Document:

Exhibit 10.2

 

RECORDED AT THE REQUEST OF, AND

AFTER RECORDING PLEASE RETURN TO:

Daniel A. Jensen

Parr Brown
Gee & Loveless

101 South
200 East, Suite 700

Salt Lake City, UT 84111

 

	APN:	000-000-97, 019-641-13, 019-641-16, 019-641-17,
	 	019-641-19, 019-641-20, 019-641-28, 019-641-29,
	 	019-641-30

 

The undersigned affirms that this document does not contain the
personal information of any person

 

 

DEED OF TRUST, ASSIGNMENT OF LEASES,

RENTS AND CONTRACTS, SECURITY AGREEMENT

AND FIXTURE FILING

 

CR REWARD LLC and CR REWARD WATER HOLDINGS LLC,
as Trustors

 

to

 

MATTHEW E. JENSEN, ESQ., as Trustee

 

for the benefit of

 

WATERTON NEVADA SPLITTER, LLC, as Beneficiary

 

     

     

    

 

THIS
DEED OF TRUST, ASSIGNMENT OF LEASES, RENTS AND CONTRACTS, SECURITY AGREEMENT AND FIXTURE FILING (“Deed of Trust”)
is made as of June 13, 2022, by CR REWARD LLC, a Nevada limited liability company (“LandCo”), and CR
REWARD WATER HOLDINGS LLC, a Nevada limited liability company (“WaterCo” and individually and collectively with
LandCo, “Trustor”), as trustors, whose mailing address is c/o Augusta Gold Corp., Suite 555 – 999 Canada
Place, Vancouver, British Columbia, Canada V6C 3E1, to MATTHEW E. JENSEN, ESQ., a Nevada attorney, as trustee, whose mailing
address is 101 South 200 East, Suite 700, Salt Lake City, Utah 84111 (“Trustee”), for the benefit of WATERTON
NEVADA SPLITTER, LLC, a Nevada limited liability company, as beneficiary (“Beneficiary”).

 

RECITALS

 

A.            Augusta
Gold Corp., a Delaware corporation (“Purchaser”), and Beneficiary are parties to that certain Membership Interest Purchase
Agreement dated April 21, 2022 (the “Purchase Agreement”).

 

B.            Pursuant
to the Purchase Agreement, the obligations of Purchaser and Trustor under the Purchase Agreement are to be secured by Trustor, which is
a directly or indirectly wholly- owned subsidiary of Purchaser.

 

C.            It
is a requirement under the Purchase Agreement that Trustor execute and deliver this Deed of Trust and Trustor acknowledges that it will
benefit from and receive adequate consideration for the granting of this Deed of Trust.

 

D.            Capitalized
terms used herein and not otherwise defined shall have the meanings ascribed to such terms in the Purchase Agreement.

 

AGREEMENT

 

FOR
GOOD AND VALUABLE CONSIDERATION, including the indebtedness herein recited and the trust herein created, the receipt of which is hereby
acknowledged, Trustor hereby irrevocably grants, transfers, conveys and assigns to Trustee, in trust, with power of sale and right of
entry and possession, for the benefit and security of Beneficiary, under and subject to the terms and conditions hereof, all of Trustor’s
present and future rights, titles, interests and claims in and to all of the following described property whether now owned or hereafter
acquired (all of Trustor’s present and future rights, titles, interests and claims in the property described in the following clauses
(a) through (m) severally and collectively, the “Trust Estate”):

 

(a)            Those
certain fee parcels and patented mining claims (including all proceeds, royalties and income from all minerals or soil components (whether
in-ground or extracted therefrom), mineral rights, mining rights, and all rights and claims to minerals (whether in-ground or extracted)
contained on or within such properties), more particularly described in Exhibit A attached hereto and incorporated herein
by this reference, together with any greater estate therein as may now exist or hereafter may be acquired by Trustor, whether owned or
leased by Trustor, located in Nye County, Nevada (collectively, the “Fee Property”);

 

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(b)            Those
certain unpatented mining claims, minerals thereon and therein, all proceeds, royalties and income from all minerals or soil components
(whether in-ground or extracted therefrom), all mineral (whether in-ground or extracted) and mining rights relating thereto, and all rights
and claims to minerals thereon or therein, whether owned or leased by Trustor, located in Nye County, Nevada (collectively, the “Mining
Claims”), more particularly described in Exhibit A attached hereto and incorporated herein by this reference (collectively
with the Fee Property, the “Real Property”), together with all rights appurtenant to the Real Property, including all
easements and rights of way over any other adjoining land granted by any legal entitlements, easement agreements, covenant or restrictive
agreements, and all air rights, minerals, mineral rights and interests, resources, reserves, land positions, stockpiled ore and minerals,
overburden piles, tailings, byproducts, oil and gas rights, geothermal rights and resources, timber and development rights, if any, relating
thereto, and also together with all of the other easements, rights, privileges, interests, hereditaments and appurtenances thereunto belonging
or in any way appertaining and all of the estate, right, title, interest, claim or demand whatsoever of Trustor therein, either in law
or in equity, in possession or expectancy, now or hereafter acquired, and all of Trustor’s rights and interest in and to streets,
roads, ways, railways and public places, opened or postponed, and all rights of way, public or private, now or hereafter used in connection
with, or belonging or appertaining to or being adjacent to the Real Property;

 

(c)            Any
and all buildings and other improvements now or hereafter erected on the Real Property including fixtures, attachments, appliances, equipment,
machinery, and other personal property attached or affixed to, installed in, or used in connection with such buildings and other improvements
(the “Improvements”), all of which shall be deemed and construed to be a part of the Real Property;

 

(d)            All
rents, issues, profits, claims, royalties, income, accounts and other benefits now or hereafter derived from the Real Property and the
Improvements (collectively the “Rents”), subject to the terms and provisions of Article 2 of this Deed of Trust
with respect to all leases and subleases of the Real Property or Improvements now or hereafter existing or entered into, or portions thereof,
granted by Trustor, and further subject to the right, power and authority hereinafter given to Trustor to collect and apply such Rents;

 

(e)            All
surface and ground water and water rights, whether presently held or hereafter acquired, and whether appurtenant, severed, leased or otherwise
controlled, of all legal dispositions or status (including temporary, adjudicated, vested, decreed, certificated, permitted, leased, controlled,
changed or modified water rights), appurtenant to or used or usable in connection with the Real Property, including the water rights listed
in Exhibit A and including any and all shares of stock and membership interests evidencing any such rights (whether certificated
or uncertificated), contracts, agreements, entitlements and authorizations evidencing the same, similar or associated right or interest
in any water, ditch, irrigation or canal company, whether presently existing or hereafter created, recognized, obtained or acquired (including
entitlements, connection credits and other authorizations of any kind from any public or private water supplier or entity), and including
all easements, rights of way, wells, pumps, casing, downhole equipment, meters, utilities and utility lines, diversion structures, canals,
ditches, pipelines, headgates, weirs and other entitlements, improvements, fixtures and facilities used to withdraw, pump, divert, store,
transport and use said water and water rights (collectively the “Water Rights”);

 

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(f)            All
easements, rights-of-way, strips and gores of land, streets, ways, alleys, passages, sewer rights, utility reservations and capacity rights,
and other rights now owned or hereafter acquired by Trustor used in connection with the Real Property or the Improvements or as a means
of access thereto (including all rights pursuant to any trackage agreement and all rights to the nonexclusive use of common drive entries,
and all powers, estates, rights, titles, interests, minerals, royalties, privileges, liberties, tenements, hereditaments and appurtenances
thereof and thereto);

 

(g)            All
grazing and range rights relating or pertaining to the Real Property; all oil, gas, minerals (including all gold, silver, copper and other
precious and base metals) and their intermediate products such as mineral bearing products, such as mineral bearing ores and concentrates,
coal and other substances of any kind or character on or within the Real Property; all electrical users rights in or hereafter relating
to or used in connection with the Real Property; all shares of stock and membership interests evidencing any such rights; all fixtures
and equipment (whether or not annexed thereto) now or hereafter used for the production or distribution of minerals, water or electricity
in connection with the use or occupancy of the Real Property or for the drainage or supply thereof; and all appendages, appurtenances,
covenants, easements, hereditaments, liberties, privileges, rights of way, tenements and other rights benefiting, or otherwise relating
to, the Real Property and/or the Improvements or any owner, occupier or user thereof;

 

(h)            All
now or hereafter existing leases or licenses (under which Trustor is landlord) and subleases (under which Trustor is sublandlord), concession,
management, mineral or other agreements of a similar kind that permit the use or occupancy of all or any portion of the Trust Estate for
any purpose in return for any payment, or the extraction or taking of any gas, water, geothermal resources or other minerals from the
Trust Estate in return for payment of any fee, rent or royalty, including Trustor’s right, title and interest as lessor in the same
(collectively, “Leases”);

 

(i)            All
right, title, and interest of Trustor in (i) the property and interests in property described in Exhibit B attached hereto
and incorporated herein by reference, (ii) all other personal property now or hereafter owned or acquired by Trustor that is now
or hereafter located on or used in connection with or related to the Real Property or the Improvements, (iii) all other rights and
interests of Trustor now or hereafter held in personal property that is now or hereafter located on or used in connection with the Real
Property or the Improvements, and (iv) all proceeds thereof (such personal property and proceeds are referred to herein collectively
as the “Personal Property”);

 

(j)            All
rights of Trustor under any covenants, conditions and restrictions affecting the Real Property or the Improvements whether now existing
or hereafter arising, including all voting rights, declarant’s rights, developer rights and similar rights arising under any such
covenants, conditions and restrictions (collectively, the “CC&Rs”), provided, Trustor shall retain the right to
exercise its privileges under the CC&Rs (subject in all respects to the terms of the Purchase Agreement) before any Event of Default
(as defined below) and thereafter subject to Trustee’s and Beneficiary’s rights hereunder and under the Purchase Agreement;

 

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(k)            All
rights (but none of the obligations) of Trustor under any contracts, agreements, licenses or other documents affecting, relating to, executed
in connection with, or used in the development, construction, use, occupancy, operation, maintenance, enjoyment, acquisition, management
or ownership of the Real Property or Improvements or the sale of goods or services produced in or relating to the Real Property or the
Improvements (collectively, the “Other Agreements”), provided, Trustor shall retain the right to exercise its privileges
under the Other Agreements (subject in all respects to the terms of the Purchase Agreement) before any Event of Default and thereafter
subject to Trustee’s and Beneficiary’s rights hereunder and under the Purchase Agreement;

 

(l)            All
the estate, interest, right, title, other claim or demand, both in law and in equity (including claims or demands with respect to the
proceeds of insurance in effect with respect thereto) that Trustor now has or may hereafter acquire in the Real Property, the Improvements,
the Personal Property or any other part of the Trust Estate, and any and all awards made for the taking by eminent domain, or by any proceeding
of purchase in lieu thereof, of the whole or any part of the Trust Estate (including any awards resulting from a change of grade of streets
and awards for severance damages); and

 

(m)            All
proceeds, products, rents, revenues, issues, profits, royalties, income, benefits, additions, renewals, extensions, substitutions, replacements,
minerals and mineral rights (including the Mining Claims), whether in-ground or extracted, and accessions of, and to, any of the foregoing.

 

Notwithstanding the foregoing,
the Trust Estate shall not include any of the Other Agreements or other permit or license to the extent that Trustor is expressly prohibited
from granting a security interest in such instrument pursuant to the terms thereof, but only to the extent such prohibition is not invalidated
under the Uniform Commercial Code or any Excluded Assets (as defined in Exhibit B). The foregoing descriptions of items constituting
the Trust Estate shall be construed as cumulative and not limiting, and the terms “include” and “including,” when
used in those descriptions and elsewhere in this Deed of Trust, shall mean without limitation by reason of enumeration. Unless the context
clearly indicates otherwise, the terms “equipment,” “inventory,” “accounts,” “instruments,”
 “promissory notes,” “investment property,” “commercial tort claims,” “deposit accounts,”
 “letter-of-credit rights,” “supporting obligations,” “chattel paper,” “general intangibles,”
 “proceeds” and “products” shall have the meanings provided for those terms in the Uniform Commercial Code as adopted
and enacted by the State of Nevada (as amended or replaced from time to time, the “Nevada Uniform Commercial Code”)
in effect on the date of this Deed of Trust.

 

For the purpose of securing
the payment of all amounts payable arising under the Purchase Agreement, and performance of its obligations under the Purchase Agreement,
and all other indebtedness, obligations and liabilities, direct or indirect, absolute or contingent, matured or not, of Trustor to Beneficiary
under the Purchase Agreement or hereunder, whether incurred before, at the time of, or subsequent to the execution hereof, whether incurred
alone or with another or others, including extensions and renewals, thereof (together, the “Secured Obligations”),
which shall include interest accruing subsequent to the filing of, or which would have accrued but for the filing of, a petition for bankruptcy,
in accordance with and at the Interest Rate, as defined below (including any rate applicable upon any default or event of default under
the Purchase Agreement, to the extent lawful), whether or not such interest is an allowable claim in such bankruptcy proceeding.

 

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TRUSTOR HEREBY COVENANTS AND FURTHER AGREES AS
FOLLOWS:

 

ARTICLE 1

COVENANTS AND AGREEMENTS OF TRUSTOR

 

		1.01	Payment and Performance of Obligations; Protection of Lien.

 

(a)            Trustor
shall not sell, transfer, convey, lease, let, mortgage, pledge, encumber, create, or permit a lien on or security interest in, or otherwise
hypothecate all or any part of the Trust Estate except for liens, encumbrances and transfers expressly permitted under the Purchase Agreement.

 

(b)            This
Deed of Trust provides a first position security interest and lien against the Trust Estate, subject to the terms and conditions of the
Purchase Agreement. Trustor shall forever warrant and defend the title to the Trust Estate and priority of the lien of this Deed of Trust
unto Beneficiary against the claims of all persons whomsoever.

 

(c)            Trustor
shall pay, or cause to be paid, when due and/or perform, or cause to be performed, each of the Secured Obligations. All covenants contained
in the Purchase Agreement are hereby incorporated into this Deed of Trust by reference.

 

1.02            Maintenance,
Repair, Alterations. Trustor shall keep, maintain, preserve and protect the Trust Estate in good repair, working order, and condition,
ordinary wear and tear excepted. Trustor shall: (a) complete any Improvement that may now be or hereafter constructed in good and
workmanlike manner; and (b) restore any Improvements that may be damaged or destroyed to substantially the same condition as existing
immediately before such damage or destruction and pay when due all claims for labor performed and materials furnished therefor, in either
case excepting any Improvements that Trustor does not reasonably consider to be material to the business of Trustor. Trustor shall comply
in all material respects with all Requirements (as defined below) and shall not suffer to occur or exist any violation in any material
respect of any Requirement. Trustor shall not commit or permit any waste or deterioration of the Trust Estate, and, to the extent permitted
by law or required by the Purchase Agreement, shall keep and maintain abutting grounds, roads, parking areas, etc. in good and neat
order and repair. Trustor shall perform in all material respects its obligations under each Lease and the CC&Rs, if any. “Requirement”
and “Requirements” mean, respectively, each and all obligations and requirements now or hereafter in effect by which
Trustor or the Trust Estate are bound or which are otherwise applicable to the Trust Estate, any work or activity necessary to preserve
and maintain the Trust Estate, preserve or maintain mining, leasehold or other rights in the Trust Estate, any construction of any Improvements
on the Trust Estate, or operation, occupancy or use of the Trust Estate (including (i) such obligations and requirements imposed
by common law or any law, statute, ordinance, regulation or rule (federal, state, or local), including any mining reports, filings,
verifications of mining activity, etc. and (ii) such obligations and requirements of, in or in respect of (A) any consent,
authorization, license, permit or approval relating to the Trust Estate, (B) any condition, covenant, restriction, easement or right-of-way
reservation applicable to the Trust Estate, (C) any lien or encumbrance, (D) any other agreement, document or instrument to
which Trustor is a party or by which Trustor or the Trust Estate is bound or affected (including the CC&Rs, if any, and the Other
Agreements), and (E) any order, writ, judgment, injunction or award of any arbitrator, other private adjudicator, court, government
or governmental authority (federal, state or local) to which Trustor is a party or by which Trustor or the Trust Estate is bound or affected).

 

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1.03            Required
Insurance. Trustor shall at all times provide, maintain and keep in force or cause to be provided, maintained and kept in force with
respect to the Trust Estate, at no expense to Trustee or Beneficiary, policies of insurance in accordance with prudent mining practices
or as required by the Purchase Agreement. All such policies of insurance required by this Deed of Trust shall contain endorsements or
agreements by the insurer that any loss shall be payable in accordance with the terms of such policy notwithstanding any act or negligence
of Trustor or any party holding under Trustor that might otherwise result in forfeiture of said insurance and the further agreement of
the insurer waiving all rights to set off, counterclaims and deductions against Trustor. Prior to the expiration of each required policy,
Trustor shall deliver to Beneficiary evidence reasonably satisfactory to Beneficiary of the payment of the premium and the renewal or
replacement of such policy continuing insurance in form as required by this Deed of Trust or the Purchase Agreement.

 

1.04            Payment
of Premiums. In the event Trustor fails to obtain, maintain or deliver to Beneficiary the policies of insurance with respect to the
Trust Estate required under this Deed of Trust, Beneficiary may, but without any obligation to do so, obtain such policies or take other
action that it deems appropriate to remedy the failure and pursue its rights and remedies in the Purchase Agreement and in this Deed of
Trust. All sums, including reasonable attorneys’ fees, so expended by or on behalf of Beneficiary will be a lien on the Trust Estate,
will be secured by this Deed of Trust, and will be paid by Trustor on demand, together with interest at twelve percent (the “Interest
Rate”). No payment or other action by Beneficiary under this Deed of Trust, including this section, will impair any other right
or remedy available to Beneficiary or constitute a waiver of any default.

 

1.05            Casualties;
Insurance Proceeds. After the happening of any material casualty to or in connection with the Trust Estate or any part thereof, whether
or not covered by insurance, Trustor shall give prompt written notice thereof to Beneficiary. All proceeds of property casualty insurance
with respect to the Trust Estate shall be payable to Beneficiary. If Trustor receives any proceeds of insurance resulting from such casualty,
Trustor shall promptly pay over such proceeds to Beneficiary.

 

1.06            Assignment
of Policies Upon Foreclosure. In the event of foreclosure of this Deed of Trust as a mortgage, a sale under the power of sale, or
any other transfer of title or assignment of the Trust Estate in extinguishment, in whole or in part, of the Secured Obligations, all
right, title and interest of Trustor in and to all policies of insurance required by Section 1.03 shall inure to the benefit
of and pass to the successor in interest to Trustor or the purchaser or grantee of the Trust Estate, to the extent such policies are assignable
pursuant to the terms thereof.

