Document:

Exhibit 10.3

 

Amendment To Exploration and Option to Enter
Joint Venture Agreement

 

This agreement (Amendment Agreement) is made and entered into by and
among Pediment Gold LLC (“Pediment”) and Austin Gold Corp., (“Austin BC” or “AGC”) and its wholly-owned
Nevada subsidiary Austin American Corporation (“Austin NV”).

 

RECITALS:

 

A.            WHEREAS
Pediment, Austin BC and Austin NV are party to an Exploration and Option to Enter Joint Venture Agreement (the “Agreement”)
dated July 7, 2020 on the Kelly Creek Project;

 

B.            WHEREAS
Pediment, Austin BC and Austin NV desire to amend certain terms of the Agreement;

 

C.            NOW
THEREFORE in consideration of the mutual covenants and promises herein contained, the receipt and sufficiency of which is hereby acknowledged
by the parties, the parties agree as follows:

 

		1.	Section 5 of the Agreement is amended by changing the date to one year later, such that Section 5 now reads:

 

“5.           Term.
The term of this Agreement shall begin on the Effective Date and shall continue to and including June 1, 2025, and, if Austin NV
completes its initial Earn-In Obligation, thereafter until the parties execute and deliver the Operating Agreement described in Section 8,
unless this Agreement is otherwise terminated or extended as provided in this Agreement.”

 

		2.	Section 6.1 of the Agreement shall be deleted in its entirety and replaced with the following:

 

“6.1        Subject
to Austin NV’s right (a) to accelerate performance of its Earn-In Obligation under this Agreement; (b) to terminate this
Agreement as provided in Section 14; and (c) to extend the time for performance of its obligations as provided in Section 16,
Austin NV agrees to incur Expenditures on or before the dates described in the following schedule (collectively the “Earn-In Obligation”).

 

	 	 	Minimum	 	 	Cumulative	 
	Performance Date	 	Annual Amount	 	 	Amount	 
	September 1, 2022	 	$	750,000	 	 	$	750,000	 
	June 1, 2023	 	$	1,000,000	 	 	$	1,750,000	 
	June 1, 2024	 	$	1,500,000	 	 	$	3,250,000	 
	June 1, 2025	 	$	1,500,000	 	 	$	4,750,000	 

 

The first expenditure of $750,000 is
a firm and unconditional commitment. Of the $750,000 firm commitment, $400,000 must be spent on the ground. This $400,000 in “on-ground”
expenditures needs to be spent on acquiring new data through geophysics, geochemistry, drilling, or some other mutually agreed program.
If Austin NV does not complete Expenditures in the amount of Seven Hundred and Fifty Thousand Dollars ($750,000.00) or Four Hundred Thousand
Dollars ($400,000.00) on the ground on or before September 1, 2022, then on or before October 1, 2022, Austin NV shall pay to
Pediment the amount equal to the sum of Seven Hundred and Fifty Thousand Dollars ($750,000.00) or Four Hundred Thousand Dollars ($400,000.00),
as the case may be, less the amount of Austin NV’s actual Expenditures incurred on or before September 1, 2022. Austin NV shall
perform the foregoing obligations each year so long as this Agreement is effective. Until Austin NV completes the Earn-In Obligation,
or the Additional Earn-In Obligation as described in Section 8.4, if applicable, Austin NV will fund and pay all costs and expenses
incurred for Exploration and Development Work and all other costs and expenses incurred by Austin NV in respect of this Agreement.

 

    

     

    

 

If Austin NV terminates this Agreement
before completing its Earn-In Obligation or if Austin NV does not complete its Earn-In Obligation on or before June 1, 2025, Austin
NV shall have no right, title or interest in the Property.

