Executive Employment Agreement of Diane M. Hartnett



  Exhibit 10.18
 EXECUTIVE
EMPLOYMENT AGREEMENT
 This EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”) between GEOVIC MINING CORP. (“Company”) and DIANE HARTNETT (“Executive”) is effective on June 22, 2009 and remains in effect through the Term of this Agreement (as hereinafter defined). The Company and the Executive are in some places herein
referred to individually as a Party and collectively as the Parties.
 
	WHEREAS:




	      	A.      	 The Company is a publicly-listed mining company incorporated in Delaware and headquartered in Colorado, whose shares are publicly traded on the Toronto
Stock Exchange (TSX) and the Over the Counter Bulletin Board (OTCBB);
 
		 
		B.      	 The Company through various subsidiary entities is involved in all aspects of the international mining industry and, in particular, is assisting its
wholly-owned subsidiary, Geovic, Ltd, a private corporation incorporated in the Cayman Islands and its majority-owned subsidiary, Geovic Cameroon PLC (“GeoCam”), a private corporation incorporated in Cameroon to develop a
cobalt-nickel-manganese mining project (“Project”) in the Republic of Cameroon;
 
		 
		C.      	 In addition, the Company through its wholly-owned subsidiary Geovic Energy Corp., engages in energy exploration and development activities in the United
States and elsewhere:
 
		 
		D.      	 The Company has no full time employees, as all its officers are employees of Geovic, Ltd. which also is the employer of all other persons involved in the
Company’s business;
 
		 
		E.      	 The Executive is a highly qualified and well trained accountant with experience in publicly owned enterprises in the mining business, with focus on
accounting and tax matters, control and associated administration of corporate businesses. She has developed management and leadership capabilities as a result of her experience;
 
		 
		F.      	 The Company desires to employ the Executive as an executive officer of the Company and of Geovic Ltd. and as a full-time employee of Geovic Ltd. and
Executive desires to be employed in such capacities, all pursuant to the terms and conditions set forth in this Agreement;
 
		 

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  NOW THEREFORE, IT IS HEREBY AGREED as follows:


	1.      	 Appointment, Duties and Term of Employment.
 
	 
	 	1.1      	 Job Description. Geovic, Ltd., the Company’s 100%-owned operating
subsidiary, agrees to employ the Executive as Corporate Controller based in the Company’s Denver head office. Executive is expected to perform her duties and provide the services (“Services”) to the Company and Geovic Ltd. as more
specifically outlined in Schedule I.
 
	 
	 	1.2      	 Appointment as Officer. The Executive shall be appointed as Corporate
Controller of the Company and Geovic Ltd. and shall become a full-time employee of Geovic Ltd. In addition, Executive shall perform all such other duties for the Company and its subsidiaries and affiliates as may from time to time be authorized or
directed by the Chief Executive Officer (CEO), the Chief Financial Officer (CFO) or the Board.
 
	 
	 	1.3      	 Term. The Executive shall be engaged by the Company in all such capacities
for an employment term (“Term”) beginning 22 June 2009 and initially ending 30 June 2010 subject to all the covenants and conditions hereinafter set forth. The Term shall be automatically renewed annually unless either party notifies the
other at least 30 days prior to the end of a Term that the contract will be terminated at the end of a the Term.
 
	 
	 	1.4      	 The Executive shall report primarily to the Chief Financial Officer (“CFO” or “Contact Person”) on Company matters and to the Board on
certain special matters. The Executive shall keep the CEO, CFO, the Executive Vice President-Chief Administrative Officer (CAO) and the Board well informed regarding the Company’s accounting, public reporting of financial condition and related
matters and other Company matters and shall promptly respond to any reasonable requests by the CEO, the CFO, the CAO and the Board in this regard. Additionally, Executive may periodically report to and advise other officers of the Company on special
matters
 
	 
	 	1.5      	 The Executive shall not be engaged directly or indirectly in any other business activity or contract to perform such activity at a future date which would
prevent the performance of the obligations hereunder, except with the prior written approval of the CFO. Any such approved activities shall be performed by Executive only in a manner and time which assures that Executive is able to timely and fully
perform all duties and obligations to the Company under this Agreement.
 
	 

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	 	1.6      	 The Executive shall not conduct any unethical or illegal activities on behalf of the Company and agrees to comply with the Company’s Code of
Business Conduct and Ethics, and to assist the Company to secure the full participation and compliance of staff members who report to Executive.
 
	 
	 	1.7      	 The Executive shall be an officer of the Company and a full-time employee of Geovic Ltd. with the authority, autonomy and responsibility
customary for a Corporate Controller. The Executive shall provide her Services exclusively to the Company and its subsidiaries, except as provided in Section 1.5 above and except that she may perform as an Outside Director on the Boards or member of
the advisory boards of no more than two other companies. Such outside directorships or advisory board memberships shall conform to Company’s priorities and place no unnecessary burden upon the Company or the Executive. During the Term of this
Agreement, the Executive also agrees to serve, if elected, as an officer and/or director of any subsidiary or affiliate of the Company.
 
	 
	2.      	 Consideration and expenses.
 
	 
	 	2.1      	 During the Term of this Agreement, in consideration of the Executive’s Services hereunder, including, without limitation, service as an
officer or director of any subsidiary or affiliate thereof and as a full-time employee of Geovic Ltd., the Company shall pay the Executive according to the attached Schedule II
payable monthly in arrears on the last working day of each month or more frequently in accordance with the Company’s pay practices. All payments of consideration and expenses
shall be made by direct deposit to an account in the name of Executive at a financial institution selected by Executive and located in the United States. All currency herein is expressed in US dollars.
 