 

1.07            Waiver
of Offset. Except for such notice as may be expressly required hereunder or under the Purchase Agreement, all sums payable by Trustor
pursuant to the Purchase Agreement or this Deed of Trust shall be paid without notice, demand, counterclaim, setoff, deduction or defense
and without abatement, suspension, deferment, diminution or reduction, and the obligations and liabilities of Trustor hereunder shall
in no way be released, discharged or otherwise affected (except as expressly provided herein) by reason of: (i) any damage to or
destruction of or any condemnation or similar taking of the Trust Estate or any part thereof; (ii) any restriction or prevention
of or interference by any person with any use of the Trust Estate or any part thereof; (iii) any title defect or encumbrance or any
eviction from the Real Property or the Improvements or any part thereof by title paramount or otherwise; (iv) any bankruptcy, insolvency,
reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to Beneficiary, or any action taken
with respect to this Deed of Trust by any trustee or receiver of Beneficiary, or by any court, in any such proceeding; or (v) any
other occurrence whatsoever, whether similar or dissimilar to the foregoing; whether or not Trustor shall have notice or knowledge of
any of the foregoing.

 

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		1.08	Impositions.

 

(a)            Trustor
shall pay, or cause to be paid, before the date due, and in any event before delinquency, all real and personal property taxes and assessments,
general and special, and all other taxes and assessments of any kind or nature whatsoever (including nongovernmental levies or assessments
such as property owners’ association assessments, fees and dues, maintenance charges, water charges, water toll charges, irrigation
fees and assessments, levies, or charges resulting from CC&Rs affecting the Trust Estate), that are assessed or imposed upon the Trust
Estate or become due and payable and that create or may create if not paid a lien upon the Trust Estate (the above are sometimes referred
to herein individually as an “Imposition” and collectively as “Impositions”), provided, however,
that if by law any Imposition is payable, or may at the option of the taxpayer be paid, in installments, Trustor may pay the same or cause
it to be paid, together with any accrued interest on the unpaid balance of such Imposition, in installments as the same becomes due and
before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest.

 

(b)            If
at any time after the date hereof there shall be assessed or imposed a fee, tax or assessment on Beneficiary (other than income taxes)
and measured by or based in whole or in part upon this Deed of Trust or the outstanding amount of the Secured Obligations, then all such
taxes, assessments or fees shall be deemed to be included within the term “Impositions” as defined in Section 1.08(a) and
Trustor shall, subject to Section 1.08(c), pay and discharge the same as herein provided with respect to the payment of Impositions.
Subject to Section 1.08(c), if Trustor fails to pay such Impositions before delinquency, Beneficiary may, at its option, pay
such Imposition or take other action that it deems appropriate to remedy the failure and pursue any and all rights and remedies hereunder
or under the Purchase Agreement as an Event of Default, and such remedies may be pursued individually, singly or concurrently. All sums,
including reasonable attorneys’ fees, so expended by or on behalf of Beneficiary shall be a lien on the Trust Estate, shall be secured
by this Deed of Trust, and shall be paid by Trustor on demand, together with interest at the Interest Rate.

 

(c)            Trustor
shall have the right before and after any delinquency occurs to contest or object to the amount or validity of any Imposition by appropriate
proceedings, but this shall not be deemed or construed in any way as relieving, modifying or extending Trustor’s covenant to pay
any such Imposition at the time and in the manner provided in this Section 1.08, unless Trustor has given prior written notice
to Beneficiary of Trustor’s intent to so contest or object to an Imposition, and unless, in Beneficiary’s absolute and sole
discretion, (i) Trustor shall demonstrate to Beneficiary’s satisfaction that the proceedings to be initiated by Trustor shall
conclusively operate to prevent the sale of the Trust Estate or any part thereof or interest therein to satisfy such Imposition before
final determination of such proceedings, (ii) Trustor shall furnish a good and sufficient bond or surety as requested by and satisfactory
to Beneficiary, or (iii) Trustor shall demonstrate to Beneficiary’s satisfaction that Trustor has provided a good and sufficient
undertaking as may be required or permitted by law to accomplish a stay of any such sale or proceeding.

 

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1.09            Utilities.
Trustor shall pay when due all charges that are incurred by Trustor for the benefit of the Trust Estate or that may become a charge or
lien against the Trust Estate for gas, electricity, water, sewer or other services furnished to the Trust Estate.

 

1.10            Actions
Affecting Trust Estate. Trustor shall notify Beneficiary promptly upon obtaining written notice of any condemnation proceeding against
the Trust Estate. Trustor shall appear in and contest any action or proceeding purporting to affect the security hereof or the rights
or powers of Beneficiary or Trustee hereunder, and shall pay all reasonable and documented costs and expenses (including costs of evidence
of title, litigation and attorneys’ fees) in any such action or proceeding in which Beneficiary or Trustee may appear. Notwithstanding
the foregoing, Beneficiary may, but shall not be required to, participate in any such proceedings or contest, at Trustor’s sole
cost and expense.

 

1.11            Appointment
of Successor Trustee. Beneficiary may, from time to time, by a written instrument executed and acknowledged by Beneficiary, mailed
to Trustor and recorded in the county in which the Trust Estate is located and by otherwise complying with the provisions of applicable
law, substitute a successor or successors to any Trustee named herein or acting hereunder, and such successor(s) shall, without conveyance
from the Trustee predecessor, succeed to all title, estate, rights, powers and duties of such predecessor.

 

1.12            Trustee’s
Powers. At any time, or from time to time, without liability therefor and without notice, upon written request of Beneficiary and
without affecting the personal liability of any person for payment of the Secured Obligations or the effect of this Deed of Trust upon
the remainder of said Trust Estate, Trustee may: (a) reconvey any part of said Trust Estate, (b) consent in writing to the making
of any map or plat thereof, (c) join in granting any easement thereon, or (d) join any extension agreement or any agreement subordinating
the lien or charge hereof.

 

1.13            Beneficiary’s
Powers. Without affecting the liability of any person liable for the payment of the Secured Obligations herein mentioned, and without
affecting the lien or charge of this Deed of Trust upon any portion of the Trust Estate not then or theretofore released as security for
the Secured Obligations, Beneficiary may, from time to time and without notice: (a) release any person so liable, (b) extend
the Secured Obligations, (c) release or reconvey, or cause to be released or reconveyed, at any time at Beneficiary’s option
any parcel, portion or all of the Trust Estate, (d) take or release any other or additional security or any guaranty for any Secured
Obligations herein mentioned, or (e) make compositions or other arrangements with debtors in relation thereto.

 

1.14            Compliance
with Law. Trustor shall comply in all respects with all laws, rules, ordinances, codes, regulations, covenants, conditions, restrictions,
easements and agreements pertaining to the Trust Estate. Trustor shall not permit, commit or suffer any act to be done in or upon the
Trust Estate in violation of law. Trustor shall not initiate or acquiesce in any change in any zoning or other land use classification
now or hereafter in effect and affecting the Trust Estate or any part thereof nor shall Trustor otherwise change or attempt to change
the use of the Trust Estate or any portion thereof without in each case obtaining Beneficiary’s prior written discretionary consent
thereto.

 

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1.15            Mining
Claims. Trustor agrees not to amend, modify, sell, transfer, convey, lease, sublease or terminate any of the Mining Claims which comprise
a portion of the Trust Estate without the express written consent of Beneficiary, which consent may be given or withheld, conditioned
or delayed in Beneficiary’s sole and absolute discretion. Consent to one such action shall not be deemed to be a waiver of the right
to require consent to other, future or successive actions. Trustor agrees to and shall perform all obligations and agreements necessary
to maintain all of the Mining Claims and shall not take any action or omit to take any action that would adversely affect or permit the
termination of any Mining Claim. Trustor agrees to notify Beneficiary in writing with respect to any claim made or threatened against
the validity or good standing of any portion of the Mining Claims. Trustor shall perform any required assessment work and timely prepare,
record and file appropriate evidence of such work, together with the payment of all applicable fees as may be required from time to time
under federal or state law. Trustor shall timely pay all annual mining claim maintenance or rental fees and make all federal and state
filings with respect to the Mining Claims as are necessary or beneficial to maintain the Mining Claims in full effect as valid unpatented
mining claims under federal and state law. Without limiting the foregoing, by no later than July 15th of each year, Trustor shall
deliver to Beneficiary documentation of acknowledgment by the United States Bureau of Land Management (“BLM”) that
the annual unpatented mining claim maintenance fees for all Mining Claims have been paid and copies of the annual affidavit and notice
of intent to hold the Mining Claims as recorded in Nye County, Nevada. Trustor shall provide to Beneficiary a copy of all material correspondence
received from, or sent to, the BLM, the Nye County Recorder, the State of Nevada or any third party, concerning the Mining Claims within
three business days following receipt or transmittal by Trustor.

 

1.16            Water
Rights. Trustor shall cause any and all Water Rights to be maintained in good standing. Trustor shall cause all equipment and facilities
used in connection with the Water Rights to be maintained in a safe and properly operable condition. Trustor shall consistently place
the Water Rights to beneficial use in a manner sufficient to prevent any possible forfeiture or partial forfeiture of any Water Right;
provided, however, that Trustor, acting reasonably, may instead seek and obtain appropriate regulatory authorizations for nonuse of water
prior to the time that any Water Right becomes subject to forfeiture or partial forfeiture. Trustor shall comply with all applicable statutes
and rules pertaining to use of the Water Rights.

 

1.17            Indemnification.
Trustor shall protect, indemnify, save harmless and defend Beneficiary and Trustee and their respective affiliates, officers, directors,
shareholders, members, managers, employees, successors and assigns from and against any and all liability, loss, costs, charges, penalties,
obligations, expenses, attorneys’ fees, litigation, judgments, damages, claims and demands imposed upon or incurred by or asserted
against Beneficiary or Trustee by reason of (a) ownership by Trustee or Beneficiary of its interest in any portion of the Trust Estate
pursuant to this Deed of Trust, (b) any accident or injury to or death of persons or loss of or damage to or loss of the use of property
occurring on or about the Trust Estate or any part thereof, (c) any use, non-use or condition of the Trust Estate or any part thereof,
(d) any failure on the part of Trustor to perform or comply with any of the terms of this Deed of Trust or any instrument or agreement
secured hereby, (e) performance of any labor or services or the furnishing of any materials or other property in respect of the Trust
Estate or any part thereof made or suffered to be made by or on behalf of Trustor, (f) any negligence or tortious act on the part
of Trustor or any of its employees, agents, contractors, lessees, licensees or invitees, (g) any work in connection with any alterations,
changes, new construction or demolition of the Trust Estate, whether or not permitted hereunder, or (h) the exercise by Beneficiary
of any of its rights and remedies, or the performance of any of its obligations, under this Deed of Trust, except, in each case of the
foregoing, to the extent such liability, loss, costs, charges, penalties, obligations, expenses, attorneys’ fees, litigation, judgments,
damages, claims or demands results from the gross negligence, bad faith or willful misconduct (as determined pursuant to a non-appealable
judgement by a court of competent jurisdiction) of such Trustee, Beneficiary or any of their respective affiliates, officers, directors,
shareholders, members, managers, employees, successors or assigns which are seeking indemnification hereunder. All amounts payable to
Beneficiary or Trustee, as the case may be, under this Section 1.17 shall be payable on demand and shall be deemed indebtedness
secured by this Deed of Trust.

 

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ARTICLE 2

ASSIGNMENT OF RENTS

 

2.01            Assignment
of Rents. Trustor hereby irrevocably, absolutely, presently and unconditionally assigns, transfers and grants to Beneficiary (i) all
present and future right and interest in and to the Rents, and hereby gives to and confers upon Beneficiary the right, power and authority
to collect the Rents, at any time, with or without notice, and (ii) all of Trustor’s estate, right, title, interest, claim
and demand, as landlord, under any and all of the Leases. The assignment of the Rents and Leases in this Article 2 is intended to
be an absolute assignment from Trustor to Beneficiary and not merely the passing of a security interest. Trustor irrevocably appoints
Beneficiary, effective upon and during the continuation of an Event of Default, its true and lawful attorney-in-fact, at the option of
Beneficiary at any time and from time to time, to demand, receive and enforce payment, to give receipts, releases and satisfactions, and
to sue, in the name of Trustor or Beneficiary, for all Rents and apply the same to the payment of the Secured Obligations in such order
as Beneficiary shall determine. Trustor hereby authorizes and directs the lessees, occupants and tenants under Leases to make all payments
under the Leases directly to Beneficiary upon written demand by Beneficiary (which may be made at any time on and after an Event of Default),
without further consent of Trustor.

 

2.02            License
to Collect Rents. Beneficiary hereby confers upon Trustor a revocable license (“License”) to collect and retain
the Rents as they become due and payable (but not more than one month in advance unless the written approval of Beneficiary is first obtained),
and to retain and enjoy the same, so long as no revocation of the License by Beneficiary has occurred after the occurrence and during
the continuance of an Event of Default. For the avoidance of doubt, Beneficiary may not revoke the License unless and until an Event of
Default has occurred and is continuing. If an Event of Default has occurred and is continuing, Beneficiary shall have the right, which
it may choose to exercise in its sole discretion, to terminate this License with or without notice to or demand upon Trustor, and without
regard to the adequacy of Beneficiary’s security under this Deed of Trust.

 

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2.03            Collection
Upon an Event of Default. After the occurrence and during the continuance of an Event of Default and Beneficiary’s subsequent
revocation of the License, Beneficiary may, at any time with or without notice, either in person, by agent or by a receiver appointed
by a court, and without regard to the adequacy of any security for the Secured Obligations, enter upon and take possession of the Trust
Estate, or any part thereof, and, with or without such entry or taking possession, in its own name sue for or otherwise enforce the Leases
and collect the Rents (including those past due and unpaid) and apply the same, less costs and expenses of operation and collection (including
reasonable attorneys’ fees) upon payment of the Secured Obligations in such order as Beneficiary may determine. The collection of
such Rents, or the entering upon and taking possession of the Trust Estate, or the application of the Rents as aforesaid, shall not cure
or waive any default or notice of default hereunder or invalidate any act done in response to such default or pursuant to such notice
of default. Trustor also hereby authorizes Beneficiary upon such entry, at its option, to take over and assume the management, operation
and maintenance of the Trust Estate and to perform all acts Beneficiary in its sole discretion deems necessary and proper and to expend
such sums out of Rents as may be needed in connection therewith, in the same manner and to the same extent as Trustor theretofore could
do (including the right to enter into new Leases, to cancel, surrender, alter or amend the terms of, and/or renew existing Leases and/or
to make concessions to tenants).

 

2.04            Application
of Rents. Upon receipt, Beneficiary shall, after payment of all property charges and expenses (including reasonable compensation to
any receiver or managing agent) and after the accumulation of a reasonable reserve to meet requisite amounts, credit the net amount of
the Rents received by it to the Secured Obligations, but the manner of the application of such net income and which items shall be credited
shall be determined by Beneficiary pursuant to the applicable provisions, if any, of the Purchase Agreement, but in all cases subject
to applicable law. Beneficiary shall not be accountable for more monies than it actually receives from the Trust Estate, nor shall it
be liable for failure to collect Rents. Beneficiary shall make reasonable efforts to collect Rents, reserving, however, within its own
absolute and sole discretion, the right to determine the method of collection and the extent to which enforcement of collection of Rents
shall be prosecuted and Beneficiary’s judgment shall be deemed conclusive and reasonable.

 

2.05            Mortgagee
in Possession. It is not the intention of the parties hereto that an entry by Beneficiary upon the Real Property under the terms of
this instrument shall make Beneficiary a party in possession in contemplation of the law, except at the option of Beneficiary.

 

2.06            Indemnity.
Trustor hereby agrees to indemnify and hold harmless Beneficiary for, from and against any and all losses, liabilities, obligations, claims,
demands, damages, penalties, judgments, costs and expenses, including legal fees and expenses, howsoever and by whomsoever asserted, arising
out of or in any way connected with this assignment, except, in each case to the extent resulting from the gross negligence, bad faith
or willful misconduct (as determined pursuant to a non-appealable judgement by a court of competent jurisdiction) of Beneficiary; and
all such losses, liabilities, obligations, claims, demands, damages, penalties, judgments, costs and expenses shall be deemed added to
the indebtedness secured hereby and shall be secured by any and all other instruments securing said indebtedness.

 

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2.07            No
Obligation to Perform. Nothing contained herein shall operate or be construed to obligate Beneficiary to perform any obligations of
Trustor under any Lease (including any obligation arising out of any covenant of quiet enjoyment therein contained in the event the lessee
under any such Lease shall have been joined as a party defendant in any action to foreclose and the estate of such lessee shall have been
thereby terminated). This Deed of Trust shall not operate to place upon Beneficiary any responsibility for the operation, control, care,
management or repair of the Trust Estate or any portion thereof, and the execution of this Deed of Trust by Trustor shall constitute conclusive
evidence that all responsibility for the operation, control, care, management and repair of the Trust Estate is and shall be that of Trustor.

 

ARTICLE 3

SECURITY AGREEMENT

 

3.01            Creation
of Security Interest. Trustor hereby grants to Beneficiary, as secured party, a security interest in and to all the Personal Property
as security for the prompt payment and performance when due of the Secured Obligations, whether now existing or hereafter arising.

 

3.02            Representations,
Warranties and Covenants of Trustor. Trustor hereby represents, warrants and covenants (which representations, warranties and covenants
shall survive the creation and expiration or satisfaction of any Secured Obligations) as of the date of this Deed of Trust, as follows
and acknowledges and confirms that Beneficiary is relying upon such representations warranties and covenants in entering into this Deed
of Trust and in extending credit to Trustor:

 

(a)            The
Personal Property is not used or bought for personal, family or household purposes;

 

(b)            Except
as may be permitted under the Purchase Agreement, the tangible portion of the Personal Property shall be kept on or at the Real Property
or Improvements and Trustor shall not, without the prior written consent of Beneficiary (not to be unreasonably withheld, but subject
to any rights of Beneficiary to approve pursuant to the Purchase Agreement), remove the Personal Property or any portion thereof therefrom;

 

(c)            Trustor
hereby authorizes Beneficiary (in Beneficiary’s sole discretion) to file one or more financing statements and continuations and/or
execute one or more fixture filings and continuations pursuant to the Nevada Uniform Commercial Code, in form satisfactory to Beneficiary,
and shall pay the cost of recording and filing the same in all public offices wherever recording or filing is deemed by Beneficiary to
be necessary or desirable;

 

(d)            Trustor
is duly qualified to conduct business in the State of Nevada. Trustor does not do business under any trade name. Trustor shall promptly
(but in any event at least 30 days before such change occurs) notify Beneficiary in writing of any change in its principal place of business
or the adoption or change of its legal name, and shall upon request of Beneficiary, authorize any additional financing statements or execute
any other certificates necessary to reflect the adoption or change in legal name. Trustor shall also notify Beneficiary of any change
of Trustor’s organizational identification number within 30 days after such change occurs;

 

(e)            Trustor
currently has, and shall continue to hold until this Deed of Trust is terminated and released in full, full right, power and authority
to convey and mortgage the same and to execute this Deed of Trust;

 

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		(f)	Trustor’s exact legal name is correct in the introductory paragraph of this Deed of Trust;

 

(g)       LandCo’s
organizational identification number assigned by the jurisdiction of formation is E0382352007-3 and WaterCo’s organizational identification
number assigned by the jurisdiction of formation is E9702482020-0; and

 

(h)            This
Deed of Trust provides a first position security interest against the Personal Property, subject to the terms and conditions of the Purchase
Agreement.