 

Expenditures incurred by Austin NV during
any period in excess of those prescribed for the period shall be credited in Austin NV’s favor against subsequent Expenditure obligations.
If on or before June 1, 2023, June 1, 2024, and June 1, 2025, Austin NV does not incur the yearly Expenditures in the required
amount on or before such dates, Austin NV shall have the option and right, exercisable in Austin NV’s sole and exclusive discretion,
to elect to pay to Pediment in cash an amount equal to the difference between the Expenditures actually incurred and the amount described
above for the period (the “Differential Payment”). In such case, Austin NV shall be deemed to have incurred the Expenditures
for the period for which Austin NV timely pays the Differential Payment. Austin NV quarterly shall provide to Pediment a description of
the Expenditures made by Austin NV, and Pediment shall have the right to audit and inspect Austin NV’s records relating to such
Expenditures. Austin NV shall have the option and right (the “Share Payment Option”), exercisable in Austin NV’s sole
and exclusive discretion in respect of the Expenditure, to elect to pay the Differential Payment in the form of shares of the duly issued,
fully paid, duly registered shares of the common stock of Austin BC, but only if such shares are listed for trading on the Toronto Stock
Exchange, the TSX Venture Exchange, Canadian Stock Exchange, the OTCQB, or another internationally recognized stock exchange. Austin NV
may exercise the Share Payment Option for only one yearly Expenditure obligation.”

 

		3.	Section 8, Clauses 8., 8.2, 8.4, 8.4.1, and 8.4.2 of the Agreement shall be deleted in their entirety and replaced with the
following:

 

“8.         Austin
NV’s Option to Enter Mining Joint Venture. In consideration of Austin NV’s performance of its initial Earn-In Obligation,
Pediment grants to Austin NV, and Austin NV shall have, the option and right, exercisable in Austin NV’s sole and exclusive discretion,
to earn and vest an undivided fifty-one percent (51%) interest in the Property and to form a joint venture (the “Joint Venture”)
for the management and ownership of the Property. When Austin NV has completed its initial Earn-In Obligation by completion of the Expenditures
in the amount of Four Million Seven Hundred Fifty Thousand Dollars ($4,750,000.00), Austin NV shall be deemed to have exercised its right
to enter into the Joint Venture with Pediment on the Property, unless Austin NV informs Pediment that Austin NV has elected to not exercise
its option and right to enter into the Joint Venture. Austin NV shall deliver notice to Pediment of Austin NV’s completion of its
Earn-In Obligation within thirty (30) days after such completion. At any time during the term of this Agreement, Austin NV shall have
the right to accelerate performance of its Earn-In Obligation.

 

On Austin NV’s performance of its
Earn-In Obligation, Pediment and Austin NV will execute and deliver to each other a definitive mining venture agreement based on the Rocky
Mountain Mineral Law Foundation Exploration, Development and Mining LLC Model Form 5A LLC Operating Agreement (“Operating Agreement”),
which shall incorporate the following terms and conditions:”

 

    

     

    

 

8.1            (No
change to this clause)

 

“8.2          Austin
NV’s initial contribution shall be Four Million Seven Hundred Fifty Thousand Dollars ($4,750,000.00). Pediment’s initial contribution
shall be Four Million Five Hundred Sixty-three Thousand Seven Hundred Twenty-five Dollars ($4,563,725.00).’

 

8.3            (No
change to this clause)

 

“8.4          Austin
NV shall have the option and right to elect to increase its participating interest by an additional nineteen percent (19%) to a total
of seventy percent (70%) by incurring and paying additional yearly Expenditures in the amount of One Million Five Hundred Thousand Dollars
on or before each of June 1, 2026, June 1, 2027, and June 1, 2028, and by completing and delivering to Pediment and bearing
the costs to prepare a Pre-feasibility Study for the Property (the “Additional Earn-In Obligation”). Austin NV must exercise
the option within six (6) months after the date it completes its initial Earn-In Obligation. Austin NV must deliver written notice
of its election to Pediment. If Austin NV does not timely exercise the option and deliver notice to Pediment, Austin NV shall be deemed
to have irrevocably waived the option. If Austin NV elects to increase its participating interest in the Joint Venture to seventy percent
(70%), the following provisions shall apply:”

 

“8.4.1            Austin
NV must complete the Additional Earn-In on or before June 1, 2029. If Austin NV completes its Additional Earn-In, Pediment shall
grant to Austin NV an additional nineteen percent (19%) participating interest to increase Austin NV’s total participating interest
to seventy percent (70%). In such case, for purposes of calculating dilution, Austin NV’s contribution shall be the sum of Four
Million Seven Hundred Fifty Thousand Dollars ($4,750,000.00) plus the cost of completion of the Additional Earn-In. In such case, Pediment’s
contribution shall be deemed to be the amount of Austin NV’s contribution multiplied by 30/70.”

