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PGOL > SEC Filings for PGOL > Form 8-K on 20-Jul-2012All Recent SEC Filings

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Form 8-K for PATRIOT GOLD CORP


20-Jul-2012

Entry into a Material Definitive Agreement


Item 1.01 Entry into a Material Definitive Agreement. Approval of 2012 Stock 2012 Plan

On July 9, 2012, the Board of Directors of Patriot Gold Corp. ("Patriot"), adopted the 2012 Stock Option Plan (the "2012 Plan") and accompanying Stock Option Agreement. The 2012 Plan provides for the authority to grant options to purchase 3,900,000 shares (subject to adjustment) of Patriot's common stock to officers, directors, consultants and agents of Patriot and its subsidiaries. Options granted to officers under the 2012 Plan may be incentive stock options or non-qualified stock options. Options granted to others under the 2012 Plan are limited to non-qualified stock options.

The 2012 Plan is administered by the Board of Directors or a committee designated by the Board of Directors. The Board of Directors currently has the authority to administer the 2012 Plan. Subject to the provisions of the 2012 Plan, the Board of Directors or the Committee has the authority to determine the directors, officers, consultants and advisors to whom options will be granted, the number of shares covered by each option, vesting rights and the terms and conditions of each option that is granted to them. However, the aggregate fair market value (determined at the time the option is granted) of the shares with respect to which incentive stock options are exercisable for the first time by an optionee during any calendar year cannot exceed $100,000. Options granted pursuant to the 2012 Plan are exercisable no later than ten years after the date of grant. The exercise price per share of common stock for options granted under the 2012 Plan shall be determined by the Board of Directors or the designated committee, except for incentive stock options granted to a holder of ten percent or more of Patriot's common stock, for whom the exercise price per share will not be less than 110% of the fair market value. No option can be granted under the 2012 Plan after July 9, 2022.

A copy of the 2012 Plan and a form of the stock option agreement that the Board of Directors approved on July 9, 2012, is filed with this report as an exhibit.

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