”), the Optionee represents that the Common Stock is being acquired without a view to, or for, resale in connection with any distribution thereof without registration or other compliance under the Securities Act and
applicable state statutes, and that the Optionee has no direct or indirect participation in any such undertaking or in the underwriting of such an undertaking. The Optionee understands that the Common Stock has not been registered, but is being
acquired by reason of a specific exemption under the Securities Act as well as under certain state statutes for transactions by an issuer not involving any public offering and that any disposition of the Common Stock may, under certain
circumstances, be inconsistent with these exemptions. The Optionee acknowledges that the Common Stock must be held and may not be sold, transferred, or otherwise disposed of for value unless subsequently registered under the Securities Act or an
exemption from such registration is available. The Company is under no obligation to register the Common Stock under the Securities Act, except as provided in the Agreement for the option. The certificates representing the Common Stock will bear a
legend restricting transfer, except in compliance with applicable federal and state securities statutes. 
  
 The Optionee agrees and acknowledges that this purported exercise of the option is conditioned on, and subject to, any compliance with requirements of
applicable federal and state securities laws deemed necessary by the Company. 
  
 DATED this _______ day of _________________________, _________. 
  

	
	
	 
	 Signature

  

 5 

  
 Exercise Notice

 (to be signed only upon exercise of Option) 
  

	TO:	Sterling Mining Company 

  
 The Optionee, holder of the attached option, hereby irrevocable elects to exercise the purchase rights represented by the option for, and to purchase
thereunder, _____________________________ shares of common stock of Sterling Mining Company and herewith makes payment therefor, and requests that the certificate(s) for such shares be delivered to the Optionee at: 
  
                                       
                                        
                                        
                                        
                                        
                                        
           
  
                                       
                                        
                                        
                                        
                                        
                                        
           
  
                                       
                                        
                                        
                                        
                                        
                                        
           
  
 If purchase is to be effected by conversion of the option to Common Stock, the Optionee hereby converts option rights with respect to __________________________________ Option Shares represented by the option. 
  
 If acquired without registration under the Securities Act of 1933, as amended
(“Securities Act”), the Optionee represents that the Common Stock is being acquired without a view to, or for, resale in connection with any distribution thereof without registration or other compliance under the Securities Act and
applicable state statutes, and that the Optionee has no direct or indirect participation in any such undertaking or in the underwriting of such an undertaking. The Optionee understands that the Common Stock has not been registered, but is being
acquired by reason of a specific exemption under the Securities Act as well as under certain state statutes for transactions by an issuer not involving any public offering and that any disposition of the Common Stock may, under certain
circumstances, be inconsistent with these exemptions. The Optionee acknowledges that the Common Stock must be held and may not be sold, transferred, or otherwise disposed of for value unless subsequently registered under the Securities Act or an
exemption from such registration is available. The Company is under no obligation to register the Common Stock under the Securities Act, except as provided in the Agreement for the option. The certificates representing the Common Stock will bear a
legend restricting transfer, except in compliance with applicable federal and state securities statutes. 
  
 The Optionee agrees and acknowledges that this purported exercise of the option is conditioned on, and subject to, any compliance with requirements of
applicable federal and state securities laws deemed necessary by the Company. 
  
 DATED this _______ day of _________________________, _________. 
  

	
	
	 
	 Signature

  

 6 

  
 STERLING MINING COMPANY

 411 Coeur d’Alene Avenue 
 Coeur d’Alene ID 83814 
  
 OPTION BUY-BACK AGREEMENT 
  
 The Optionee,
_________________________________________, holder of options to purchase stock of Sterling Mining Company, does hereby accept from Sterling Mining Company funds in the amount of
$                                        
            , ($____________________), provided to buy-back ______________________________ options at a price of $___________ per option. Receipt of funds stated is acknowledged by the
Optionee. 
  

					
			
	  	 	 	 	  
	 Optionee
	 	 	 	 Date

			
	  	 	 	 	  
	 Sterling Mining Company
	 	 	 	 Date

  

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