 

“8.4.2            If
Austin NV does not complete the Additional Earn-In on or before June 1, 2029, Austin NV’s right to increase its participating
interest shall terminate and its participating interest shall remain fifty-one percent (51%) and Pediment’s participating interest
shall remain forty-nine percent (49%). In such case, for purposes of calculating dilution, Austin NV’s initial contribution shall
be the sum of Four Million Seven Hundred Fifty Thousand Dollars ($4,750,000.00) plus the cost incurred by Austin NV in its attempt to
perform its Additional Earn-In and Pediment’s initial contribution shall be deemed to be the amount of Austin NV’s initial
contribution multiplied by 49/51.”

 

		4.	Section 14, Clause 14 of the Agreement shall be deleted in its entirety and replaced with the following:

 

“14.         Termination
by Austin NV. Austin NV may terminate this Agreement at any time after Austin NV has completed the firm commitment of $750,000 referenced
in Clause 6.1. If Austin NV terminates this Agreement, except by its election to enter the Joint Venture as provided in Section 8,
Austin NV shall perform the following obligations:”

 

    

     

    

 

		5.	Except as amended by this Amendment Agreement the Agreement remains effective and in good standing. All the other Sections
and Clauses of the Agreement will remain in full force and effect.

 

This Amendment Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original, but all of which shall constitute the same agreement. A facsimile, photocopy or scanned
copy of this Agreement as executed by one or both parties shall be duly executed and binding upon the signing parties, and shall be deemed
to be delivered upon delivery by facsimile, e-mail, courier, mail or personal delivery.

 

If any part, term or provision of this Amendment Agreement is held
by a court of competent jurisdiction to be illegal or in conflict with any governmental regulations, the validity of the remaining portions
or provisions shall not be affected, and the rights and obligations of the parties shall be construed and enforced as if the Amendment
Agreement did not contain the particular part, term or provision held to be invalid.

 

Executed effective on March 3, 2021.

 

Pediment Gold LLC

 

	By	/s/ James Buskard
	 	 
	Name	James Buskard
	 	 
	Title	Manager

 

Austin American Corporation

 

	By	/s/ Joe Ovsenek
	 	 
	Name	Joe Ovsenek
	 	 
	Title	Director

 

Austin Gold Corp.

 

	By	/s/ Dennis Higgs
	 	 
	Name	Dennis Higgs
	 	 
	Title	PresidentEX-10.15

 Exhibit 10.15 

FIRST AMENDMENT TO THE 
 SIXTH
AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT 
 OF 

COTTONWOOD RESIDENTIAL O.P., LP 

This First Amendment (the “Amendment”) to the Sixth Amended and Restated Limited Partnership Agreement of Cottonwood Residential
O.P., LP, a Delaware limited partnership (the “Partnership”), is entered into effective as of October 20, 2021 (this “Agreement”) and is entered into by and among Cottonwood Communities GP Subsidiary, LLC, a Maryland limited
liability company (the “General Partner”), CC Advisors III, LLC, a Delaware limited liability company (the “Special Limited Partner”), and the Limited Partners set forth on Exhibit A to the Agreement. Capitalized terms used in
this Amendment are defined as set forth in the Agreement. 
 WHEREAS, the General Partner and the Limited Partners have determined it to be
in the best interest of the Company to make certain changes to the Agreement as set forth in this Amendment. 
 NOW, THEREFORE, in
consideration of the preceding, the General Partners hereby amend the Partnership Agreement as follows: 
 1. Section 1 of the Partnership
Agreement is amended to add the following definitions: 
 “Class” means a class of REIT Shares or Partnership
Units, as the context may require. 
 “Class A REIT Shares” means the Class of REIT Shares designated as
“Class A Common Stock” under the General Partner’s Articles of Incorporation. 
 “Class A
Unit” means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class A Unit as provided in this Agreement. 