 

3.03            Use
of Personal Property by Trustor. Until the occurrence of an Event of Default (and thereafter, subject to the rights and remedies of
Trustor and Beneficiary hereunder and under the Purchase Agreement), Trustor may have possession of the Personal Property and use it in
any lawful manner not inconsistent with this Deed of Trust or the Purchase Agreement and not inconsistent with any policy of insurance
thereon.

 

		3.04	Remedies.

 

(a)            In
addition to the remedies provided in Section 4.02 hereof, upon the occurrence and during the continuance of an Event of Default,
Beneficiary may, at its option, and subject to applicable law, do any one or more of the following:

 

(i)            Either
personally, or by means of a court appointed receiver, take possession of all or any of the Personal Property and exclude therefrom Trustor
and all others claiming under Trustor, and thereafter hold, store, use, operate, manage, maintain and control, make repairs, replacements,
alterations, additions and improvements to and exercise all rights and powers of Trustor with respect to the Personal Property or any
part thereof. In the event Beneficiary demands, or attempts to take, possession of the Personal Property in the exercise of any rights
under this Deed of Trust, Trustor agrees to promptly turn over and deliver possession thereof to Beneficiary;

 

(ii)            Without
notice to or demand upon Trustor, make such payments and do such acts as Beneficiary may deem necessary to protect its security interest
in the Personal Property (including paying, purchasing, contesting or compromising any lien or encumbrance, whether superior or inferior
to such security interest) and in exercising any such powers or authority to pay all expenses (including litigation costs and reasonable
attorneys’ fees) incurred in connection therewith;

 

(iii)            Require
Trustor from time to time to assemble the Personal Property, or any portion thereof, at a place designated by Beneficiary and reasonably
convenient to both parties, and deliver promptly such Personal Property to Beneficiary, or an agent or representative designated by Beneficiary.
Beneficiary, and its agents and representatives, shall have the right to enter upon any or all of Trustor’s premises and property
to exercise Beneficiary’s rights hereunder;

 

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(iv)       Realize
upon the Personal Property or any part thereof as herein provided or in any manner permitted by law and exercise any and all of the other
rights and remedies conferred upon Beneficiary by this Deed of Trust and the Purchase Agreement, or by law, either concurrently or in
such order as Beneficiary may determine;

 

(v)            Sell
or cause to be sold in such order as Beneficiary may determine, as a whole or in such parcels as Beneficiary may determine, the Personal
Property;

 

(vi)            Sell,
lease or otherwise dispose of the Personal Property at public or private sale, upon terms and in such manner as Beneficiary may determine.
Beneficiary may be a purchaser at any public sale; and

 

(vii)            Exercise
any other remedies of a secured party under the Nevada Uniform Commercial Code or any other applicable law.

 

(b)            Unless
the Personal Property is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market,
Beneficiary shall give Trustor at least ten days’, or such longer time as may be required by applicable law, prior written notice
of the time and place of any public sale of the Personal Property or other intended disposition thereof to be made under Section 3.04(a).
Such notice may be mailed to Trustor at the address in Section 5.04. If Beneficiary fails to comply with this Section 3.04
in any respect, its liability for such failure shall be limited to the liability (if any) imposed on it as a matter of law under the Nevada
Uniform Commercial Code (or under the Uniform Commercial Code, enforced from time to time, in any other state to the extent the same is
the applicable law).

 

(c)            The
proceeds of any sale under Section 3.04(a) shall be applied in Beneficiary’s sole discretion to the extent not
inconsistent with Nevada law.

 

(d)            After
the occurrence and during the continuance of an Event of Default, Beneficiary shall have the right to enforce one or more remedies hereunder,
successively or concurrently, and such action shall not operate to estop or prevent Beneficiary from pursuing any further remedy that
it may have. Any repossession or retaking or sale of the Personal Property pursuant to the terms hereof shall not operate to release Trustor
until full payment of the Secured Obligations and any deficiency has been indefeasibly made to Beneficiary in cash.

 

(e)            Beneficiary
may comply with any applicable state or federal law or regulatory requirements in connection with a disposition of the Personal Property
and such compliance shall not be considered to affect adversely the commercial reasonableness of any sale of the Personal Property.

 

(f)            After
the occurrence and during the continuance of an Event of Default, Beneficiary may sell the Personal Property without giving any warranties
as to such property, and may specifically disclaim any warranties of title, merchantability, fitness for a particular purpose or the like,
and this procedure shall not be considered to adversely affect the commercial reasonableness of any sale of the Personal Property. Trustor
acknowledges that a private sale of the Personal Property may result in less proceeds than a public sale.

 

(g)            Trustor
acknowledges that the Personal Property may be sold under Section 3.04(a) at a loss to Trustor and that, in such event,
Beneficiary shall have no liability or responsibility to Trustor for such loss.

 

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(h)            Beneficiary
shall have the right to enforce one or more remedies hereunder, successively or concurrently, and such action shall not operate to estop
or prevent Beneficiary from pursuing any further remedy that it may have.

 

3.05            Security
Agreement. This Deed of Trust constitutes and shall be deemed to be a “security agreement” for all purposes of
the Nevada Uniform Commercial Code and Beneficiary shall be entitled to all the rights and remedies of a “secured party”
under the Nevada Uniform Commercial Code.

 

3.06            Fixture
Filing. Upon its recording in the real property records, this Deed of Trust shall be effective as a financing statement filed as a
fixture filing under the Nevada Uniform Commercial Code. As a fixture filing this Deed of Trust covers all assets of Trustor located upon
or within the Real Property and meeting the definition of “fixtures” under the Nevada Uniform Commercial Code, whether now
owned or hereafter acquired or arising. In addition, a carbon, photographic or other reproduced copy of this Deed of Trust and/or any
financing statement relating hereto shall be sufficient for filing and/or recording as a financing statement. The filing of any other
financing statement relating to any personal property, rights or interests described herein shall not be construed to diminish any right
or priority hereunder. For this purpose, the following information is given:

 

		(a)	Name and address of Debtor:

c/o Augusta Gold Corp.

Suite 555 – 999 Canada Place

Vancouver,
BC Canada V6C 3E1

Attention:     Richard Warke

Email:           richard@augustacorp.com

 

		(b)	Type of Organization:       limited liability company

 

		(c)	Organizational Number of LandCo: E0382352007-3

Organizational Number of WaterCo: E9702482020-0

 

		(d)	Name and address of Secured Party:

 

Waterton Nevada Splitter, LLC

c/o Waterton Global Resource Management, Inc.

Commerce Court West

199 Bay Street, Suite 5050

Toronto, ON Canada M5L 1E2

Attention: Cheryl Brandon and Richard Wells

 

		(e)	Description of property covered

by
this fixture filing:          “All assets”

 

		(f)	Description of real estate to which

the collateral is attached or upon

which
it is or will be located:            See Exhibit A.

 

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3.07            Authorization
to File Financing Statements: Power of Attorney. Trustor hereby authorizes Beneficiary at any time and from time to time to file any
initial financing statements, amendments thereto, and continuation statements with respect to the Trust Estate with or without the signature
of Trustor as authorized by applicable law. For purposes of such filing, Trustor agrees to furnish any information reasonably requested
by Beneficiary promptly upon request by Beneficiary. Trustor also ratifies its authorization for Beneficiary to have filed any like initial
financing statements, amendments thereto, or continuation statements if filed before the date of this Deed of Trust. Trustor hereby irrevocably
constitutes and appoints Beneficiary and any officer or agent of Beneficiary, with full power of substitution, as its true and lawful
attorneys-in-fact with full irrevocable power and authority in the place and stead of Trustor or in Trustor’s own name to execute
in Trustor’s name any such documents and to otherwise carry out the purposes of this Section 3.07, to the extent that
Trustor’s authorization above is not sufficient. To the extent permitted by law, Trustor hereby ratifies and affirms all acts said
attorneys-in-fact shall lawfully do, have done in the past, or cause to be done in the future by virtue hereof. This power of attorney
is a power coupled with an interest and shall be irrevocable.

 

ARTICLE 4

REMEDIES UPON DEFAULT

 

4.01            Events
of Default. The occurrence of any default or event of default under the Purchase Agreement or this Deed of Trust shall be an event
of default under this Deed of Trust (each an “Event of Default”).

 

4.02            Remedies
Upon Event of Default. Upon the occurrence of an Event of Default, Beneficiary may, at its option, declare all or any part of the
Secured Obligations immediately due and payable without any presentment, demand, protest or notice of any kind. In addition, upon the
occurrence of any Event of Default, Trustee and Beneficiary shall have the following rights and remedies in Sections 4.03 through
4.10.

 

Notwithstanding the foregoing,
Trustee and Beneficiary shall have all powers, rights and remedies under applicable law whether or not specifically or generally granted
or described in this Deed of Trust, including all rights and remedies of an assignee of rents under the Uniform Assignment of Rents Act,
Nevada Revised Statutes Chapter 107A. Nothing contained herein shall be construed to impair or to restrict such powers, rights and remedies
or to preclude any procedures or process otherwise available to trustees or beneficiaries under deeds of trust in the State of Nevada.
Trustee and Beneficiary, and each of them, shall be entitled to enforce the payment and performance of any indebtedness or obligations
secured hereby and to exercise all rights and powers under this Deed of Trust or the Purchase Agreement or under any other agreement or
any laws now or hereafter in force, notwithstanding the fact that some or all of the indebtedness and obligations secured hereby may now
or hereafter be otherwise secured, whether by mortgage, deed of trust, pledge, lien, assignment or otherwise. Neither the acceptance of
this Deed of Trust nor its enforcement, whether by court action or pursuant to the power of sale or other powers contained herein, shall
prejudice or in any manner affect Trustee’s or Beneficiary’s right to realize upon or enforce any other rights or security
now or hereafter held by Trustee or Beneficiary. Trustee and Beneficiary, and each of them, shall be entitled to enforce this Deed of
Trust and any other rights or security now or hereafter held by Beneficiary or Trustee in such order and manner as they or either of them
may in their absolute discretion determine. No remedy herein conferred upon or reserved to Trustee or Beneficiary is intended to be exclusive
of any other remedy contained herein or by law provided or permitted, but each shall be cumulative and in addition to every other remedy
given hereunder or now or hereafter existing at law or in equity. Every power or remedy given by the Purchase Agreement and this Deed
of Trust, to Trustee or Beneficiary, or to which either of them may be otherwise entitled, may be exercised, concurrently or independently,
from time to time and as often as may be deemed expedient by Trustee or Beneficiary, and either of them may pursue inconsistent remedies.
By exercising or by failing to exercise any right, option or election hereunder, Beneficiary shall not be deemed to have waived any provision
hereof or to have released Trustor from any of the obligations secured hereby unless such waiver or release is in writing and signed by
Beneficiary.

 

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4.03            Entry;
Appointment of Receiver. After the occurrence and during the continuance of an Event of Default, Beneficiary in person or by agent
or by court-appointed receiver may, at its option, without any action on its part being required, without in any way waiving such Event
of Default, with or without the appointment of a receiver, or an application therefor:

 

(a)            Take
possession of the Trust Estate or any part thereof and conduct tests of, manage or hire a manager to manage, lease, operate and sell or
convey all or any part of the Trust Estate, on such terms and for such period of time as Beneficiary or a court-appointed receiver may
deem proper, with full power to make, from time to time, all alterations, renovations, repairs or replacements thereto as may seem proper
to Beneficiary;

 

(b)            With
or without taking possession of the Trust Estate, collect and receive all Rents, notify tenants under the Leases or any other parties
in possession of the Trust Estate to pay Rents directly to Beneficiary, its agent or a court-appointed receiver and apply such Rents to
the payment of:

 

(i)            all
costs and expenses incident to taking and retaining possession of the Trust Estate (including the cost of any receivership), management
and operation of the Trust Estate, keeping the Trust Estate properly insured and all alterations, renovations, repairs and replacements
to the Trust Estate;

 

(ii)            all
taxes, charges, fees, claims, assessments, and any other liens which may be prior in lien or payment to this Deed of Trust and the Purchase
Agreement and premiums for insurance, with interest on all such items; and

 

(iii)            the
indebtedness secured hereby together with all costs and attorneys’ fees, in such order or priority as to any of such items as Beneficiary
in its sole discretion may determine, any statute, law, custom or use to the contrary notwithstanding;

 

		(c)	Exclude Trustor, its agents and servants wholly from the Trust Estate;

 

(d)            Take
possession of all the books, papers and accounts of Trustor relating to the Trust Estate, at the expense of Trustor;

 

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(e)            Commence,
appear in and/or defend any action or proceedings purporting to affect the interests, rights, powers or duties of Beneficiary hereunder,
whether brought by or against Trustor or Beneficiary; and

 

(f)            Pay,
purchase, contest or compromise any claim, debt, lien, charge or encumbrance which in the judgment of Beneficiary may affect or appear
to affect the interest of Beneficiary or the rights, powers and/or duties of Beneficiary hereunder.

 

Trustee
or Beneficiary, as a matter of right with or without notice to Trustor or anyone claiming under it and without regard to the then value
of the Trust Estate or the interest of Trustor therein or the solvency of Trustor or any other person or entity liable for the Secured
Obligations, shall have the right to apply to any court having jurisdiction to appoint a receiver or receivers to take charge of the Trust
Estate or any portion thereof. Any such receiver or receivers shall have all of the usual and customary powers and duties of receivers
in like or similar cases and all of the powers and duties of Beneficiary in case of entry as provided hereinabove, including the right
to collect and receive Rents, and shall serve without posting a bond. All such Rents paid to Trustee or Beneficiary or collected by such
receiver shall be applied as provided for in Section 4.03(b) above. Trustor for itself and any subsequent owner
of the Trust Estate hereby waives any and all defenses to the application for such receiver and hereby irrevocably consents to such appointment
without notice of any application therefor.

 

The
receipt by Beneficiary of any Rents pursuant to this Deed of Trust after the institution of foreclosure or other proceedings under this
Deed of Trust (other than payment constituting payment in full of the outstanding Secured Obligations) shall not cure any such Event of
Default or affect such proceedings or any sale pursuant thereto. After deducting the expenses and amounts stated above in this Section 4.03,
as well as just and reasonable compensation for all Beneficiary’s employees and other agents (including reasonable and actual attorneys’
fees and management and rental commissions) engaged and employed, the moneys remaining, at the option of Beneficiary, may be applied to
the Secured Obligations. Whenever all amounts due under the Purchase Agreement and under this Deed of Trust shall have been indefeasibly
paid in full to Beneficiary and all Events of Default have been cured and any such cure has been accepted by Beneficiary, Beneficiary
shall surrender possession to Trustor. The same right of entry, however, shall exist if any subsequent Event of Default shall occur; provided,
however, neither Trustee nor Beneficiary shall be under any obligation to make any of the payments or do any of the acts referred to in
this Section 4.03.

 

4.04            Judicial
Action. Beneficiary may bring an action in any court of competent jurisdiction to foreclose this instrument or to enforce any of the
covenants and agreements hereof. The Trust Estate may be foreclosed in parts or as an entirety to the extent permitted by law.

 

4.05            Power
of Sale. After the occurrence and during the continuance of an Event of Default, Beneficiary may elect to cause the Trust Estate or
any part thereof to be sold under the power of sale herein granted in any manner permitted by applicable law. If Beneficiary should elect
to foreclose by exercise of the power of sale herein contained, Beneficiary shall notify Trustee.

 

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Upon receipt of such notice from Beneficiary, Trustee
shall cause to be recorded, mailed or delivered to Trustor such notice of default and election to sell as is then required by law and
by this Deed of Trust. Trustee shall, without demand on Trustor, after lapse of such time as may then be required by law and after recordation
of such notice of default and after notice of sale has been given as required by law, sell the Trust Estate at the time and place of sale
fixed by it in such notice of sale, either as a whole, or in separate lots or parcels, and in such order as it may determine, at public
auction, to the highest bidder for cash in lawful money of the United States payable at the time of sale. If the Trust Estate consists
of more than one lot or parcel, the lots or parcels may be sold separately, together or in any combination, and in such order as Beneficiary
determines, at the sole discretion of Beneficiary. Trustor waives the right to direct the order in which the Trust Estate may be sold
when it consists of more than one lot or parcel. Trustee shall deliver to such purchaser or purchasers thereof its good and sufficient
deed or deeds conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any
matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor or Beneficiary, may purchase at
such sale. Beneficiary may credit bid the amount of the Secured Obligations toward payment of the purchase price.

 

To the extent permitted by
law, Trustee may postpone the sale of all or any portion of the Trust Estate by public announcement at such time and place of sale, and
from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement or by subsequently
noticed sale, and without further notice make such sale at the time fixed by the last postponement; or Trustee may, in its discretion,
give a new notice of sale. Beneficiary may rescind any such notice of default at any time before Trustee’s sale by executing a notice
of rescission and recording the same. The exercise by Beneficiary of the right of rescission shall not constitute a waiver of any Event
of Default, nor otherwise affect this Deed of Trust or the Purchase Agreement, or any of the rights, obligations or remedies of Beneficiary
or Trustee hereunder or thereunder.

 

4.06            Rescission
of Notice of Default. Beneficiary, from time to time before Trustee’s sale, public sale or deed in lieu of foreclosure, may
rescind any such notice of breach or default and of election to cause the Trust Estate to be sold by executing and delivering to Trustee
a written notice of such rescission, which notice, when recorded, shall also constitute a cancellation of any prior declaration of default
and demand for sale or such documents as may be required by the laws of the state in which the Real Property is located to effect such
rescission. The exercise by Beneficiary of such right of rescission shall not constitute a waiver of any breach or Event of Default then
existing or subsequently occurring, or impair the right of Beneficiary to execute and deliver to Trustee, as above provided, other declarations
of default and demand for sale, and notices of breach or default, and of election to cause the Trust Estate, including the Real Property,
to be sold to satisfy the obligations hereof, nor otherwise affect any provision, agreement, covenant or condition of the Purchase Agreement
or of this Deed of Trust or any of the rights, obligations or remedies of the parties under this Deed of Trust or under the Purchase Agreement.

 

4.07            Beneficiary’s
Remedies Respecting Trust Estate. After the occurrence and during the continuance of an Event of Default, Beneficiary may realize
upon the Trust Estate, enforce and exercise all of Trustor’s rights, powers, privileges and remedies in respect of the Trust Estate,
dispose of or otherwise deal with the Trust Estate in such order as Beneficiary may in its discretion determine, and exercise any and
all other rights, powers, privileges and remedies afforded to a secured party under the laws of the state in which the Real Property is
located as well as all other rights and remedies available at law or in equity.

