X0306 4 2014-12-09 0 0000085535 ROYAL GOLD INC RGLD 0001341721 Zisch William M 1660 WYNKOOP STREET, SUITE 1000 DENVER CO 80202 0 1 0 0 VP Operations Common Stock 2014-12-09 4 M 0 5114 53 A 42377 D Common Stock 2014-12-09 4 D 0 3827 70.84 D 38550 D Common Stock 2014-12-09 4 M 0 4000 49.66 A 42550 D Common Stock 2014-12-09 4 D 0 2805 70.84 D 39745 D Common Stock 2014-12-09 4 M 0 3534 68.18 A 43279 D Common Stock 2014-12-09 4 D 0 3402 70.84 D 39877 D Common Stock 2014-12-09 4 M 0 3964 62.14 A 43841 D Common Stock 2014-12-09 4 D 0 3478 70.84 D 40363 D Common Stock 2014-12-09 4 M 0 1466 68.18 A 41829 D Common Stock 2014-12-09 4 M 0 537 62.14 A 42366 D Common Stock 2014-12-10 4 F 0 1396 70.893 D 40970 D Common Stock 2014-12-10 4 S 0 2003 70.893 D 38967 D Stock Appreciation Right 53 2014-12-09 4 M 0 5114 0 D 2019-11-18 Common Stock 5114 0 D Stock Appreciation Right 49.66 2014-12-09 4 M 0 4000 0 D 2020-11-17 Common Stock 4000 0 D Stock Appreciation Right 68.18 2014-12-09 4 M 0 3534 0 D 2021-08-18 Common Stock 3534 0 D Stock Appreciation Right 62.14 2014-12-09 4 M 0 3964 0 D 2023-08-27 Common Stock 3964 3478 D Stock Option (right to buy-ISO) 68.18 2014-12-09 4 M 0 1466 68.18 D 2021-08-18 Common Stock 1466 0 D Stock Option (right to buy-ISO) 62.14 2014-12-09 4 M 0 537 62.14 D 2023-08-27 Common Stock 537 1072 D Includes 26,900 shares of restricted stock that have not yet vested. This represents the difference between the number of SARs exercised (5,114) and the number of shares issued as a result of the exercise (1,287). The number of shares to be issued under a SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the FMV on the date of exercise ($70.84) and the exercise price ($53.00), divided by the FMV on the date of exercise ($70.84) This represents the difference between the number of SARs exercised (4,000) and the number of shares issued as as result of the exercise (1,195). The number of shares to be issued under a SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the FMV on the date of exercise ($70.84) and the exercise price ($49.66), divided by the FMV on the date of exercise ($70.84). This represents the difference between the number of SARs exercised (3,534) and the number of shares issued as a result of the exercise (132). The number of shares to be issued under the SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the FMV on the date of exercise ($70.84) and the exercise price ($68.18), divided by the FMV on the date of exercise ($70.84). This represents the difference between the number of SARs exercised (3,478) and the number of shares issued as a result of the exercise (486). The number of shares to be issued under a SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the FMV on the date of exercise ($70.84) and the exercise price ($62.14), divided by the FMV on the date of exercise ($70.84). The range of the weighted average sale price is $70.893 to $71.09. One third vested annually on 11.18.2010, 11.18.2011 and 11.18.2012. One third vested annually on 11.17.2011, 11.17.2012 and 11.17.2013. One third vested annually on 8.18.2012, 8.18.2013 and 8.18.2014. One third vests annually on 8.27.2014, 8.27.2015 and 8.27.2016. One third vested annually on 8.18.2012, 8.18.2013 and 8.18.2014. One third vests annually on 8.27.2014, 8.27.2015 and 8.27.2016. Margaret A. Beck as Attorney-in-Fact for William M. Zisch 2014-12-11