Exhibit 10.1

 

INTEREST DEFERRAL AND FORBEARANCE AGREEMENT

 

THIS INTEREST DEFERRAL AND FORBEARANCE AGREEMENT (the “Agreement”) made this
25th day of September, 2019, by and between GENERAL MOLY, INC., a Delaware
corporation (the “Company”) and each of the undersigned holders of Notes (as
hereinafter defined) who are signatories hereto (the “Holders”).

 

WHEREAS, the Holders are holders of either Senior Convertible Promissory Notes,
dated December 26, 2014 (the “Convertible Notes”) issued pursuant to a Unit
Subscription Agreement dated December 22, 2014 or Senior Promissory Notes issued
in connection with the conversion of Convertible Notes (the “Promissory Notes”)
or both (collectively, the “Notes”) in each case in the original principal
amounts as set forth as Exhibit A attached hereto; and

 

WHEREAS, the undersigned Holders are willing to defer receipt of interest
payments due September 30, 2019 under the Notes (the “September 2019 Interest
Payment”); and

 

WHEREAS, the undersigned Holders wish to affirm and acknowledge that the
deferral of receipt of the September 2019 Interest Payments shall not result in
an Event of Default (as such term is defined in the Notes);

 

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and
other good and valuable consideration, the receipt and sufficiency of which is
acknowledged, the parties agree as follows:

 

1.                                      Deferral of September 2019 Interest
Payment.  Each undersigned Holder agrees that (a) the Company may defer payment
of, and (b) the Holder elects to defer receipt of, the September 2019 Interest
Payment.  The Company agrees that the September 2019 Interest Payment shall be
due and payable to the undersigned Holders on December 26, 2019, together with
interest at the rate of ten-percent (10%) per annum calculated in accordance
with the provisions of the Notes.

 

2.                                      Forbearance.  Provided that there are no
other Events of Default, each of the undersigned Holders agrees (a) that the
deferral of the September 2019 Interest Payment shall not constitute an Event of
Default, and (b) to forbear from enforcing its rights and remedies under the
Notes pursuant to the terms of this Agreement.

 

3.                                      No Course of Dealing.  The Company
acknowledges, understands and agrees that the undersigned Holders are under no
duty or obligation of any kind whatsoever to agree to any additional deferral of
interest payments or extend or grant the Company any additional period of
forbearance. No course of performance, course of dealing or trade usage is
intended by, nor shall be deemed to have occurred, as a result of the agreements
of the undersigned Holders as set forth herein.

 

4.                                      Miscellaneous Provisions.

 

a.                                      This Agreement constitutes the entire
agreement and understanding among the parties relating to the subject matter
hereof, and supersedes all prior proposals, negotiations, agreements and
understandings related to such subject matter.  To the extent that any provision
of this Agreement conflicts with any term or condition set forth in the Notes,
the provisions of this Agreement shall supersede and control.

 

b.                                      No amendment, modification, recision,
waiver or release of any provision of this Agreement shall be effective unless
the same shall be in writing and signed by the parties hereto.

 

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c.                                       All notices or demands to parties
hereto shall be sufficient if made in writing upon deposit in the mail, postage
prepaid, and addressed to the parties respectively as set forth on Exhibit A.

 

d.                                      This Agreement shall be binding upon all
parties and their respective heirs, personal representatives, successors and
assigns.

 

e.                                       This Agreement shall be governed by and
construed in accordance with the internal substantive laws of the State of New
York, without regard to the choice of law principles of such state.

 

IN WITNESS WHEREOF, the undersigned execute this Agreement effective the day and
year first written above.

 

 

GENERAL MOLY, INC.

 

 

 

By:

/s/ R. Scott Roswell

 

 

 

 

 

Its:

Chief Legal Officer

 

2

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HOLDER:

 

 

 

/s/ F. Steven Mooney

 

F. STEVEN MOONEY

 

 

 

ADDRESS:

 

 

 

 

 

 

 

 

 

Holder Signature Page - General Moly, Inc. / Interest Deferral and Forbearance
Agreement

 

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HOLDERS:

 

 

 

/s/ Bruce D. Hansen

 

BRUCE HANSEN

 

 

 

/s/ Bong T. Hansen

 

BONG HANSEN

 

 

 

ADDRESS:

 

 

 

 

 

 

 

 

 

Holder Signature Page - General Moly, Inc. / Interest Deferral and Forbearance
Agreement

 

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HOLDER:

 

 

 

/s/ Robert I. Pennington

 

ROBERT I. PENNINGTON

 

 

 

ADDRESS:

 

 

 

 

 

 

 

 

 

Holder Signature Page - General Moly, Inc. / Interest Deferral and Forbearance
Agreement

 

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HOLDER:

 

 

 

/s/ R. Scott Roswell

 

ROBERT SCOTT ROSWELL

 

 

 

ADDRESS:

 

 

 

 

 

 

 

 

 

Holder Signature Page - General Moly, Inc. / Interest Deferral and Forbearance
Agreement

 

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HOLDER:

 

 

 

/s/ Gary Loving

 

GARY LOVING

 

 

 

ADDRESS:

 

 

 

 

 

 

 

 

 

Holder Signature Page - General Moly, Inc. / Interest Deferral and Forbearance
Agreement

 

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HOLDER:

 

 

 

MICHAEL K. BRANSTETTER IRA

 

 

 

By:

/s/ Michael K. Branstetter

 

 

 

 

Its

Owner

 

 

 

ADDRESS:

 

 

 

 

 

 

 

 

 

Holder Signature Page - General Moly, Inc. / Interest Deferral and Forbearance
Agreement

 

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HOLDERS:

 

 

 

/s/ Michael K. Branstetter

 

MICHAEL BRANSTETTER

 

 

 

/s/ Nancy Branstetter

 

NANCY BRANSTETTER

 

 

 

ADDRESS:

 

 

 

 

 

 

 

 

 

Holder Signature Page - General Moly, Inc. / Interest Deferral and Forbearance
Agreement

 

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EXHIBIT A

 

Holder

 

Convertible Note

 

Promissory Note

 

F. Steven Mooney

 

$

5,000,000.00

 

—

 

Bruce and Bong Hansen

 

$

750,000.00

 

$

368,413.33

 

Robert I. Pennington

 

—

 

$

73,682.67

 

Robert Scott Roswell

 

—

 

$

29,473.07

 

Gary Loving

 

$

100,000.00

 

$

45,929.78

 

Michael K. Branstetter IRA

 

—

 

$

19,451.92

 

Michael & Nancy Branstetter

 

—

 

$

7,294.46

 

Total

 

$

5,850,000.00

 

$

544,245.23

 

 

A-1

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EXHIBIT B

 

Holders

 

September 2019 Deferred Interest

 

F. Steven Mooney

 

$

126,388.89

 

Bruce and Bong Hansen

 

$

28,271.00

 

Robert I. Pennington

 

$

1,862.53

 

Robert Scott Roswell

 

$

745.01

 

Gary Loving

 

$

3,688.78

 

Michael K. Branstetter IRA

 

$

491.70

 

Michael & Nancy Branstetter

 

$

184.39

 

Total

 

$

161,632.30

 

 

B-1

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