 

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4.08            Proceeds
of Sales. The proceeds of any sale(s) made under or by virtue of this Article 4, together with all other sums which then
may be held by Trustee or Beneficiary under this Deed of Trust, whether under the provisions of this Article 4 or otherwise, shall
be applied, subject to applicable law, as follows:

 

(a)            To
the payment of the costs, fees and expenses of sale and of any judicial proceedings wherein the same may be made, including the cost of
evidence of title in connection with the sale, compensation to Trustee and Beneficiary, and to the payment of all expenses, liabilities
and advances made or incurred by Trustee under this Deed of Trust, together with interest on all advances made by Trustee at the Interest
Rate, but limited to any maximum rate permitted by law to be charged by Trustee;

 

(b)            To
the payment of any and all sums expended by Beneficiary under the terms hereof, not then repaid, with accrued interest at the Interest
Rate, as determined by Beneficiary, and all other Secured Obligations required to be paid by Trustor pursuant to any provisions of this
Deed of Trust or the Purchase Agreement, including all expenses, liabilities and advances made or incurred by Beneficiary under this Deed
of Trust or in connection with the enforcement thereof, together with interest thereon as herein provided;

 

(c)            To
the payment of the entire amount of then due, owing or unpaid Secured Obligations, and any other obligation secured hereby; and then

 

(d)            The
remainder, if any, to the person or persons, including Trustor, legally entitled thereto.

 

		4.09	Waiver of Marshaling, Rights of Redemption, Homestead and Valuation.

 

(a)            Trustor,
for itself and for all persons hereafter claiming through or under it or who may at any time hereafter become holders of liens junior
to the lien of this Deed of Trust, hereby expressly waives and releases all rights to direct the order in which any of the Trust Estate
shall be sold in the event of any sale or sales pursuant hereto and to have any of the Trust Estate and/or any other property now or hereafter
constituting security for any of the indebtedness secured hereby marshaled upon any foreclosure of this Deed of Trust or of any other
security for any of said indebtedness.

 

(b)            To
the fullest extent permitted by law, Trustor, for itself and all who may at any time claim through or under it, hereby expressly waives,
releases and renounces all rights of redemption from any foreclosure sale, all rights of homestead, exception, monitoring reinstatements,
forbearance, appraisement, valuation and stay, and all rights under any other laws which may be enacted extending the time for or otherwise
affecting enforcement or collection of any instrument under the Purchase Agreement or under this Deed of Trust.

 

(c)            To
the fullest extent permitted by law, Trustor, for itself and all who may at any time claim through or under it, hereby expressly waives,
releases and renounces all rights to assert any statutory or common law right of partition with respect to the Trust Estate and agrees
not to assert any such right so long as this Deed of Trust is a lien on the Trust Estate.

 

    21

     

    

 

4.10            Remedies Cumulative.
No remedy herein conferred upon or reserved to Trustee or Beneficiary is intended to be exclusive of any other remedy herein or by law
provided, but each shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at
law or in equity or by statute. No delay or omission of Trustee or Beneficiary to exercise any right or power accruing upon any Event
of Default shall impair any right or power or shall be construed to be a waiver of any Event of Default or any acquiescence therein. Every
power and remedy given by this Deed of Trust to Trustee or Beneficiary may be exercised separately, successively or concurrently from
time to time as often as may be deemed expedient by Trustee or Beneficiary. If there exists additional security for the performance of
the obligations secured hereby, Beneficiary, at its sole option, and without limiting or affecting any of its rights or remedies hereunder,
may exercise any of the rights and remedies to which it may be entitled hereunder either concurrently with whatever rights and remedies
it may have in connection with such other security or in such order as it may determine. Any application of any amounts or any portion
thereof held by Beneficiary at any time as additional security or otherwise, to any indebtedness secured hereby shall not extend or postpone
the due dates of any payments due from Trustor to Beneficiary hereunder or under the Purchase Agreement, or change the amounts of any
such payments, or otherwise be construed to cure or waive any default or notice of default hereunder or invalidate any act done pursuant
to any such default or notice.

 

ARTICLE 5

MISCELLANEOUS

 

5.01            Change,
Discharge, Termination or Waiver. No provision of this Deed of Trust may be changed, discharged, terminated or waived except in a
writing signed by the party against whom enforcement of the change, discharge, termination or waiver is sought. No failure on the part
of Beneficiary to exercise and no delay by Beneficiary in exercising any right or remedy under this Deed of Trust or under the Purchase
Agreement or under applicable law shall operate as a waiver thereof.

 

5.02            Trustor
Waiver of Rights. Without limiting any other waivers herein and in addition to such waivers, Trustor waives, to the extent permitted
by law, (a) the benefit of all laws now existing or that may hereafter be enacted providing for any appraisement before sale of any
portion of the Trust Estate, (b) all rights of redemption, valuation, appraisement, stay of execution, notice of election to mature
or declare due the Secured Obligations and marshaling in the event of foreclosure of the liens hereby created, (c) all rights and
remedies that Trustor may have or be able to assert by reason of the laws of the State of Nevada, and (d) all surety and other defenses
Trustor may have or be able to assert by reason of the laws of the State of Nevada or otherwise.

 

5.03            Reconveyance
by Trustee. Upon written request of Beneficiary stating that all Secured Obligations have been satisfied in full, and upon surrender
of this Deed of Trust to Trustee for cancellation and retention and upon payment by Trustor of Trustee’s fees, Trustee shall reconvey
to the person or persons, including Trustor, legally entitled thereto, without warranty, any portion of the Trust Estate then held hereunder.
The recitals in such reconveyance of any matters or facts shall be conclusive proof of the truthfulness thereof. The grantee in any reconveyance
may be described as “the person or persons legally entitled thereto”.

 

    22

     

    

 

5.04            Notices.
All notices, requests, demands and other communications concerning this Deed of Trust shall be made at the addresses, in the manner and
with the effect provided in Section 12.1 of the Purchase Agreement or at such other address as shall have been furnished in writing
by any party hereto to the party required to give notice hereunder.

 

5.05            Captions
and References. The headings at the beginning of each article and section of this Deed of Trust are solely for convenience and are
not part of this Deed of Trust. Unless otherwise indicated, each reference in this Deed of Trust to an article, a section or an exhibit
is a reference to the respective article or section herein or exhibit hereto.

 

5.06            Invalidity
of Certain Provisions. If any provision of this Deed of Trust is unenforceable, the enforceability of the other provisions shall not
be affected and they shall remain in full force and effect. If the lien of this Deed of Trust is invalid or unenforceable as to any part
of the debt, or if the lien is invalid or unenforceable as to any part of the Trust Estate, the unsecured or partially secured portion
of the debt shall be completely paid before the payment of the remaining and secured or partially secured portion of the debt, and all
payments made on the debt, whether voluntary or under foreclosure or other enforcement action or procedure, shall be considered to have
been first paid on and applied to the full payment of that portion of the debt which is not secured or fully secured by the lien of this
Deed of Trust.

 

5.07            Subrogation.
To the extent that proceeds of the Secured Obligations are used to pay any outstanding lien, charge or prior encumbrance against the Trust
Estate, such proceeds have been or will be advanced by Beneficiary at Trustor’s request and Beneficiary shall be subrogated to any
and all rights and liens held by any owner or holder of such outstanding liens, charges and prior encumbrances, irrespective of whether
said liens, charges or encumbrances are released.

 

5.08            Attorneys’
Fees. If any or all of the Secured Obligations are not paid when due or if an Event of Default occurs, Trustor agrees to pay all costs
of enforcement and collection and preparation therefor (including reasonable attorneys’ fees and expenses) whether or not any action
or proceeding is brought (including all such costs incurred in connection with any bankruptcy, receivership or other court proceedings
(whether at the trial or appellate level)), together with interest therein from the date of demand at the Interest Rate.

 

5.09            Governing
Law. The laws of the State of Nevada shall govern the validity, construction, performance, effect and enforcement of this Deed of
Trust without giving effect to conflict of law principles. Any procedures provided herein for remedies shall be modified and replaced
with, where inconsistent with or required by, any procedures or requirements of the laws of the state in which the Real Property is located.

 

5.10            Joint
and Several Obligations. If this Deed of Trust is signed by more than one party as Trustor, all obligations of Trustor herein shall
be the joint and several obligations of each party executing this Deed of Trust as Trustor.

 

5.11            Number
and Gender. In this Deed of Trust the singular shall include the plural and the masculine shall include the feminine and neuter gender
and vice versa, if the context so requires.

 

5.12            Counterparts.
This document may be executed and acknowledged in counterparts, all of which executed and acknowledged counterparts shall together constitute
a single document. Signature and acknowledgment pages may be detached from the counterparts and attached to a single copy of this
document to form physically one document, which may be recorded.

 

    23

     

    

 

5.13            No
Merger of Lease. If both the lessor’s and lessee’s estate under any lease or any portion thereof which constitutes a part
of the Trust Estate shall at any time become vested in one owner, this Deed of Trust and the lien created hereby shall not be destroyed
or terminated by application of the doctrine of merger unless Beneficiary so elects as evidenced by recording a written declaration executed
by Beneficiary so stating, and, unless and until Beneficiary so elects, Beneficiary shall continue to have and enjoy all of the rights
and privileges of Beneficiary as to the separate estates. In addition, upon the foreclosure of the lien created by this Deed of Trust
on the Trust Estate pursuant to the provisions hereof, any leases or subleases then existing and affecting all or any portion of the Trust
Estate shall not be destroyed or terminated by application of the law of merger or as a matter of law or as a result of such foreclosure
unless Beneficiary or any purchaser at such foreclosure sale shall expressly so elect. No act by or on behalf of Beneficiary or any such
purchaser shall constitute a termination of any lease or sublease unless Beneficiary or such purchaser shall give written notice thereof
to such tenant or subtenant.

 

5.14            Integration.
This Deed of Trust and the Purchase Agreement contain the complete understanding and agreement of Trustor and Beneficiary with regard
to the Secured Obligations and supersede all prior representations, warranties, agreements, arrangements, understandings and negotiations
regarding the Secured Obligations.

 

5.15            Binding
Effect. This Deed of Trust shall be binding upon, and inure to the benefit of, Trustor, Trustee and Beneficiary and their respective
successors and assigns. Trustor may not delegate its obligations under this Deed of Trust.

 

5.16            Time
of the Essence. Time is of the essence with regard to each provision of this Deed of Trust as to which time is a factor.

 

5.17            Survival.
The representations, warranties and covenants of Trustor under this Deed of Trust shall survive the execution and delivery of the Deed
of Trust and the grant of the rights to Beneficiary pursuant to the Purchase Agreement.

 

5.18            Purchase
Agreement Controls. This Deed of Trust and the Purchase Agreement are intended to supplement and complement each other and shall,
where possible, be thus interpreted. If, however, any provision of this Deed of Trust irreconcilably conflicts with a provision of the
Purchase Agreement, the terms of the Purchase Agreement shall govern and control.

 

5.19            Intended
Agreement. This Deed of Trust is the result of arms-length negotiations among parties of roughly equivalent bargaining power and expresses
the complete, actual and intended agreement of the parties. This Deed of Trust shall not be construed for or against any party as a result
of its participation, or the participation of its counsel, in the preparation and/or drafting of this Deed of Trust or any exhibit thereto.

 

5.21            Performance
of Work. In the event of a failure of Trustor to perform any annual labor or improvement or timely provide evidence of the payment
any annual maintenance fee or filing that may be required by law to prevent the forfeiture of any or all of the Mining Claims, including
complying with the obligations of Section 1.15, Beneficiary may, without waiving any of Beneficiary’s rights or remedies
hereunder or under the Purchase Agreement, perform such obligations, including the annual labor or improvement or pay such annual maintenance
fee and make such annual filings, and the amount expended for such purposes shall be secured by this Deed of Trust as part of the Secured
Obligations.

 

    24

     

    

 

5.22            Trustee
Provisions. Trustee accepts this trust when this Deed of Trust, duly executed and acknowledged, is made a public record as provided
by law. The trust created hereby is irrevocable by Trustor. Trustee, upon presentation to it of an affidavit signed by or on behalf of
Beneficiary, setting forth any facts showing a default by Trustor under any of the terms or conditions of this Deed of Trust or of the
Purchase Agreement, is authorized to accept as true and conclusive all facts and statements in such affidavit and to act hereunder in
complete reliance thereon. Except as may be required by applicable law, Trustee shall be under no obligation to notify any party hereof
of any action or proceeding of any kind in which Trustor, Beneficiary and/or Trustee shall be a party, unless brought by Trustee, or of
any pending sale under any other deed of trust. The necessity of Trustee’s making oath, filing inventory or giving bond as security
for the execution of this Deed of Trust, as may now be or hereafter required by the laws of the state in which the Real Property is located,
is hereby expressly waived.

 

5.23            Waiver
of Jury Trial. TRUSTOR, TO THE FULL EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE
ADVICE OF COMPETENT COUNSEL, WAIVES, RELINQUISHES AND FOREVER FORGOES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON,
ARISING OUT OF, OR IN ANY WAY RELATING TO THIS DEED OF TRUST OR ANY CONDUCT, ACT OR OMISSION OF ANY PARTY HERETO OR ANY OF THEIR RESPECTIVE
DIRECTORS, OFFICERS, PARTNERS, MEMBERS, MANAGERS, SHAREHOLDERS, EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY OTHER PERSONS AFFILIATED WITH ANY
OF THE PARTIES IN EACH OF THE FOREGOING CASES, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

 

5.24            Statutory
Incorporation. Where not inconsistent with the above, the following covenants, Nos. 1, 2 (full replacement value), 3, 4 (Interest
Rate), 5, 6, 7 (a reasonable percentage), 8 and 9 (other than the second sentence of such Covenant No. 9) of Nevada Revised Statutes
Section 107.030 are hereby adopted and made part of this Deed of Trust.

 

[SIGNATURE PAGE FOLLOWS]

 

    25

     

    

 

IN WITNESS WHEREOF, Trustor has caused this Deed
of Trust to be executed and delivered by a duly authorized representative as of the day and year first hereinabove written.

 

	 	CR REWARD LLC, a Nevada limited liability company
	 	 
	 	By its manager:
	 	 
	 	 	ELKO MINING GROUP LLC, a Nevada
	 	 	limited liability company
	 	 	 	 
	 	 	By	/s/ Richard J. Wells
	 	 	 	Richard J. Wells, Manager
	 	 
	 	CR REWARD WATER HOLDINGS LLC, a
	 	Nevada limited liability company
	 	 
	 	By its manager:
	 	 
	 	 	CR REWARD LLC, a Nevada 
	 	 	limited liability company
	 	 	 	 
	 	 	By its manager:
	 	 	 	 
	 	 	 	ELKO MINING GROUP LLC, a Nevada 
	 	 	 	limited liability company
	 	 	 	 
	 	 		By	/s/ Richard J. Wells
	 	 	 	 	Richard J. Wells, Manager

 

[Signature Page to Deed of Trust]

 

    

     

    

 

PROVINCE OF ONTARIO )

                                              ) ss.

COUNTY
OF YORK           )

 

On
this                day
of June, 2022, personally appeared before me, a Notary Public, Richard J. Wells, the Manager of ELKO MINING GROUP LLC, a Nevada limited
liability company, which is the Manager of CR REWARD LLC, a Nevada limited liability company, who acknowledged that he executed the above
instrument on behalf of said entities.

 

	 	 
	[seal]	Laura Fernandez, NOTARY PUBLIC,

residing in Toronto, Ontario
	 	 
	 	My commission does not expire

 

PROVINCE OF ONTARIO )

                                              ) ss.

COUNTY
OF YORK           )

 

On
this             day of June, 2022, personally appeared before me, a
Notary Public, Richard J. Wells, the Manager of ELKO MINING GROUP LLC, a Nevada limited liability company, which is the Manager of CR
REWARD LLC, a Nevada limited liability company, which is the manager of CR REWARD WATER HOLDINGS LLC, a Nevada limited liability company,
who acknowledged that he executed the above instrument on behalf of said entities.

 

	 	 
	[seal]	Laura Fernandez, NOTARY PUBLIC,
	 	residing in Toronto, Ontario
	 	 
	 	My commission does not expire

 

[Notary Acknowledgment Page to Deed of
Trust]

 

    

     

    

 

Exhibit A 

 

REAL PROPERTY 

 

		1.	Owned Fee Parcels

 

The following tracts of land within
Section 35, T16S, R49E, MDM, Nye County, Nevada:

 

E1/2W1/2SE1/4NW1/4, containing 10.00 acres, more or less
(APN 019-641-16)

 

E1/2E1/2NE1/4NW1/4 and W1/2NW1/4NE1/4,
containing 30.00 acres, more or less (APN 019-641-13)

 

W1/2E1/2SE1/4NW1/4, save and except
the west 30 feet and the north 30 feet for road and utilities purposes, containing 10.00 acres, more or less (APN 019-641-17)

 

Parcel 1 as shown by the map thereof
recorded October 2, 1985 in the office of the Nye County Recorder as File No. 148627, containing 5.00 acres, more or less (APN
019-641- 28)

 

Parcel 2 as shown by the map thereof
recorded October 2, 1985 in the office of the Nye County Recorder as File No. 148627, containing 2.54 acres, more or less (APN
019-641- 29)

 

Parcel 3 as shown by the map thereof
recorded October 2, 1985 in the office of the Nye County Recorder as File No. 148627, containing 2.46 acres, more or less (APN
019-641- 30)

 

Parcel 1 as shown by the map thereof
recorded May 13, 1981 in the office of the Nye County Recorder as File No. 43060, containing 2.54 acres, more or less (APN 019-641-
19)

 

Parcel 2 as shown by the map thereof
recorded May 13, 1981 in the office of the Nye County Recorder as File No. 43060, containing 2.46 acres, more or less (APN 019-641-
20)

 

containing a total of 65.00 acres, more or less.