“Class D REIT Shares” means the Class of REIT Shares designated as “Class D Common Stock”
under the General Partner’s Articles of Incorporation. 
 “Class D Unit” means a Partnership Unit
entitling the holder thereof to the rights of a holder of a Class D Unit as provided in this Agreement. 

“Class I REIT Shares” means the Class of REIT Shares designated as “Class I Common Stock”
under the General Partner’s Articles of Incorporation. 
 “Class I Unit” means a Partnership Unit
entitling the holder thereof to the rights of a holder of a Class I Unit as provided in this Agreement. 

“Class T REIT Shares” means the Class of REIT Shares designated as “Class T Common Stock”
under the General Partner’s Articles of Incorporation. 
 “Class T Unit” means a Partnership Unit
entitling the holder thereof to the rights of a holder of a Class T Unit as provided in this Agreement. 

“Class TX REIT Shares” means the Class of REIT Shares designated as “Class TX Common Stock”
under the General Partner’s Articles of Incorporation. 

 “Class TX Unit” means a Partnership Unit entitling the holder
thereof to the rights of a holder of a Class TX Unit as provided in this Agreement. 
 2. The following shall be added as
Section 4.15: 
 4.15. Classes of Partnership Units. The General Partner is hereby authorized to cause the
Partnership to issue Partnership Units designated in Classes. Each such Class shall have the rights and obligations attributed to that Class under this Agreement; provided that the fees and expenses associated with the Classes of
Partnership Units may be adjusted in accordance with the fees and expenses paid with the sale of the corresponding Class of REIT Shares sold. The Partnership shall have the following Classes: 

4.15.1. Class A Units. The Class A Units shall be Common Units and shall represent the prior issuance of Common
Units (other than the Class TX Units) consistent with the Class A REIT Shares. No upfront selling commissions, dealer manager fees or distribution fees are payable with respect to the Class A Units consistent with the
Class A REIT Shares. 
 4.15.2. The Class D Units. The Class D Units shall be Common Units except that a
distribution fee shall be payable equal to 0.25% per annum on the Share NAV of the Class D Units consistent with the Class D REIT Shares. 

4.15.1. The Class I Units. The Class I Units shall be Common Units. No upfront selling commissions,
dealer manager fees or distribution fees are payable with respect to the Class I Units consistent with the Class I REIT Shares. 

4.15.2. The Class T Units. The Class T Units shall be Common Units except that a distribution fee
shall be payable equal to 0.85% per annum of the Share NAV of the Class T Units. In addition, the Class T REIT Shares shall be issued subject to a 3% selling commission and a 0.5% dealer manager fee. 

4.15.2. The Class TX Units. The Class TX Units shall be Common Units and shall represent the prior issuance of
Common Units (other than Class A Units) consistent with the Class TX REIT Shares. No upfront selling commissions, dealer manager fees or distribution fees are payable with respect to the Class TX Units consistent with the
Class TX REIT Shares. 
 3. The following should be added as a new Section 6.1.6: 

6.1.6 The amount distributed per Partnership Unit of any Class may differ from the amount per Partnership Unit of another
Class on account of differences in Class-specific expense allocations with respect to REIT Shares. The Board of Directors of CCI shall make such determinations regarding the Class distributions in their reasonable discretion. Any such
differences shall correspond to differences in the amount of distributions per REIT Share for REIT Shares of different Classes, with the same adjustments being made to the amount of distributions per Partnership Unit for Partnership Units of a
particular Class as are made to the distributions per REIT Share by the General Partner with respect to REIT Shares having the same Class designation. 

