ROYAL GOLD INC - Director's Dealing 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ROYAL GOLD INC (RGLD)
CIK: 0000085535
Period of Report: 2017-08-23

Reporting Person: Kirchhoff Bruce Christopher (VP, GC and Corporate Secretary)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-08-23	Common Stock	M	6291	—	Acquired	50239	Direct
2017-08-23	Common Stock	F	2901	$87.42	Disposed	47338	Direct
2017-08-23	Common Stock	A	2610	—	Acquired	49948	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-08-23	Performance Shares	$0	M	1100	Disposed	2017-08-13	Common Stock (1100)	Direct
2017-08-23	Performance Shares	$0	M	2200	Disposed	2018-08-27	Common Stock (2200)	Direct
2017-08-23	Performance Shares	$0	M	1549	Disposed	2020-08-20	Common Stock (1549)	Direct
2017-08-23	Performance Shares	$0	M	1442	Disposed	2021-08-16	Common Stock (1442)	Direct
2017-08-23	Stock Option (Right to Buy ISOs)	$87.42	A	1143	Acquired	2027-08-23	Common Stock (1143)	Direct
2017-08-23	Stock Appreciation Right (SARs)	$87.42	A	6017	Acquired	2027-08-23	Common Stock (6017)	Direct

F1: Includes 13,927 shares of restricted stock that have not vested.

F2: Represents shares withheld to satisfy taxes; no share were sold.

F3: Grant of restricted stock with a 2-year old and then vesting as to one-third in years 3, 4 and 5.

F4: Includes 16,537 shares of restricted stock that have not vested.

F5: A performance award represents a contingent right to receive shares of common stock upon achievement of certain performance goals.

F6: One-third vest annually over 3 years beginning on August 23, 2018.