 

		2.	Owned Patented Mining Claims

 

The following six patented mining claims located in Sections 1 and
2 of T13S, R47E, MDM, Nye County, Nevada:

 

	Claim

Name	Mineral

Survey No.	Patent

No.	Acreage	Assessor’s

Parcel No.
	American	4104	512652	40.00	000-000-97

 

    Exhibit A - Page 1

     

    

 

	Claim

Name	Mineral

Survey No.	Patent

No.	Acreage	Assessor’s

Parcel No.
	Marion	4104	512652	40.00	000-000-97
	Pentellic	4104	512652	20.00	000-000-97
	Regius	4104	512652	60.00	000-000-97
	Trinity	4500	952102	40.00	000-000-97
	Valencia	4509	914115	20.00	000-000-97

 

		3.	Owned Unpatented Mining Claims

 

The following 101 unpatented mining claims located in Sections 33-35
of T12S, R47E, and Sections 2-4, 9-11 and 16 of T13S, R47E, MDM, Nye County, Nevada:

 

	Claim Name	BLM Legacy

Serial Number
	RP 1	NMC915581
	RP 2	NMC915582
	RP 3	NMC915583
	RP 4	NMC915584
	RP 5	NMC915585
	RP 6	NMC915586
	RP 7	NMC915587
	RP 8	NMC915588
	RP 9	NMC915589
	RP 10	NMC915590
	RP 11	NMC915591
	RP 12	NMC915592
	RP 13	NMC915593
	RP 14	NMC915594
	RP 15	NMC915595
	RP 16	NMC915596
	RP 17	NMC915597
	RP 18	NMC915598
	RP 19	NMC915599
	RP 20	NMC915600
	RP 21	NMC915601
	RP 22	NMC915602
	RP 23	NMC915603
	RP 24	NMC915604
	RP 25	NMC915605
	RP 26	NMC915606
	RP 27	NMC915607

 

    Exhibit A - Page 2

     

    

 

	Claim Name	BLM Legacy

Serial Number
	RP 28	NMC915608
	RP 29	NMC915609
	RP 30	NMC915610
	RP 31	NMC915611
	RP 32	NMC915612
	RP 33	NMC915613
	RP 34	NMC915614
	RP 35	NMC915615
	RP 36	NMC915616
	RP 37	NMC915617
	RP 38	NMC915618
	RP 39	NMC915619
	RP 40	NMC915620
	RP 41	NMC915621
	RP 42	NMC915622
	RP 43	NMC915623
	RP 44	NMC915624
	RP 45	NMC915625
	RP 46	NMC915626
	RP 47	NMC915627
	RP 48	NMC915628
	RP 49	NMC915629
	RP 50	NMC915630
	RP 51	NMC915631
	RP 52	NMC915632
	RP 53	NMC915633
	RP 53R	NMC1187456
	RP 54	NMC915634
	RP 54R	NMC1187457
	RP 55	NMC915635
	RP 56	NMC915636
	RP 57	NMC915637
	RP 58	NMC915638
	RP 59	NMC915639
	RP 60	NMC915640
	RP 61	NMC915641
	RP 62	NMC915642
	RP 63	NMC915643
	RP 64	NMC915644

 

    Exhibit A - Page 3

     

    

 

	Claim Name	BLM Legacy

Serial Number
	RP 65	NMC915645
	RP 66	NMC915646
	RP 67	NMC915647
	RP 68	NMC915648
	RP 69	NMC915649
	RP 70	NMC915650
	RP 71	NMC915651
	RP 72	NMC915652
	RP 73	NMC915653
	RP 74	NMC915654
	RP 75	NMC915655
	RP 76	NMC915656
	RP 77	NMC915657
	RP 78	NMC915658
	RP 79	NMC915659
	RP 80	NMC915660
	RP 81	NMC915661
	RP 82	NMC915662
	RP 83	NMC915663
	RP 84	NMC915664
	RP 85	NMC938644
	RP 86	NMC938645
	RP 87	NMC938646
	RP 88	NMC938647
	RP 89	NMC938648
	RP 90	NMC938649
	RP 91	NMC938650
	RP 92	NMC938651
	RP 93	NMC938652
	RP 94	NMC938653
	RP 95	NMC938654
	RP 96	NMC938655
	RP 97	NMC938656
	RP 98	NMC938657
	RP 99	NMC938658

 

    Exhibit A - Page 4

     

    

 

		4.	Leased Unpatented Mining Claims

 

A.            The
following two unpatented mining claims located in located in Sections 3 and 10 of T13S, R47E, MDM, Nye County, Nevada, which are subject
to that certain Mining Lease dated December 1, 2011 between Joyce Van Meeteren and Jay D. Holland, as lessors, and CR Reward Corporation,
as lessee:

 

	Claim Name	BLM Legacy

Serial Number
	Durlers Hope	NMC124956
	Double R. S.	NMC125600

 

B.            The
following two unpatented mining claims located in Sections 2 and 3 of T13S, R47E, MDM, Nye County, Nevada, which are subject to that certain
Mining Lease dated September 28, 2004 between Betty A. Connolly, as lessor, and Canyon Resources Corporation, as lessee:

 

	Claim Name	BLM Legacy

Serial Number
	Sunshine (2/3 interest)	NMC27580
	Reward (2/3 interest)	NMC27581

 

C.            The
following 18 unpatented mining claims located in Sections 34 and 35 of T12S, R47E, and Sections 2, 3 and 10 of T13S, R47E, MDM, Nye County,
Nevada, which are subject to that certain Mining Lease dated February 5, 2005 between John Orser and C. Carew McFall, as lessors,
and Canyon Resources Corporation, as lessee, as amended on August 18, 2005 and November 14, 2006:

 

	Claim Name	BLM Legacy

Serial Number
	Hardway	NMC853089
	Good Hope (1/2 interest)	NMC853090
	Bull Moose #1	NMC855150
	Bull Moose #2	NMC855151
	Bull Moose #3	NMC855152
	Bull Moose #5	NMC855153
	Bull Moose #6	NMC855154
	Bull Moose #4	NMC862531
	Reward South #1	NMC868938
	Reward South #2	NMC868939
	McOrser	NMC870349
	Bull Moose 9	NMC871255
	Bull Moose 10	NMC871256
	Bull Moose 11	NMC871257
	Bull Moose 12	NMC871258
	Bull Moose 13	NMC871259
	Bull Moose 14	NMC871260

 

    Exhibit A - Page 5

     

    

 

	Claim Name	BLM Legacy

Serial Number
	April Gold Ace	NMC871261

 

D.            The
following three unpatented mining claims located in Sections 2 and 3 of T13S, R47E, MDM, Nye County, Nevada, which are subject to that
certain Mining Lease dated November 9, 2004 between the Daniel D. Webster Living Trust dated July 17, 1997, as lessor, and Canyon
Resources Corporation, as lessee, as amended on November 8, 2006:

 

	Claim Name	BLM Legacy

Serial Number
	Good Hope (1/2 interest)	NMC853090
	Sunshine (1/3 interest)	NMC27580
	Reward (1/3 interest)	NMC27581

 

		5.	Owned Water Rights

 

The following water rights, as more particularly defined in the official
records of the Nevada Division of Water Resources:

 

	Source	Permit

No.	Certificate

No.	Basin

No.	Diversion

Flow Rate	Annual

Duty	Total Combined Annual

Duty and Flow
	Underground	20162	6236	230	0.428 cfs	120.00 ac-ft	120.00 ac-ft and 1.328 cfs for the irrigation of 30 acres
	Underground	81510	21866	230	0.90 cfs	113.60 ac-ft
	Underground	70715	17399	230	0.0389 cfs	10.00 ac-ft	125.70 ac-ft and 0.490 cfs for the irrigation of 28.14 acres
	Underground	70716	17400	230	0.0389 cfs	10.00 ac-ft
	Underground	70717	17401	230	0.156 cfs	40.00 ac-ft
	Underground	70718	17402	230	0.256 cfs	65.70 ac-ft

 

		6.	Leased Water Rights

 

That certain Lease of Water Allotment Agreement
dated August 22, 2006 between Barrick Bullfrog Inc., a Delaware corporation, as lessor, and Canyon Resources Corporation, a Delaware
corporation, as lessee, as amended on May 21, 2008, November 3, 2014 and October 26, 2020, concerning Application No. 61412,
Certificate No. 16384 and Permit No. 76390.

 

		7.	Water Option Agreement

 

All of WaterCo’s rights and interests under
that certain Assignment and Assumption Agreement dated October 26, 2020 between WaterCo and Bullfrog Gold Corp., a Delaware corporation
(the “Mud Camp Assignment”), pursuant to which WaterCo has an irrevocable option and right to purchase 100 annual
acre-feet of the water rights from Permit 14059 (Certificate 5156), subject to the terms of the Mud Camp Assignment, as further disclosed
in that certain Deed from Mud Camp Mining Company, L.L.C., a Nevada limited liability company, to Bullfrog Mines LLC, a Delaware limited
liability company, recorded in the records of the Nye County Recorder as document number 944679.

 

    Exhibit A - Page 6

     

    

 

Exhibit B

 

DESCRIPTION OF PERSONAL PROPERTY

 

(a)            All
Personal Property (including all goods, supplies, equipment, furniture, furnishings, fixtures, machinery, inventory, construction materials
and software embedded in any of the foregoing) in which Trustor now has or hereafter acquires an interest or right, which is now or hereafter
located on or affixed to the Real Property or the Improvements or used or useful in or related to the operation, use or occupancy thereof
or the construction of any Improvements thereon, together with any interest of Trustor in and to personal property which is leased or
subject to any superior security interest, and all books, records, leases and other agreements, documents and instruments of whatever
kind or character, relating to the Real Property, Improvements or such personal property;

 

(b)            All
fees, income, rents, issues, profits, earnings, receipts, royalties and revenues which, after the date hereof and while any portion of
the Secured Obligations remains unpaid or unperformed, may accrue to Trustor from such personal property or any part thereof or from the
Real Property, the Improvements or any other part of the Trust Estate, or which may be received or receivable by Trustor from any hiring,
using, letting, leasing, subhiring, subletting, subleasing, occupancy, operation or use thereof;

 

(c)            All
of Trustor’s present and future rights to receive payments of money, services or property, including rights to all deposits from
tenants of the Real Property or Improvements, rights to receive capital contributions or subscriptions from Trustor’s partners,
members or shareholders, amounts payable on account of the sale of any capital stock of Trustor, accounts and other accounts receivable,
deposit accounts maintained with Beneficiary and its affiliates, chattel paper (whether tangible or electronic), notes, drafts, contract
rights, instruments and general intangibles, all as defined in the Nevada Uniform Commercial Code, as presently or hereafter in effect,
and principal, interest and payments due on account of goods sold or leased, services rendered, loans made or credit extended, together
with title to or interest in all agreements, documents and instruments evidencing, securing or guarantying the same;

 

(d)            All
other intangible property (and related software) and rights relating to the Real Property, the Improvements, the personal property described
in Paragraph (a) above or the operation, occupancy or use thereof, including all governmental and non-governmental permits,
licenses and approvals relating to construction on or operation, occupancy or use of the Real Property or Improvements, all names under
or by which the Real Property or Improvements may at any time be operated or known, all rights to carry on business under any such names,
or any variant thereof, all trade names and trademarks relating in any way to the Real Property or the Improvements, and all good will
and software in any way relating to the Real Property or the Improvements;

 

(e)            Trustor’s
rights under all insurance policies covering the Real Property, the Improvements, the Personal Property and the other parts of the Trust
Estate and any and all proceeds, loss payments and premium refunds payable regarding the same;

 

    Exhibit B - Page 1

     

    

 

(f)            All
reserves, deferred payments, deposits, refunds, cost savings and payments of any kind relating to the construction of any Improvements
on the Real Property;

 

		(g)	All water rights, water shares and water agreements relating to the Real Property;

 

(h)            All
shares and membership interests in entities related to the Real Property, including all of LandCo’s membership interests in WaterCo,
together with all claims, rights, privileges, authority and powers (including management rights and authorities) of LandCo relating to
WaterCo or under any organizational document of WaterCo, and any and all interest of LandCo in the entries on the books of any financial
intermediary pertaining to such membership interests;

 

(i)            All
causes of action, claims, compensation and recoveries for any damage to, destruction of, or condemnation or taking of the Real Property,
the Improvements, the Personal Property or any other part of the Trust Estate, or for any conveyance in lieu thereof, whether direct or
consequential, or for any damage or injury to the Real Property, the Improvements, the Personal Property or any other part of the Trust
Estate, or for any loss or diminution in value of the Real Property, the Improvements, the Personal Property or any other part of the
Trust Estate;

 

(j)            All
geological, architectural, structural, mechanical and engineering plans and specifications prepared for construction of Improvements or
extraction of minerals from the Real Property and all studies, data and drawings related thereto; and also all contracts and agreements
of Trustor relating to the aforesaid plans and specifications or to the aforesaid studies, data and drawings or to the construction of
Improvements on or extraction of minerals from the Real Property;

 

(k)            All
commercial tort claims Trustor now has or hereafter acquires relating to the properties, rights, titles and interests referred to in this
Exhibit B or elsewhere in this Deed of Trust;

 

(l)            All
letter of credit rights (whether or not the letter of credit is evidenced by a writing) Trustor now has or hereafter acquires relating
to the properties, rights, titles and interests referred to in this Deed of Trust;

 

(m)            All
proceeds from any of the aforesaid collateral and all supporting obligations ancillary thereto or arising in any way in connection therewith;

 

(n)            All
of Trustor’s rights in any and all warranties and guaranties with respect to any goods, materials, supplies, chattels, fixtures,
equipment, machinery, building materials and work in progress attached to or placed in or on any part of the Real Property, or used in
connection with any construction on the Real Property; and

 

(o)            All
of Trustor’s rights in all plans, specifications, plats, agreements, assessments, reports and surveys related to the Real Property.

 

    Exhibit B - Page 2

     

    

 

Notwithstanding
the foregoing, the Personal Property shall not include any of the following (i) any Other Agreements or other permit or license
to the extent that Trustor is expressly prohibited from granting a security interest in such instrument pursuant to the terms thereof,
but only to the extent such prohibition is not invalidated under the Nevada Uniform Commercial Code, (ii) governmental licenses, state
or local franchises, charters and authorizations and any other property and assets to the extent that Trustee or Beneficiary may not validly
possess a security interest therein under applicable laws (including rules and regulations of any governmental authority or agency)
or the pledge or creation of a security interest which would require governmental consent, approval, license or authorization, other than
to the extent such prohibition or limitation is rendered ineffective under the Nevada Uniform Commercial Code or other applicable law
notwithstanding such prohibition, including any governmental licenses or state or local franchises, charters and authorizations to the
extent a security interest is prohibited or restricted thereby; (iii) any lease, license, permit or agreement (A) to the extent
that a grant of a security interest therein (1) is prohibited by applicable law other than to the extent such prohibition is rendered
ineffective under Section 9-406, 9-407, 9-408 or 9-409 (or any successor provisions thereof) of the Nevada Uniform Commercial Code
or other applicable law notwithstanding such prohibition, or (2) would violate the express terms thereof or would give rise to a
termination right thereunder (except to the extent such provision is rendered ineffective under Section 9-406, 9-407, 9-408 or 9-409
(or any successor provisions thereof) of the Nevada Uniform Commercial Code or other applicable law notwithstanding such prohibition),
or (B) which by their express terms are not assignable or would become void, voidable, terminable or revocable if pledged or assigned
hereunder without written consent of the other party(ies) thereto (except to the extent such provision is rendered ineffective under Section 9-406,
9-407, 9-408 or 9-409 (or any successor provisions thereof) of the Nevada Uniform Commercial Code or other applicable law notwithstanding
such prohibition); provided, Trustor shall have no obligations to obtain any such consent; (iv) any property or asset for which the
creation or perfection of pledges or security interests therein could reasonably be expected to result in material adverse tax consequences
or adverse regulatory consequences to Trustor or any of its affiliates, as reasonably determined by Trustor; (v) any deposit accounts
that are used exclusively for tax accounts, withholding accounts, payroll accounts or trust accounts, and in each case, any funds on deposit
therein; and (vi) any United States intent-to-use trademark application to the extent that, and solely during the period in which,
the grant of a security interest therein would impair the validity or enforceability of such intent-to-use trademark application under
the applicable federal law (the assets described in the immediately preceding clauses (i) through (vi) collectively, the “Excluded
Assets”); provided further, however, that Excluded Assets shall not include any proceeds, substitutions or replacements of any
Excluded Assets referred to in clauses (i) through (vi) unless such proceeds, substitutions or replacements would independently
constitute Excluded Assets referred to in clauses (i) through (vi). Notwithstanding the foregoing, if and when any property that
would otherwise constitute Personal Property shall cease to be Excluded Assets, a lien on and security interest in such property shall
be deemed granted therein.

 

[End]

 

    Exhibit B - Page 3Document

Bellicum Pharmaceuticals, Inc. 
2019 Equity Incentive Plan
Adopted by the Compensation Committee of the Board of Directors: April 22, 2019
Approved by the Stockholders: June 13, 2019
Amended and Approved by the Board of Directors: July 9, 2019
Amended by the Board of Directors: December 2, 2019
Approved by the Stockholders: January 15, 2020
Amended by the Board of Directors: April 16, 2020
Amended by the Board of Directors: April 22, 2020
Approved by the Stockholders: June 15, 2020
Amended by the Board of Directors: July 23, 2020
Amended by the Compensation Committee of the Board of Directors: November 10, 2020
Amended by the Board of Directors: April 15, 2021
Approved by the Stockholders: June 15, 2021
Amended by the Compensation Committee of the Board of Directors: March 25, 2022
Approved by the Stockholders: June 15, 2022

1.General.
(a)Successor to and Continuation of 2014 Plan.  
(i)The Plan is intended as the successor to and continuation of the Bellicum Pharmaceuticals, Inc. 2014 Equity Incentive Plan, as amended (the “2014 Plan”).  From and after 12:01 a.m. Pacific time on the Effective Date, no additional stock awards will be granted under the 2014 Plan.  All Stock Awards granted on or after 12:01 a.m. Pacific Time on the Effective Date will be granted under this Plan.  All stock awards granted under the 2014 Plan or under the Bellicum Pharmaceuticals, Inc. 2011 Stock Option Plan, as amended, and the Bellicum Pharmaceuticals, Inc. 2006 Stock Option Plan, as amended (together with the 2014 Plan and the 2011 Plan, the “Prior Plans”), will remain subject to the terms of the Prior Plans.  
(ii)Any shares that would otherwise remain available for future grants under the 2014 Plan as of 12:01 a.m. Pacific Time on the Effective Date (the “2014 Plan’s Available Reserve”) will cease to be available under the 2014 Plan at such time and will not be available under this Plan.  
(iii)From and after 12:01 a.m. Pacific time on the Effective Date, any shares subject, at such time, to outstanding stock awards granted under any of the Prior Plans (each, a “Prior Plan Award”) that (i) are not issued because such stock award or any portion thereof expires or otherwise terminates without all of the shares covered by such stock award having been issued; (ii) are not issued because such stock award or any portion thereof is settled in cash; and (iii) are forfeited back to or repurchased by the Company because of the failure to meet a contingency or condition required for the vesting of such shares (such shares the “Prior Plans’ Returning Shares”) will immediately be added to the Share Reserve (pursuant to the provisions described in Section 3(a) below) as and when such shares become Prior Plans’ Returning Shares, up to the maximum number set forth in Section 3(a) below.  
(b)Eligible Stock Award Recipients.  Subject to Section 4, Employees, Directors and Consultants are eligible to receive Stock Awards.
(c)Available Stock Awards.  The Plan provides for the grant of the following types of Stock Awards: (i) Incentive Stock Options, (ii) Nonstatutory Stock Options, (iii) Stock 
    1.
			