  
 2 

 4. The following shall be added as Section 7.13: 

7.13. Repurchases and Exchanges of REIT Shares. 

(a) Repurchases. If CCI repurchases any REIT Shares (other than REIT Shares repurchased with proceeds received from the
issuance of other REIT Shares), then the General Partner shall cause the Partnership to purchase from the General Partner a number of Partnership Units having the same Class designation as the redeemed REIT Shares for that Class of
Partnership Units on the same terms that CCI repurchased such REIT Shares (including any applicable discount to Share NAV). 

(b) Exchanges. If CCI exchanges any REIT Shares of any Class (“Exchanged REIT Shares”) for, or converts any
REIT Shares of any Class to, REIT Shares of a different Class (“Received REIT Shares”), then the General Partner shall, and shall cause the Partnership to, exchange or convert a number of Partnership Units having the same
Class designation as the Exchanged REIT Shares, for Partnership Units having the same Class designation as the Received REIT Shares on the same terms that CCI exchanged or converted the Exchanged REIT Shares. 

5. The following shall be added as Section 13.6: 

13.6. Distributions Upon Liquidation. Immediately before liquidation of the Partnership, the Class T Units
and Class D Units will automatically convert to Class I Units in proportion to the Share NAV per Unit. The resulting Class I, the Class A and the Class TX Units shall share on a Unit by Unit basis in all Distributions. 

6. Exhibit I, “Partnership Unit Designation of the Series 2019 Preferred Units,” shall be amended to increase the number of
preferred units from 10,000,000 to 12,500,000. Accordingly, the first sentence of section 1 of Exhibit I, “Number of Units and Designation,” is deleted in its entirety and replaced with the following: 

A class of Preferred Units is hereby designated as “Series 2019 Preferred Units,” and the number of Preferred Units constituting
such class shall equal 12,500,000. 
 7. As amended hereby, the Agreement shall continue in full force and effect. 

8. The terms and provisions of this Amendment shall be binding upon and shall inure to the benefit of the successors and assigns of the
respective Limited Partners. 
 9. This Amendment may be executed in several counterparts, and all so executed shall constitute one
Agreement, binding on all of the parties hereto, notwithstanding that all of the parties are not signatory to the original or the same counterpart. 

10. Any electronic signature of a party to this Amendment and of a party to take any action related to this Amendment shall be valid as an
original signature and shall be effective and binding. Any such electronic signature (including the signature(s) to this Amendment) shall be deemed (i) to be “written” or “in writing,” (ii) to have been signed and
(iii) to constitute a record established and maintained in the ordinary course of business and an original written record when printed from electronic files. 

  
 3 

 IN WITNESS WHEREOF, this Amendment is effective as of the date first set forth above. 

 

					
	GENERAL PARTNER:
	
	Cottonwood Communities GP Subsidiary, LLC, a Maryland limited liability company
		
	By:	 	 Cottonwood Communities, Inc.,
 a
Maryland corporation, its sole member

			
		 	By:	 	 /s/ Enzio Cassinis

		 		 	Enzio Cassinis, President

  

					
	SPECIAL LIMITED PARTNER:
	
	CC Advisors III, LLC, a Delaware limited liability company
		
	By:	 	 Cottonwood Communities Advisors, LLC,

a Delaware limited liability, its sole member

			
		 	By:	 	 /s/ Gregg Christensen

		 		 	Gregg Christensen, Chief Legal Officer

  

					
	LIMITED PARTNERS:
	
	Executed on behalf of the Limited Partners pursuant to the power of attorney set forth in Section 9.2 of the Sixth Amended and Restated Agreement and pursuant to the Merger Agreements
	
	Cottonwood Communities GP Subsidiary, LLC, a Maryland limited liability company
		
	By:	 	 Cottonwood Communities, Inc.,
 a
Maryland corporation, its sole member

			
		 	By:	 	 /s/ Enzio Cassinis

		 		 	Enzio Cassinis, President

  
 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}]]