SEC Contract Filing

Filing Date: 2019-06-26

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>magellan_8k-ex1002.htm
<DESCRIPTION>DEFERRED COMPENSATION AND EQUITY AWARD PLAN
<TEXT>
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<P STYLE="margin: 0">Exhibit 10.2</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MAGELLAN GOLD CORPORATION</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DEFERRED COMPENSATION AND EQUITY AWARD
PLAN</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Effective on June 1, 2019</P>

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<TD STYLE="width: 25.25pt"></TD><TD STYLE="width: 17.1pt"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT></TD><TD><B>Purpose.</B></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Magellan Gold Corporation <I>(&quot;Magellan Gold&quot;)</I> has established this Deferred Compensation and Equity Award
Plan (the <I>&quot;Plan&quot; ).</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The purpose of the Plan is to enable officers, directors and key employees <I>(&quot;Eligible
Persons&quot;)</I> to defer receipt of compensation for their services on behalf of Magellan Gold and to enable Magellan Gold to
provide part or all of the compensation for the service of Eligible Persons by agreeing to issue to such Eligible Persons shares
of Magellan Gold's common stock, par value $0.001 per share <I>(&quot;Shares&quot;).</I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Plan has been established pursuant to the Magellan Gold Company 2017 Equity Incentive Plan <I>(&quot;Incentive Plan&quot;),</I>
and all rights to acquire Shares and Shares issued pursuant to this Plan constitute awards granted and shares issued under the
Incentive Plan.</P>

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<TD STYLE="width: 24pt"></TD><TD STYLE="width: 17.65pt"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT></TD><TD><B>Definitions.</B></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>&quot;Code&quot;</I> means the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>&quot;Committee&quot;</I> means an existing or newly formed committee of two or more Independent Directors appointed
by the Board.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>&quot;Employee&quot;</I> means any person employed by Magellan Gold or a Subsidiary of Magellan Gold. Service as a director
or payment of a director's fee by Magellan Gold or a Subsidiary of Magellan Gold alone shall not be sufficient to constitute &quot;employment&quot;
by Magellan Gold or a Subsidiary of Magellan Gold.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>&quot;Fair Market Value&quot;</I> means, as of any date, the value of the Shares determined as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.3pt 0pt 61.95pt; text-indent: 16.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;