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Appreciation Rights, (iv) Restricted Stock Awards, (v) Restricted Stock Unit Awards, (vi) Performance Stock Awards, and (vii) Other Stock Awards.
(d)Purpose.  The Plan, through the grant of Stock Awards, is intended to help the Company and any Affiliate secure and retain the services of eligible award recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate, and provide a means by which the eligible recipients may benefit from increases in value of the Common Stock.
2.Administration.
(a)Administration by Board.  The Board will administer the Plan.  The Board may delegate administration of the Plan to a Committee or Committees, as provided in Section 2(c).
(b)Powers of Board.  The Board will have the power, subject to, and within the limitations of, the express provisions of the Plan:
(i)To determine: (A) who will be granted Stock Awards; (B) when and how each Stock Award will be granted; (C) what type of Stock Award will be granted; (D) the provisions of each Stock Award (which need not be identical), including when a person will be permitted to exercise or otherwise receive cash or Common Stock under the Stock Award; (E) the number of shares of Common Stock subject to, or the cash value of, a Stock Award; and (F) the Fair Market Value applicable to a Stock Award.
(ii)To construe and interpret the Plan and Stock Awards granted under it, and to establish, amend and revoke rules and regulations for administration of the Plan and Stock Awards.  The Board, in the exercise of these powers, may correct any defect, omission or inconsistency in the Plan or in any Stock Award Agreement, in a manner and to the extent it will deem necessary or expedient to make the Plan or Stock Award fully effective.
(iii)To settle all controversies regarding the Plan and Stock Awards granted under it.
(iv)To accelerate, in whole or in part, the time at which a Stock Award may be exercised or vest (or the time at which cash or shares of Common Stock may be issued in settlement thereof).  
(v)To suspend or terminate the Plan at any time.  Except as otherwise provided in the Plan or a Stock Award Agreement, suspension or termination of the Plan will not materially impair a Participant’s rights under the Participant’s then-outstanding Stock Award without the Participant’s written consent, except as provided in subsection (viii) below.
(vi)To amend the Plan in any respect the Board deems necessary or advisable, including, without limitation, by adopting amendments relating to Incentive Stock Options and certain nonqualified deferred compensation under Section 409A of the Code and/or bringing the Plan or Stock Awards granted under the Plan into compliance with the requirements for Incentive Stock Options or ensuring that they are exempt from, or compliant with, the requirements for nonqualified deferred compensation under Section 409A of the Code, subject to the limitations, if any, of applicable law.  If required by applicable law or listing requirements, and except as provided in Section 9(a) relating to Capitalization Adjustments, the Company will seek stockholder approval of any amendment of the Plan that (A) materially increases the number of shares of Common Stock available for issuance under the Plan, (B) materially expands the class of individuals eligible to receive Stock Awards under the Plan, (C) materially increases the benefits accruing to Participants under the Plan, (D) materially reduces the price at 
    2.
			
	222513264 v9

which shares of Common Stock may be issued or purchased under the Plan, (E) materially extends the term of the Plan, or (F) materially expands the types of Stock Awards available for issuance under the Plan. Except as otherwise provided in the Plan or a Stock Award Agreement, no amendment of the Plan will materially impair a Participant’s rights under an outstanding Stock Award without the Participant’s written consent.
(vii)To submit any amendment to the Plan for stockholder approval, including, but not limited to, amendments to the Plan intended to satisfy the requirements of (A) Section 422 of the Code regarding “incentive stock options” or (B) Rule 16b-3.
(viii)To approve forms of Stock Award Agreements for use under the Plan and to amend the terms of any one or more Stock Awards, including, but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Stock Award Agreement, subject to any specified limits in the Plan that are not subject to Board discretion; provided, however, that a Participant’s rights under any Stock Award will not be impaired by any such amendment unless (A) the Company requests the consent of the affected Participant, and (B) such Participant consents in writing.  Notwithstanding the foregoing, (1) a Participant’s rights will not be deemed to have been impaired by any such amendment if the Board, in its sole discretion, determines that the amendment, taken as a whole, does not materially impair the Participant’s rights, and (2) subject to the limitations of applicable law, if any, the Board may amend the terms of any one or more Stock Awards without the affected Participant’s consent (A) to maintain the qualified status of the Stock Award as an Incentive Stock Option under Section 422 of the Code; (B) to change the terms of an Incentive Stock Option, if such change results in impairment of the Stock Award solely because it impairs the qualified status of the Stock Award as an Incentive Stock Option under Section 422 of the Code; (C) to clarify the manner of exemption from, or to bring the Stock Award into compliance with, Section 409A of the Code; or (D) to comply with other applicable laws or listing requirements.
(ix)Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Company and that are not in conflict with the provisions of the Plan or Stock Awards.
(x)To adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees, Directors or Consultants who are foreign nationals or employed outside the United States (provided that Board approval will not be necessary for immaterial modifications to the Plan or any Stock Award Agreement that are required for compliance with the laws of the relevant foreign jurisdiction).
(c)Delegation to Committee.
(i)General.  The Board may delegate some or all of the administration of the Plan to a Committee or Committees.  If administration of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee of the Committee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee, as applicable).  Any delegation of administrative powers will be reflected in resolutions, not inconsistent with the provisions of the Plan, adopted from time to time by the Board or Committee (as applicable).  The Board may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated.
(ii)Rule 16b-3 Compliance.  The Committee may consist solely of two or more Non-Employee Directors, in accordance with Rule 16b-3.
    3.
			
	222513264 v9

(d)Delegation to an Officer.  The Board may delegate to one (1) or more Officers the authority to do one or both of the following (i) designate Employees who are not Officers to be recipients of Options and SARs (and, to the extent permitted by applicable law, other Stock Awards) and, to the extent permitted by applicable law, the terms of such Stock Awards, and (ii) determine the number of shares of Common Stock to be subject to such Stock Awards granted to such Employees; provided, however, that the Board resolutions regarding such delegation will specify the total number of shares of Common Stock that may be subject to the Stock Awards granted by such Officer and that such Officer may not grant a Stock Award to himself or herself.  Any such Stock Awards will be granted on the form of Stock Award Agreement most recently approved for use by the Committee or the Board, unless otherwise provided in the resolutions approving the delegation authority.  The Board may not delegate authority to an Officer who is acting solely in the capacity of an Officer (and not also as a Director) to determine the Fair Market Value pursuant to Section 13(w)(iii) below.
(e)Effect of Board’s Decision. All determinations, interpretations and constructions made by the Board in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons.
(f)Cancellation and Re-Grant of Stock Awards.  Neither the Board nor any Committee will have the authority to: (i) reduce the exercise price or strike price of any outstanding Options or Stock Appreciation Rights under the Plan, or (ii) cancel any outstanding Options or Stock Appreciation Rights that have an exercise price or strike price greater than the current Fair Market Value of the Common Stock in exchange for cash or other Stock Awards under the Plan, unless the stockholders of the Company have approved such an action within twelve months prior to such an event.
(g)Minimum Vesting Requirements.  No Stock Award may vest (or, if applicable, be exercisable) until at least 12 months following the date of grant of the Stock Award; provided, however, that shares of Common Stock up to 5% of the Share Reserve (as defined in Section 3(a)) may be issued pursuant to Stock Awards that do not meet such vesting (and, if applicable, exercisability) requirements.
(h)Dividends and Dividend Equivalents.  Dividends or dividend equivalents may be paid or credited, as applicable, with respect to any shares of Common Stock subject to an Award, as determined by the Board and contained in the applicable Award Agreement; provided, however, that (i) no dividends or dividend equivalents may be paid with respect to any such shares before the date such shares have vested under the terms of such Award Agreement, (ii) any dividends or dividend equivalents that are credited with respect to any such shares will be subject to all of the terms and conditions applicable to such shares under the terms of such Award Agreement (including, but not limited to, any vesting conditions), and (iii) any dividends or dividend equivalents that are credited with respect to any such shares will be forfeited to the Company on the date, if any, such shares are forfeited to or repurchased by the Company due to a failure to meet any vesting conditions under the terms of such Award Agreement.
3.Shares Subject to the Plan.
(a)Share Reserve.  
(i)Subject to Section 9(a) relating to Capitalization Adjustments, the aggregate number of shares of Common Stock that may be issued pursuant to Stock Awards from and after the Effective Date will consist of (i) 250,000 shares, plus (ii) an additional 600,000 shares that were approved at the Company’s Special Meeting of Stockholders in 2020, plus (iii)  an additional 500,000 shares that were approved at the Company’s Annual Meeting of Stockholders in 2020, plus (iv) an additional 500,000 shares that were approved at the 
    4.
			
	222513264 v9

Company’s Annual Meeting of Stockholders in 2021, plus (v) an additional 2,250,000 shares that were approved at the Company’s Annual Meeting of Stockholders in 2022, plus (vi) the number of shares that are the Prior Plans’ Returning Shares, as such shares become available from time to time pursuant to the provisions of this Section 3, up to a maximum of 600,540 shares (such total number of potential shares in (i) - (vi), the “Share Reserve”).  Upon the Effective Date, (1) the number of shares subject to the 2014 Plan’s Available Reserve shall cease to be available for grant, whether under the 2014 Plan or this Plan and (2) any shares remaining available for grant under the 2014 Plan Inducement Share Pool (as defined in the 2014 Plan) shall cease to be available for grant.
(ii)Subject to Section 3(b), the number of shares of Common Stock available for issuance under the Plan will be reduced by: (A) one (1) share for each share of Common Stock issued pursuant to an Appreciation Award granted under the Plan; and (B) 1.25 shares for each share of Common Stock issued pursuant to a Full Value Award granted under the Plan.
(iii)Subject to Section 3(b), the number of shares of Common Stock available for issuance under the Plan will be increased by: (A) one (1) share for each Prior Plans’ Returning Share or 2019 Plan Returning Share (as defined in Section 3(b)(i)) subject to an Appreciation Award; and (B) 1.25 shares for each Prior Plans’ Returning Share or 2019 Plan Returning Share subject to a Full Value Award.
(iv)For clarity, the Share Reserve in this Section 3(a) is a limitation on the number of shares of Common Stock that may be issued pursuant to the Plan.  Accordingly, this Section 3(a) does not limit the granting of Stock Awards except as provided in Section 7(a).  Shares may be issued in connection with a merger or acquisition as permitted by NASDAQ Listing Rule 5635(c) or, if applicable, NYSE Listed Company Manual Section 303A.08, AMEX Company Guide Section 711 or other applicable rule, and such issuance will not reduce the number of shares available for issuance under the Plan.  
(b)Reversion of Shares to the Share Reserve.  
(i)Shares Available for Subsequent Issuance.  The following shares of Common Stock (collectively, the “2019 Plan Returning Shares”) will become available again for issuance under the Plan: (A) any shares subject to a Stock Award that are not issued because such Stock Award or any portion thereof expires or otherwise terminates without all of the shares covered by such Stock Award having been issued; (B) any shares subject to a Stock Award that are not issued because such Stock Award or any portion thereof is settled in cash; and (C) any shares issued pursuant to a Stock Award that are forfeited back to or repurchased by the Company because of the failure to meet a contingency or condition required for the vesting of such shares.
(ii)Shares Not Available for Subsequent Issuance.  The following shares of Common Stock will not become available again for issuance under the Plan: (A) any shares that are reacquired or withheld (or not issued) by the Company to satisfy the exercise, strike or purchase price of a Stock Award or a Prior Plan Award (including any shares subject to such award that are not delivered because such award is exercised through a reduction of shares subject to such award (i.e., “net exercised”)); (B) any shares that are reacquired or withheld (or not issued) by the Company to satisfy a tax withholding obligation in connection with a Stock Award or a Prior Plan Award; (C) any shares repurchased by the Company on the open market with the proceeds of the exercise, strike or purchase price of a Stock Award or a Prior Plan Award; and (D) in the event that a Stock Appreciation Right granted under the Plan or a stock appreciation right granted under any of the Prior Plans is settled in shares of Common Stock, the gross number of shares of Common Stock subject to such award. 
    5.
			
	222513264 v9

(c)Incentive Stock Option Limit.  Subject to the provisions of Section 9(a) relating to Capitalization Adjustments, the aggregate maximum number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options will be 9,401,080 shares of Common Stock. 
(d)Source of Shares.  The stock issuable under the Plan will be shares of authorized but unissued or reacquired Common Stock, including shares repurchased by the Company on the open market or otherwise.
(e)Limitation on Grants to Non-Employee Directors. The aggregate value of all compensation granted or paid (as applicable) in any calendar year to any individual for service as a Non-Employee Director, including Stock Awards granted under the Plan or otherwise and any cash fees paid by the Company to such Non-Employee Director, will not exceed $600,000 in total value (calculating the value of any such Stock Awards based on the grant date fair value of such Stock Awards for financial reporting purposes), or, with respect to the calendar year in which a Non-Employee Director is first appointed or elected to the Board, $1,000,000.
(f)Inducement Share Pool and Inducement Award Rules.  This Section 3(f) will apply with respect to an additional 331,820 shares of Common Stock reserved under this Plan by action of the Board (or a committee thereof) to be used exclusively for the grant of Inducement Awards in compliance with NASDAQ Listing Rule 5635(c)(4) (the “Inducement Shares”).  The Inducement Shares that may be awarded under this Section 3(f) shall be in addition to and shall not reduce the Share Reserve.  
In addition, the following rules and restrictions shall apply to any Inducement Award granted pursuant to the Plan:
(i)Eligible Inducement Award Recipients. An Inducement Award may be granted only to an Employee who has not previously been an Employee or a Non-Employee Director of the Company or an Affiliate, or following a bona fide period of non-employment, as an inducement material to the individual’s entering into employment with the Company within the meaning of Rule 5635(c)(4) of the NASDAQ Listing Rules.  
(ii)No Incentive Stock Options.  No Inducement Award may be designated as an Incentive Stock Option.
(iii)Approval of Inducement Awards.  All Inducement Awards must be granted by a Committee consisting of the majority of the Company’s independent directors or the Company’s independent compensation committee, in each case in accordance with NASDAQ Listing Rule 5635(c)(4).  
(iv)Limitation on Share Recycling.  The shares of Common Stock underlying any Inducement Awards that are forfeited, canceled, held back upon exercise of an Inducement Award or settlement of an Inducement Award to cover the exercise price or tax withholding, reacquired or repurchased by the Company, satisfied without the issuance of Common Stock or otherwise terminated (other than by exercise) shall be added back to the Inducement Shares available for grant under this Section 3(f), but shall not be added back to the Share Reserve. 
4.Eligibility.
(a)Eligibility for Specific Stock Awards.  Incentive Stock Options may be granted only to employees of the Company or a “parent corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and 424(f) of the Code).  Stock Awards other than 
    6.
			
	222513264 v9

Incentive Stock Options may be granted to Employees, Directors and Consultants; provided, however, that Stock Awards may not be granted to Employees, Directors and Consultants who are providing Continuous Service only to any “parent” of the Company, as such term is defined in Rule 405 of the Securities Act, unless (i) the stock underlying such Stock Awards is treated as “service recipient stock” under Section 409A of the Code (for example, because the Stock Awards are granted pursuant to a corporate transaction such as a spin off transaction), (ii) the Company, in consultation with its legal counsel, has determined that such Stock Awards are otherwise exempt from Section 409A of the Code, or (iii) the Company, in consultation with its legal counsel, has determined that such Stock Awards comply with the distribution requirements of Section 409A of the Code.
(b)Ten Percent Stockholders.  A Ten Percent Stockholder will not be granted an Incentive Stock Option unless the exercise price of such Option is at least 110% of the Fair Market Value on the date of grant and the Option is not exercisable after the expiration of five years from the date of grant.
5.Provisions Relating to Options and Stock Appreciation Rights.
Each Option or SAR will be in such form and will contain such terms and conditions as the Board deems appropriate.  All Options will be separately designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for shares of Common Stock purchased on exercise of each type of Option.  If an Option is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but some portion or all of the Option fails to qualify as an Incentive Stock Option under the applicable rules, then the Option (or portion thereof) will be a Nonstatutory Stock Option. The provisions of separate Options or SARs need not be identical; provided, however, that each Stock Award Agreement will conform to (through incorporation of provisions hereof by reference in the applicable Stock Award Agreement or otherwise) the substance of each of the following provisions:
(a)Term.  Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, no Option or SAR will be exercisable after the expiration of ten years from the date of its grant or such shorter period specified in the Stock Award Agreement.
(b)Exercise Price.  Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, the exercise or strike price of each Option or SAR will be not less than 100% of the Fair Market Value of the Common Stock subject to the Option or SAR on the date the Stock Award is granted.  Notwithstanding the foregoing, an Option or SAR may be granted with an exercise or strike price lower than 100% of the Fair Market Value of the Common Stock subject to the Stock Award if such Stock Award is granted pursuant to an assumption of or substitution for another option or stock appreciation right pursuant to a Transaction and in a manner consistent with the provisions of Section 409A and, if applicable, Section 424(a) of the Code.  Each SAR will be denominated in shares of Common Stock equivalents.
(c)Purchase Price for Options.  The purchase price of Common Stock acquired pursuant to the exercise of an Option may be paid, to the extent permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the methods of payment set forth below.  The Board will have the authority to grant Options that do not permit all of the following methods of payment (or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company to use a particular method of payment.  The permitted methods of payment are as follows:
(i)by cash, check, bank draft or money order payable to the Company;
    7.
			
	222513264 v9

(ii)pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of the stock subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise price to the Company from the sales proceeds;
(iii)by delivery to the Company (either by actual delivery or attestation) of shares of Common Stock;
(iv)if an Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; provided, however, that the Company will accept a cash or other payment from the Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued.  Shares of Common Stock will no longer be subject to an Option and will not be exercisable thereafter to the extent that (A) shares issuable upon exercise are used to pay the exercise price pursuant to the “net exercise,” (B) shares are delivered to the Participant as a result of such exercise, and (C) shares are withheld to satisfy tax withholding obligations; or
(v)in any other form of legal consideration that may be acceptable to the Board and specified in the applicable Stock Award Agreement.
(d)Exercise and Payment of a SAR.  To exercise any outstanding SAR, the Participant must provide written notice of exercise to the Company in compliance with the provisions of the Stock Appreciation Right Agreement evidencing such SAR.  The appreciation distribution payable on the exercise of a SAR will be not greater than an amount equal to the excess of (A) the aggregate Fair Market Value (on the date of the exercise of the SAR) of a number of shares of Common Stock equal to the number of Common Stock equivalents in which the Participant is vested under such SAR, and with respect to which the Participant is exercising the SAR on such date, over (B) the aggregate strike price of the number of Common Stock equivalents with respect to which the Participant is exercising the SAR on such date.  The appreciation distribution may be paid in Common Stock, in cash, in any combination of the two or in any other form of consideration, as determined by the Board and contained in the Stock Award Agreement evidencing such SAR.
(e)Transferability of Options and SARs.  The Board may, in its sole discretion, impose such limitations on the transferability of Options and SARs as the Board will determine.  In the absence of such a determination by the Board to the contrary, the restrictions  set forth in this Section 5(e) on the transferability of Options and SARs will apply.  Notwithstanding the foregoing or anything in the Plan or an Award Agreement to the contrary, no Option or SAR may be transferred to any financial institution without prior stockholder approval.
(i)Restrictions on Transfer.  An Option or SAR will not be transferable except by will or by the laws of descent and distribution (or pursuant to subsections (ii) and (iii) below), and will be exercisable during the lifetime of the Participant only by the Participant.  Subject to the foregoing paragraph, the Board may permit transfer of the Option or SAR in a manner that is not prohibited by applicable tax and securities laws.  Except as explicitly provided in the Plan, neither an Option nor a SAR may be transferred for consideration. 
(ii)Domestic Relations Orders.  Subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be transferred pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted by Treasury Regulations Section 1.421-1(b)(2).  If an Option is an 
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Incentive Stock Option, such Option may be deemed to be a Nonstatutory Stock Option as a result of such transfer. 
(iii)Beneficiary Designation.  Subject to the approval of the Board or a duly authorized Officer, a Participant may, by delivering written notice to the Company, in a form approved by the Company (or the designated broker), designate a third party who, on the death of the Participant, will thereafter be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise.  In the absence of such a designation, upon the death of the Participant, the executor or administrator of the Participant’s estate will be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise. However, the Company may prohibit designation of a beneficiary at any time, including due to any conclusion by the Company that such designation would be inconsistent with the provisions of applicable laws.
(f)Vesting Generally.  The total number of shares of Common Stock subject to an Option or SAR may vest and become exercisable in periodic installments that may or may not be equal.  The Option or SAR may be subject to such other terms and conditions on the time or times when it may or may not be exercised (which may be based on the satisfaction of Performance Goals or other criteria) as the Board may deem appropriate.  The vesting provisions of individual Options or SARs may vary.  The provisions of this Section 5(f) are subject to Section 2(g) and any Option or SAR provisions governing the minimum number of shares of Common Stock as to which an Option or SAR may be exercised.
(g)Termination of Continuous Service.  Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the Participant and the Company or an Affiliate, if a Participant’s Continuous Service terminates (other than for Cause and other than upon the Participant’s death or Disability), the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Stock Award as of the date of termination of Continuous Service) within the period of time ending on the earlier of (i) the date three months following the termination of the Participant’s Continuous Service (or such longer or shorter period specified in the applicable Stock Award Agreement), and (ii) the expiration of the term of the Option or SAR as set forth in the Stock Award Agreement.  If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR (as applicable) within the applicable time frame, the Option or SAR will terminate.
(h)Extension of Termination Date.  If the exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause and other than upon the Participant’s death or Disability) would be prohibited at any time solely because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act, then the Option or SAR will terminate on the earlier of (i) the expiration of a total period of time (that need not be consecutive) equal to the applicable post termination exercise period after the termination of the Participant’s Continuous Service during which the exercise of the Option or SAR would not be in violation of such registration requirements, and (ii) the expiration of the term of the Option or SAR as set forth in the applicable Stock Award Agreement.  In addition, unless otherwise provided in a Participant’s Stock Award Agreement, if the sale of any Common Stock received on exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause) would violate the Company’s insider trading policy, then the Option or SAR will terminate on the earlier of (i) the expiration of a period of months (that need not be consecutive) equal to the applicable post-termination exercise period after the termination of the Participant’s Continuous Service during which the sale of the Common Stock received upon exercise of the Option or SAR would not be in violation of the Company’s insider trading policy, or (ii) the expiration of the term of the Option or SAR as set forth in the applicable Stock Award Agreement.
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(i)Disability of Participant.  Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the Participant and the Company or an Affiliate, if a Participant’s Continuous Service terminates as a result of the Participant’s Disability, the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Option or SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date 12 months following such termination of Continuous Service (or such longer or shorter period specified in the Stock Award Agreement), and (ii) the expiration of the term of the Option or SAR as set forth in the Stock Award Agreement.  If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR within the applicable time frame, the Option or SAR (as applicable) will terminate.
(j)Death of Participant.  Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the Participant and the Company or an Affiliate, if (i) a Participant’s Continuous Service terminates as a result of the Participant’s death, or (ii) the Participant dies within the period (if any) specified in the Stock Award Agreement for exercisability after the termination of the Participant’s Continuous Service for a reason other than death, then the Option or SAR may be exercised (to the extent the Participant was entitled to exercise such Option or SAR as of the date of death) by the Participant’s estate, by a person who acquired the right to exercise the Option or SAR by bequest or inheritance or by a person designated to exercise the Option or SAR upon the Participant’s death, but only within the period ending on the earlier of (i) the date 18 months following the date of death (or such longer or shorter period specified in the Stock Award Agreement), and (ii) the expiration of the term of such Option or SAR as set forth in the Stock Award Agreement.  If, after the Participant’s death, the Option or SAR is not exercised within the applicable time frame, the Option or SAR (as applicable) will terminate.
(k)Termination for Cause.  Except as explicitly provided otherwise in a Participant’s Stock Award Agreement or other individual written agreement between the Company or any Affiliate and the Participant, if a Participant’s Continuous Service is terminated for Cause, the Option or SAR will terminate immediately upon such Participant’s termination of Continuous Service, and the Participant will be prohibited from exercising his or her Option or SAR from and after the time of such termination of Continuous Service.
(l)Non-Exempt Employees.  If an Option or SAR is granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as amended, the Option or SAR will not be first exercisable for any shares of Common Stock until at least six months following the date of grant of the Option or SAR (although the Stock Award may vest prior to such date). Consistent with the provisions of the Worker Economic Opportunity Act, (i) if such non-exempt Employee dies or suffers a Disability, (ii) upon a Corporate Transaction in which such Option or SAR is not assumed, continued, or substituted, (iii) upon a Change in Control, or (iv) upon the Participant’s retirement (as such term may be defined in the Participant’s Stock Award Agreement in another agreement between the Participant and the Company or an Affiliate, or, if no such definition, in accordance with the Company’s or an Affiliate’s then current employment policies and guidelines), the vested portion of any Options and SARs may be exercised earlier than six months following the date of grant.  The foregoing provision is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Option or SAR will be exempt from his or her regular rate of pay.  To the extent permitted and/or required for compliance with the Worker Economic Opportunity Act to ensure that any income derived by a non-exempt employee in connection with the exercise, vesting or issuance of any shares under any other Stock Award will be exempt from the employee’s regular rate of pay, the provisions of this Section 5(l) will apply to all Stock Awards and are hereby incorporated by reference into such Stock Award Agreements.
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6.Provisions of Stock Awards other than Options and SARs.
(a)Restricted Stock Awards.  Each Restricted Stock Award Agreement will be in such form and will contain such terms and conditions as the Board will deem appropriate.  To the extent consistent with the Company’s bylaws, at the Board’s election, shares of Common Stock may be (x) held in book entry form subject to the Company’s instructions until any restrictions relating to the Restricted Stock Award lapse; or (y) evidenced by a certificate, which certificate will be held in such form and manner as determined by the Board.  The terms and conditions of Restricted Stock Award Agreements may change from time to time, and the terms and conditions of separate Restricted Stock Award Agreements need not be identical.  Each Restricted Stock Award Agreement will conform to (through incorporation of the provisions hereof by reference in the agreement or otherwise) the substance of each of the following provisions:
(i)Consideration.  A Restricted Stock Award may be awarded in consideration for (A) cash, check, bank draft or money order payable to the Company, (B) past services to the Company or an Affiliate, or (C) any other form of legal consideration that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.
(ii)Vesting.  Subject to Section 2(g), shares of Common Stock awarded under the Restricted Stock Award Agreement may be subject to forfeiture to the Company in accordance with a vesting schedule to be determined by the Board.
(iii)Termination of Participant’s Continuous Service.  If a Participant’s Continuous Service terminates, the Company may receive through a forfeiture condition or a repurchase right any or all of the shares of Common Stock held by the Participant that have not vested as of the date of termination of Continuous Service under the terms of the Restricted Stock Award Agreement.
(iv)Transferability.  Rights to acquire shares of Common Stock under the Restricted Stock Award Agreement will be transferable by the Participant only upon such terms and conditions as are set forth in the Restricted Stock Award Agreement, as the Board will determine in its sole discretion, so long as Common Stock awarded under the Restricted Stock Award Agreement remains subject to the terms of the Restricted Stock Award Agreement.  Notwithstanding the foregoing or anything in the Plan or a Restricted Stock Award Agreement to the contrary, no Restricted Stock Award may be transferred to any financial institution without prior stockholder approval.
(b)Restricted Stock Unit Awards.  Each Restricted Stock Unit Award Agreement will be in such form and will contain such terms and conditions as the Board will deem appropriate.  The terms and conditions of Restricted Stock Unit Award Agreements may change from time to time, and the terms and conditions of separate Restricted Stock Unit Award Agreements need not be identical.  Each Restricted Stock Unit Award Agreement will conform to (through incorporation of the provisions hereof by reference in the Agreement or otherwise) the substance of each of the following provisions:
(i)Consideration.  At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if any, to be paid by the Participant upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award.  The consideration to be paid (if any) by the Participant for each share of Common Stock subject to a Restricted Stock Unit Award may be paid in any form of legal consideration that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.
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(ii)Vesting.  Subject to Section 2(g), at the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions on or conditions to the vesting of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate.
(iii)Payment.  A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent, any combination thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit Award Agreement.
(iv)Additional Restrictions.  At the time of the grant of a Restricted Stock Unit Award, the Board, as it deems appropriate, may impose such restrictions or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject to a Restricted Stock Unit Award to a time after the vesting of such Restricted Stock Unit Award.
(v)Termination of Participant’s Continuous Service.  Except as otherwise provided in the applicable Restricted Stock Unit Award Agreement, such portion of the Restricted Stock Unit Award that has not vested will be forfeited upon the Participant’s termination of Continuous Service.
(c)Performance Stock Awards.
(i)Performance Stock Awards.  A Performance Stock Award is a Stock Award that is payable (including that may be granted, may vest or may be exercised) contingent upon the attainment during a Performance Period of certain Performance Goals.  A Performance Stock Award may, but need not, require the Participant’s completion of a specified period of Continuous Service. Subject to Section 2(g), the length of any Performance Period, the Performance Goals to be achieved during the Performance Period, and the measure of whether and to what degree such Performance Goals have been attained will be conclusively determined by the Board, in its sole discretion.  In addition, to the extent permitted by applicable law and the applicable Stock Award Agreement, the Board may determine that cash may be used in payment of Performance Stock Awards.
(ii)Board Discretion.  The Board retains the discretion to reduce or eliminate and to make other appropriate adjustments selected by the Board the compensation or economic benefit due upon attainment of Performance Goals and to define the manner of calculating the Performance Criteria it selects to use for a Performance Period.  Partial achievement of the specified criteria may result in the payment or vesting corresponding to the degree of achievement as specified in the Stock Award Agreement.
(d)Other Stock Awards.  Other forms of Stock Awards valued in whole or in part by reference to, or otherwise based on, Common Stock, including the appreciation in value thereof (e.g., options or stock rights with an exercise price or strike price less than 100% of the Fair Market Value of the Common Stock at the time of grant) may be granted either alone or in addition to Stock Awards provided for under Section 5 and the preceding provisions of this Section 6.  Subject to the provisions of the Plan (including, but not limited to, Section 2(g)), the Board will have sole and complete authority to determine the persons to whom and the time or times at which such Other Stock Awards will be granted, the number of shares of Common Stock (or the cash equivalent thereof) to be granted pursuant to such Other Stock Awards and all other terms and conditions of such Other Stock Awards.
7.Covenants of the Company.
(a)Availability of Shares.  The Company will keep available at all times the number of shares of Common Stock reasonably required to satisfy then-outstanding Stock Awards.
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(b)Securities Law Compliance.  The Company will seek to obtain from each regulatory commission or agency having jurisdiction over the Plan such authority as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise of the Stock Awards; provided, however, that this undertaking will not require the Company to register under the Securities Act the Plan, any Stock Award or any Common Stock issued or issuable pursuant to any such Stock Award.  If, after reasonable efforts and at a reasonable cost, the Company is unable to obtain from any such regulatory commission or agency the authority that counsel for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company will be relieved from any liability for failure to issue and sell Common Stock upon exercise of such Stock Awards unless and until such authority is obtained. A Participant will not be eligible for the grant of a Stock Award or the subsequent issuance of cash or Common Stock pursuant to the Stock Award if such grant or issuance would be in violation of any applicable securities law.
(c)No Obligation to Notify or Minimize Taxes.  The Company will have no duty or obligation to any Participant to advise such holder as to the time or manner of exercising such Stock Award.  Furthermore, the Company will have no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of a Stock Award or a possible period in which the Stock Award may not be exercised.  The Company has no duty or obligation to minimize the tax consequences of a Stock Award to the holder of such Stock Award.
8.Miscellaneous.
(a)Use of Proceeds from Sales of Common Stock.  Proceeds from the sale of shares of Common Stock pursuant to Stock Awards will constitute general funds of the Company.
(b)Corporate Action Constituting Grant of Stock Awards.  Corporate action constituting a grant by the Company of a Stock Award to any Participant will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when the instrument, certificate, or letter evidencing the Stock Award is communicated to, or actually received or accepted by, the Participant.  In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action constituting the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those in the Stock Award Agreement or related grant documents as a result of a clerical error in the papering of the Stock Award Agreement or related grant documents, the corporate records will control and the Participant will have no legally binding right to the incorrect term in the Stock Award Agreement or related grant documents.  
(c)Stockholder Rights.  No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Common Stock subject to a Stock Award unless and until (i) such Participant has satisfied all requirements for exercise of, or the issuance of shares of Common Stock under, the Stock Award pursuant to its terms, and (ii) the issuance of the Common Stock subject to such Stock Award has been entered into the books and records of the Company.
(d)No Employment or Other Service Rights.  Nothing in the Plan, any Stock Award Agreement or any other instrument executed thereunder or in connection with any Stock Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Stock Award was granted or will affect the right of the Company or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate, or (iii) the service of a Director pursuant to the bylaws of the Company or an Affiliate, and any 
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applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be.
(e)Change in Time Commitment.  In the event a Participant’s regular level of time commitment in the performance of his or her services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee of the Company and the Employee has a change in status from a full-time Employee to a part-time Employee or takes an extended leave of absence) after the date of grant of any Stock Award to the Participant, the Board has the right in its sole discretion to (x) make a corresponding reduction in the number of shares or cash amount subject to any portion of such Stock Award that is scheduled to vest or become payable after the date of such change in time commitment, and (y) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable to such Stock Award.  In the event of any such reduction, the Participant will have no right with respect to any portion of the Stock Award that is so reduced or extended. 
(f)Incentive Stock Option Limitations.  To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and any Affiliates) exceeds $100,000 (or such other limit established in the Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the order in which they were granted) or otherwise do not comply with such rules will be treated as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s).
(g)Investment Assurances.  The Company may require a Participant, as a condition of exercising or acquiring Common Stock under any Stock Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable and experienced in financial and business matters and that such Participant is capable of evaluating, alone or together with the purchaser representative, the merits and risks of exercising the Stock Award; and (ii) to give written assurances satisfactory to the Company stating that the Participant is acquiring Common Stock subject to the Stock Award for the Participant’s own account and not with any present intention of selling or otherwise distributing the Common Stock.  The foregoing requirements, and any assurances given pursuant to such requirements, will be inoperative if (A) the issuance of the shares upon the exercise or acquisition of Common Stock under the Stock Award has been registered under a then currently effective registration statement under the Securities Act, or (B) as to any particular requirement, a determination is made by counsel for the Company that such requirement need not be met in the circumstances under the then applicable securities laws.  The Company may, upon advice of counsel to the Company, place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply with applicable securities laws, including, but not limited to, legends restricting the transfer of the Common Stock.
(h)Withholding Obligations.  Unless prohibited by the terms of a Stock Award Agreement, the Company may, in its sole discretion, satisfy any federal, state or local tax withholding obligation relating to a Stock Award by any of the following means or by a combination of such means: (i) causing the Participant to tender a cash payment; (ii) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to the Participant in connection with the Stock Award; (iii) withholding cash from a Stock Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant; or (v) by such other method as may be set forth in the Stock Award Agreement.
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(i)Electronic Delivery.  Any reference herein to a “written” agreement or document will include any agreement or document delivered electronically, filed publicly at www.sec.gov (or any successor website thereto) or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which the Participant has access).
(j)Deferrals.  To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of Common Stock or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Stock Award may be deferred and may establish programs and procedures for deferral elections to be made by Participants.  Deferrals by Participants will be made in accordance with Section 409A of the Code.  Consistent with Section 409A of the Code, the Board may provide for distributions while a Participant is still an employee or otherwise providing services to the Company or an Affiliate.  The Board is authorized to make deferrals of Stock Awards and determine when, and in what annual percentages, Participants may receive payments, including lump sum payments, following the Participant’s termination of Continuous Service, and implement such other terms and conditions consistent with the provisions of the Plan and in accordance with applicable law.
(k)Compliance with Section 409A of the Code.  Unless otherwise expressly provided for in a Stock Award Agreement, the Plan and Stock Award Agreements will be interpreted to the greatest extent possible in a manner that makes the Plan and the Stock Awards granted hereunder exempt from Section 409A of the Code, and, to the extent not so exempt, in compliance with Section 409A of the Code.  If the Board determines that any Stock Award granted hereunder is not exempt from and is therefore subject to Section 409A of the Code, the Stock Award Agreement evidencing such Stock Award will incorporate the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code, and to the extent a Stock Award Agreement is silent on terms necessary for compliance, such terms are hereby incorporated by reference into the Stock Award Agreement.  Notwithstanding anything to the contrary in this Plan (and unless the Stock Award Agreement specifically provides otherwise), if the shares of Common Stock are publicly traded, and if a Participant holding a Stock Award that constitutes “deferred compensation” under Section 409A of the Code is a “specified employee” for purposes of Section 409A of the Code, no distribution or payment of any amount that is due because of a “separation from service” (as defined in Section 409A of the Code without regard to alternative definitions thereunder) will be issued or paid before the date that is six months following the date of such Participant’s “separation from service” (as defined in Section 409A of the Code without regard to alternative definitions thereunder) or, if earlier, the date of the Participant’s death, unless such distribution or payment can be made in a manner that complies with Section 409A of the Code, and any amounts so deferred will be paid in a lump sum on the day after such six month period elapses, with the balance paid thereafter on the original schedule.  
(l)Clawback/Recovery.  All Stock Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Company (i) is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law or (ii) otherwise adopts, to the extent applicable and permissible under applicable laws.  In addition, the Board may impose such other clawback, recovery or recoupment provisions in a Stock Award Agreement as the Board determines necessary or appropriate, including but not limited to a reacquisition right in respect of previously acquired shares of Common Stock or other cash or property upon the occurrence of an event constituting Cause.  No recovery of compensation under such a clawback policy will be an event giving rise to a right to resign for “good reason” or “constructive termination” (or similar term) under any agreement with the Company or an Affiliate.
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9.Adjustments upon Changes in Common Stock; Other Corporate Events.
(a)Capitalization Adjustments.  In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number of securities that may be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 3(c), (iii) the class(es) and maximum number of securities that may be issued as Inducement Shares pursuant to Section 3(f) and (iv) the class(es) and number of securities and price per share of stock subject to outstanding Stock Awards.  The Board will make such adjustments, and its determination will be final, binding and conclusive.
(b)Dissolution or Liquidation.  Except as otherwise provided in the Stock Award Agreement or other written agreement between a Participant and the Company or an Affiliate, in the event of a dissolution or liquidation of the Company, all outstanding Stock Awards (other than Stock Awards consisting of vested and outstanding shares of Common Stock not subject to a forfeiture condition or the Company’s right of repurchase) will terminate immediately prior to the completion of such dissolution or liquidation, and the shares of Common Stock subject to the Company’s repurchase rights or subject to a forfeiture condition may be repurchased or reacquired by the Company notwithstanding the fact that the holder of such Stock Award is providing Continuous Service.
(c)Transactions.  The following provisions shall apply to Stock Awards in the event of a Transaction unless otherwise provided in the instrument evidencing the Stock Award or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the Board at the time of grant of a Stock Award.  In the event of a Transaction, then, notwithstanding any other provision of the Plan, the Board shall take one or more of the following actions with respect to Stock Awards, contingent upon the closing or completion of the Transaction:
(i)arrange for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) to assume or continue the Stock Award or to substitute a similar stock award for the Stock Award (including, but not limited to, an award to acquire the same consideration paid to the stockholders of the Company pursuant to the Transaction);
(ii)arrange for the assignment of any reacquisition or repurchase rights held by the Company in respect of Common Stock issued pursuant to the Stock Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company);
(iii)accelerate the vesting, in whole or in part, of the Stock Award (and, if applicable, the time at which the Stock Award may be exercised) to a date prior to the effective time of such Transaction as the Board shall determine (or, if the Board shall not determine such a date, to the date that is five days prior to the effective date of the Transaction), with such Stock Award terminating if not exercised (if applicable) at or prior to the effective time of the Transaction; provided, however, that the Board may require Participants to complete and deliver to the Company a notice of exercise before the effective date of a Transaction, which exercise is contingent upon the effectiveness of such Transaction;
(iv)arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to the Stock Award;
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(v)cancel or arrange for the cancellation of the Stock Award, to the extent not vested or not exercised prior to the effective time of the Transaction, in exchange for such cash consideration, if any, as the Board, in its sole discretion, may consider appropriate; and
(vi)cancel or arrange for the cancellation of the Stock Award, to the extent not vested or not exercised prior to the effective time of the Transaction, in exchange for a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value of the property the Participant would have received upon the exercise of the Stock Award immediately prior to the effective time of the Transaction, over (B) any exercise price payable by such holder in connection with such exercise.  For clarity, this payment may be zero ($0) if the value of the property is equal to or less than the exercise price.  Payments under this provision may be delayed to the same extent that payment of consideration to the holders of the Common Stock in connection with the Transaction is delayed as a result of escrows, earn outs, holdbacks or any other contingencies.
The Board need not take the same action or actions with respect to all Stock Awards or portions thereof or with respect to all Participants.  The Board may take different actions with respect to the vested and unvested portions of a Stock Award. 
(d)Change in Control.  A Stock Award may be subject to additional acceleration of vesting and exercisability upon or after a Change in Control as may be provided in the Stock Award Agreement for such Stock Award or as may be provided in any other written agreement between the Company or any Affiliate and the Participant, but in the absence of such provision, no such acceleration will occur.
10.Plan Term; Earlier Termination or Suspension of the Plan.
The Board may suspend or terminate the Plan at any time.  No Incentive Stock Options may be granted after the tenth anniversary of the earlier of (i) the Adoption Date, or (ii) the date the Plan is approved by the stockholders of the Company. No Stock Awards may be granted under the Plan while the Plan is suspended or after it is terminated.
11.Effective Date of the Plan.
The Plan will become effective on the Effective Date.
12.Choice of Law.
The law of the State of Delaware will govern all questions concerning the construction, validity and interpretation of this Plan, without regard to that state’s conflict of laws rules.
13.Definitions.  As used in the Plan, the following definitions will apply to the capitalized terms indicated below:
(a)“Adoption Date” means April 22, 2019, which is the date the Plan was adopted by the Compensation Committee of the Board.
(b)“Affiliate” means, at the time of determination, any “parent” or “subsidiary” of the Company as such terms are defined in Rule 405 of the Securities Act.  The Board will have the authority to determine the time or times at which “parent” or “subsidiary” status is determined within the foregoing definition.
(c)“Appreciation Award” means (i) a stock option or stock appreciation right granted under any of the Prior Plans or (ii) an Option or Stock Appreciation Right, in each case 
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with respect to which the exercise or strike price is at least 100% of the Fair Market Value of the Common Stock subject to the stock option or stock appreciation right, or Option or Stock Appreciation Right, as applicable, on the date of grant. 
(d)“Board” means the Board of Directors of the Company.
(e)“Capital Stock” means each and every class of common stock of the Company, regardless of the number of votes per share.
(f)“Capitalization Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject to the Plan or subject to any Stock Award after the Adoption Date without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or any similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto).  Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment.
(g)“Cause” shall have the meaning ascribed to such term in any written agreement between the Participant and the Company or an Affiliate defining such term and, in the absence of such agreement, such term means, with respect to a Participant, the occurrence of any of the following events:  (i) such Participant’s commission of any felony or any crime involving fraud, dishonesty or moral turpitude under the laws of the United States or any state thereof; (ii) such Participant’s attempted commission of, or participation in, a fraud or act of dishonesty against the Company; (iii) such Participant’s intentional, material violation of any contract or agreement between the Participant and the Company or of any statutory duty owed to the Company; (iv) such Participant’s unauthorized use or disclosure of the Company’s confidential information or trade secrets; or (v) such Participant’s gross misconduct. The determination that a termination of the Participant’s Continuous Service is either for Cause or without Cause shall be made by the Company, in its sole discretion.  Any determination by the Company that the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding Stock Awards held by such Participant shall have no effect upon any determination of the rights or obligations of the Company or such Participant for any other purpose.
(h)“Change in Control” means the occurrence, in a single transaction or in a series of related transactions, of any one or more of the following events:
(i)any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation or similar transaction.  Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account of the acquisition of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor, any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction or series of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity securities, or (C) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”) exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition 
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had not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated percentage threshold, then a Change in Control will be deemed to occur;
(ii)there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not Own, directly or indirectly, either (A) outstanding voting securities representing more than 50% of the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than 50% of the combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such transaction; 
(iii)there is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries to an Entity, more than 50% of the combined voting power of the voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such sale, lease, license or other disposition; 
(iv)the stockholders of the Company approve or the Board approves a plan of complete dissolution or liquidation of the Company, or a complete dissolution or liquidation of the Company will otherwise occur, except for a liquidation into a parent corporation; or
(v)individuals who, on the Adoption Date, are members of the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board;  provided, however, that if the appointment or election (or nomination for election) of any new Board member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member will, for purposes of this Plan, be considered as a member of the Incumbent Board.
Notwithstanding the foregoing definition or any other provision of the Plan, the term Change in Control will not include a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company and the definition of Change in Control (or any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant will supersede the foregoing definition with respect to Stock Awards subject to such agreement; provided, however, that if no definition of Change in Control or any analogous term is set forth in such an individual written agreement, the foregoing definition will apply. 
(i)“Code” means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.
(j)“Committee” means a committee of one or more Directors to whom authority has been delegated by the Board in accordance with Section 2(c).
(k)“Common Stock” means the common stock of the Company, having one vote per share.
(l)“Company” means Bellicum Pharmaceuticals, Inc., a Delaware corporation.
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(m)“Consultant” means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for such services.  However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered a “Consultant” for purposes of the Plan.  Notwithstanding the foregoing, a person is treated as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities Act is available to register either the offer or the sale of the Company’s securities to such person.
(n)“Continuous Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Director or Consultant, is not interrupted or terminated.  A change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant or Director or a change in the Entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, will not terminate a Participant’s Continuous Service; provided, however, that if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board, in its sole discretion, such Participant’s Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as an Affiliate.  To the extent permitted by law, the Board or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence approved by the Board or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors.  Notwithstanding the foregoing, a leave of absence will be treated as Continuous Service for purposes of vesting in a Stock Award only to such extent as may be provided in the Company’s leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required by law.  
(o)“Corporate Transaction” means the consummation, in a single transaction or in a series of related transactions, of any one or more of the following events:
(i)a sale or other disposition of all or substantially all, as determined by the Board, in its sole discretion, of the consolidated assets of the Company and its Subsidiaries;
(ii)a sale or other disposition of at least 50% of the outstanding securities of the Company;
(iii)a merger, consolidation or similar transaction following which the Company is not the surviving corporation; or
(iv)a merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.
(p)“Director” means a member of the Board.
(q)“Disability” means, with respect to a Participant, the inability of such Participant 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 that has lasted or can be expected to last for a continuous period of not less than 12 months, as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the Code, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances.
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(r)“Effective Date” means the effective date of this Plan document, which is the date of the annual meeting of stockholders of the Company held in 2019.
(s)“Employee” means any person employed by the Company or an Affiliate.  However, service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of the Plan.
(t)“Entity” means a corporation, partnership, limited liability company or other entity.
(u)“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
(v)“Exchange Act Person” means any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) the Company or any Subsidiary of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter temporarily holding securities pursuant to a registered public offering of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their Ownership of stock of the Company; or (v) any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities.
(w)“Fair Market Value” means, as of any date, the value of the Common Stock determined as follows:
(i)If the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value of a share of Common Stock will be, unless otherwise determined by the Board, the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Common Stock) on the date of determination, as reported in a source the Board deems reliable.
(ii)Unless otherwise provided by the Board, if there is no closing sales price for the Common Stock on the date of determination, then the Fair Market Value will be the closing selling price on the last preceding date for which such quotation exists.
(iii)In the absence of such markets for the Common Stock, the Fair Market Value will be determined by the Board in good faith and in a manner that complies with Sections 409A and 422 of the Code.
(x)“Full Value Award” means (i) a stock award granted under any of the Prior Plans or (ii) a Stock Award, in each case that is not an Appreciation Award. 
(y)“Incentive Stock Option” means an option granted pursuant to Section 5 of the Plan that is intended to be, and qualifies as, an “incentive stock option” within the meaning of Section 422 of the Code.
(z)“Inducement Award” means a Stock Award, other than an Incentive Stock Option, that is granted pursuant to Section 3(f) of the Plan. 
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(aa) “Non-Employee Director” means a Director who either (i) is not a current employee or officer of the Company or an Affiliate, does not receive compensation, either directly or indirectly, from the Company or an Affiliate for services rendered as a consultant or in any capacity other than as a Director (except for an amount as to which disclosure would not be required under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act (“Regulation S-K”)), does not possess an interest in any other transaction for which disclosure would be required under Item 404(a) of Regulation S-K, and is not engaged in a business relationship for which disclosure would be required pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise considered a “non-employee director” for purposes of Rule 16b-3.
(ab)“Nonstatutory Stock Option” means any Option granted pursuant to Section 5 of the Plan that does not qualify as an Incentive Stock Option.
(ac)“Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act.
(ad)“Option” means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to the Plan.
(ae)“Option Agreement” means a written agreement between the Company and an Optionholder evidencing the terms and conditions of an Option grant.  Each Option Agreement will be subject to the terms and conditions of the Plan.
(af)“Optionholder” means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option.
(ag)“Other Stock Award” means an award based in whole or in part by reference to the Common Stock which is granted pursuant to the terms and conditions of Section 6(d).
(ah)“Other Stock Award Agreement” means a written agreement between the Company and a holder of an Other Stock Award evidencing the terms and conditions of an Other Stock Award grant.  Each Other Stock Award Agreement will be subject to the terms and conditions of the Plan.
(ai)“Own,” “Owned,” “Owner,” “Ownership” means a person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.
(aj)“Participant” means a person to whom a Stock Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Stock Award.
(ak)“Performance Criteria” means the one or more criteria that the Board will select for purposes of establishing the Performance Goals for a Performance Period.  The Performance Criteria that will be used to establish such Performance Goals may be based on any one of, or combination of, the following as determined by the Board: (i) earnings (including earnings per share and net earnings); (ii) earnings before interest, taxes and depreciation; (iii) earnings before interest, taxes, depreciation and amortization; (iv) earnings before interest, taxes, depreciation, amortization and legal settlements; (v) earnings before interest, taxes, depreciation, amortization, legal settlements and other income (expense); (vi) earnings before interest, taxes, depreciation, amortization, legal settlements, other income (expense) and stock-based compensation; (vii) earnings before interest, taxes, depreciation, amortization, legal settlements, other income (expense), stock-based compensation and changes in deferred revenue; (viii) earnings before 
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interest, taxes, depreciation, amortization, legal settlements, other income (expense), stock-based compensation, other non-cash expenses and changes in deferred revenue; (ix) total stockholder return; (x) return on equity or average stockholder’s equity; (xi) return on assets, investment, or capital employed; (xii) stock price; (xiii) margin (including gross margin); (xiv) income (before or after taxes); (xv) operating income; (xvi) operating income after taxes; (xvii) pre-tax profit; (xviii) operating cash flow; (xix) sales or revenue targets; (xx) increases in revenue or product revenue; (xxi) expenses and cost reduction goals; (xxii) improvement in or attainment of working capital levels; (xxiii) economic value added (or an equivalent metric); (xxiv) market share; (xxv) cash flow; (xxvi) cash flow per share; (xxvii) cash balance; (xxviii) cash burn; (xxix) cash collections; (xxx) share price performance; (xxxi) debt reduction; (xxxii) implementation or completion of projects or processes (including, without limitation, clinical trial initiation, clinical trial enrollment and dates, clinical trial results, regulatory filing submissions, regulatory filing acceptances, regulatory or advisory committee interactions, regulatory approvals, and product supply); (xxxiii) stockholders’ equity; (xxxiv) capital expenditures; (xxxv) debt levels; (xxxvi) operating profit or net operating profit; (xxxvii) workforce diversity; (xxxviii) growth of net income or operating income; (xxxix) billings; (xl) bookings; (xli) employee retention; (xlii) initiation of studies by specific dates; (xliii) budget management; (xliv) submission to, or approval by, a regulatory body (including, but not limited to the U.S. Food and Drug Administration) of an applicable filing or a product; (xlv) regulatory milestones; (xlvi) progress of internal research or development programs; (xlvii) acquisition of new customers; (xlviii) customer retention and/or repeat order rate; (xlix) improvements in sample and test processing times; (l) progress of partnered programs; (li) partner satisfaction; (lii) timely completion of clinical trials; (liii) submission of 510(k)s or pre-market approvals and other regulatory achievements; (liv) milestones related to samples received and/or tests or panels run; (lv) expansion of sales in additional geographies or markets; (lvi) research progress, including the development of programs; (lvii) strategic partnerships or transactions (including in-licensing and out-licensing of intellectual property); and (lviii) and any other measures of performance selected by the Board. 
(al)“Performance Goals” means, for a Performance Period, the one or more goals established by the Board for the Performance Period based upon the Performance Criteria.  Performance Goals may be based on a Company-wide basis, with respect to one or more business units, divisions, Affiliates, or business segments, and in either absolute terms or relative to the performance of one or more comparable companies or the performance of one or more relevant indices.  Unless specified otherwise by the Board (i) in the Stock Award Agreement at the time the Stock Award is granted or (ii) in such other document setting forth the Performance Goals at the time the Performance Goals are established, the Board will appropriately make adjustments in the method of calculating the attainment of Performance Goals for a Performance Period as follows: (1) to exclude restructuring and/or other nonrecurring charges; (2) to exclude exchange rate effects; (3) to exclude the effects of changes to generally accepted accounting principles; (4) to exclude the effects of any statutory adjustments to corporate tax rates; (5) to exclude the effects of items that are “unusual” in nature or occur “infrequently” as determined under generally accepted accounting principles; (6) to exclude the dilutive effects of acquisitions or joint ventures; (7) to assume that any business divested by the Company achieved performance objectives at targeted levels during the balance of a Performance Period following such divestiture; (8) to exclude the effect of any change in the outstanding shares of common stock of the Company by reason of any stock dividend or split, stock repurchase, reorganization, recapitalization, merger, consolidation, spin-off, combination or exchange of shares or other similar corporate change, or any distributions to common stockholders other than regular cash dividends; (9) to exclude the effects of stock based compensation and the award of bonuses under the Company’s bonus plans; (10) to exclude costs incurred in connection with potential acquisitions or divestitures that are required to be expensed under generally accepted accounting principles; (11) to exclude the goodwill and intangible asset impairment charges that are required to be recorded under generally accepted accounting principles; (12) to exclude the effects of the 
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timing of acceptance for review and/or approval of submissions to the U.S. Food and Drug Administration or any other regulatory body; and (13) to make other appropriate adjustments selected by the Board.  In addition, the Board retains the discretion to reduce or eliminate the compensation or economic benefit due upon attainment of Performance Goals and to define the manner of calculating the Performance Criteria it selects to use for such Performance Period. Partial achievement of the specified criteria may result in the payment or vesting corresponding to the degree of achievement as specified in the Stock Award Agreement. 
(am)“Performance Period” means the period of time selected by the Board over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to and the payment of a Stock Award.  Performance Periods may be of varying and overlapping duration, at the sole discretion of the Board.
(an)“Performance Stock Award” means a Stock Award granted under the terms and conditions of Section 6(c)(i).
(ao)“Plan” means this Bellicum Pharmaceuticals, Inc. 2019 Equity Incentive Plan.
(ap)“Restricted Stock Award” means an award of shares of Common Stock which is granted pursuant to the terms and conditions of Section 6(a).
(aq)“Restricted Stock Award Agreement” means a written agreement between the Company and a holder of a Restricted Stock Award evidencing the terms and conditions of a Restricted Stock Award grant.  Each Restricted Stock Award Agreement will be subject to the terms and conditions of the Plan.
(ar)“Restricted Stock Unit Award” means a right to receive shares of Common Stock which is granted pursuant to the terms and conditions of Section 6(b).
(as)“Restricted Stock Unit Award Agreement” means a written agreement between the Company and a holder of a Restricted Stock Unit Award evidencing the terms and conditions of a Restricted Stock Unit Award grant.  Each Restricted Stock Unit Award Agreement will be subject to the terms and conditions of the Plan.
(at)“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.
(au)“Securities Act” means the Securities Act of 1933, as amended.
(av)“Stock Appreciation Right” or “SAR” means a right to receive the appreciation on Common Stock that is granted pursuant to the terms and conditions of Section 5.
(aw)“Stock Appreciation Right Agreement” means a written agreement between the Company and a holder of a Stock Appreciation Right evidencing the terms and conditions of a Stock Appreciation Right grant.  Each Stock Appreciation Right Agreement will be subject to the terms and conditions of the Plan.
(ax)“Stock Award” means any right to receive Common Stock granted under the Plan, including an Incentive Stock Option, a Nonstatutory Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, a Stock Appreciation Right, a Performance Stock Award or any Other Stock Award.
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(ay)“Stock Award Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions of a Stock Award grant.  Each Stock Award Agreement will be subject to the terms and conditions of the Plan.
(az)“Subsidiary” means, with respect to the Company, (i) any corporation of which more than 50% of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class or classes of such corporation will have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than 50%.
(ba)“Ten Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any Affiliate.
(bb)“Transaction” means a Corporate Transaction or a Change in Control.

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