	 
	 	2.2      	 The Company or Geovic Ltd. shall pay or reimburse to the Executive for:
 
	 
	 	 	2.2.1      	 All costs reasonably and properly expended by her on behalf of the Company for performance of Services, if proper documentation of such expenses is
received by the Company in accordance with the Company’s normal expense reimbursement procedures;
 
	 
	 	 	2.2.2      	 During the Term of this Agreement, the Executive shall be entitled to participate in employee benefit plans or programs, if any, to the extent that
Executive is eligible to participate in such plans or programs;
 
	 
	 	 	2.2.3      	 During the Term of this Agreement, Executive shall be entitled to participate in the Company’s Employee Stock Option Plan and the Company’s
Annual bonus program for Executives, subject to recommendations of the CEO, or the Compensation Committee and approval by the Company’s Board;
 
	 

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	 	 	2.2.4      	 The Executive shall be entitled to up to $800 monthly for full family coverage under the Company’s medical insurance plan available to
other Company executives or the Company will reimburse the Executive’s own medical insurance expense in an amount not to exceed $800/month;
 
	 
	 	 	2.2.5 	 Expenses for Executive’s personal vehicle use shall be at a rate of the prevailing IRS mileage rate, but shall exclude the mileage
associated with daily commuting;
 
	   
	 	 	2.2.6	 Executive shall have an allowance of up to $1,000 per year for expenses to maintain Executive’s professional licenses and memberships in
technical societies, and to defray the cost of required professional continuing educational expenses;
 
	   
	 	 	2.2.7 	 Executive shall be provided with general parking at the Denver head office in the Tabor Center parking facility.
 
	   
	 	 	2.2.8       	 Such payments or reimbursements shall be made within 10 days of a request for reimbursement by the Executive together with provision by the
Executive of such additional evidence and information as the Company or Geovic Ltd. shall reasonably require.
 
	   
	 	2.3      	 The Executive shall be entitled to take four (4) calendar weeks of paid vacation annually during the Term of this Agreement, subject to the dates
being previously agreed by the CFO. Executive shall not be entitled to additional compensation if she fails to use this vacation provided that up to two (2) weeks of annual vacation may be carried over to a succeeding year. The Executive shall also
be entitled to take paid holidays in accordance with standard Company or Geovic Ltd. policy.
 
	       
	 	2.4      	 Executive shall accrue one (1) day of sick leave time per pay period, up to a maximum of 20 days, to be used only in connection with
illness or medical conditions which interfere with providing Services. Upon termination of employment, unused sick leave shall not be paid to Executive.
 
	      
	3.      	 Termination.
 
	 
	 	3.1      	 Either Party may terminate this Agreement and Executive’s employment with the Company by providing written notice to the other Party at
least forty-five (45) days prior to the termination date.
 
	 

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	      	3.2      	 The Company may by notice in writing immediately terminate this Agreement and Executive’s employment with Geovic Ltd. without obligation to
the Executive by providing written notice to the Executive at any time upon the occurrence of any one or more of the following events:
 
		 
		 	3.2.1      	 Executive’s breach of any material obligation owed the Company or Geovic Ltd. in this Agreement;
 
		 
		 	3.2.2      	 Executive’s gross neglect of duties to be performed under this Agreement;
 
		 
		 	3.2.3      	 Executive’s intentional failure or refusal to follow the reasonable and lawful directions given by the CEO, the CFO or the Board;


		 
		 	3.2.4      	 Executive’s dishonest conduct or conduct that has damaged or will likely damage the reputation of the Company, or conduct which is clearly contrary to
the Company’s Code of Business Conduct and Ethics;
 
		 
		 	3.2.5      	 Executive being convicted of a felony;
 
		 
		 	3.2.6      	 Executive engaging in any act of moral turpitude that has damaged or will likely damage the reputation of the Company;
 
		 
		 	3.2.7      	 The death of Executive; or
 
		 
		 	3.2.8      	 Executive becoming permanently disabled for a period of six (6) consecutive months that would prevent Executive from performing the duties of her
employment.
 
		 
		3.3      	 Anything contained in Section 3.2 to the contrary notwithstanding, the Company shall not terminate this Agreement and Executive’s employment
with the Company pursuant to Section 3.2(1), (2) or (3) unless the Company shall have first given the Executive twenty-one (21) days’ prior written notice of such termination, which sets forth the grounds of such termination, and the Executive
shall have failed to cure such grounds for termination within the twenty-one (21) day period.
 
		 
		3.4      	 Executive may terminate this Agreement and Executive’s employment by the Company by providing written notice to the Company at any time upon
the occurrence of any one or more of the following events:
 
		 
		 	3.4.1      	 The Company’s or Geovic Ltd.’s breach of any material obligation owed the Executive in this Agreement;
 
		 

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	 	3.4.2      	 The Company or Geovic Ltd. requiring Executive to perform illegal activities;
 
	 
	 	3.4.3      	 Bankruptcy of the Company;
 
	 
	 	3.4.4      	 Inability of Executive to substantially perform her essential duties under this Agreement because of a disability.
 
	 
	 	3.4.5      	 In the event of merger, consolidation, divestiture, takeover, significant sale, change in control or any similar business circumstance with Company or its
subsidiaries which result within 12 months of the change in control in either (i) a termination or threatened termination of Executive’s employment or a reduction in compensation to be paid to Executive, or (ii) a significant change in the
duties of Executive reasonably deemed unacceptable by Executive.
 
	 
	 	 	 The term “change in control” shall mean either: (1) any one Person (or group of affiliated persons) holds a sufficient number of Voting Shares of
the Company or Resulting Issuer to affect materially the control of the Company or Resulting Issuer, or (2) any combination of Persons, acting in concert by virtue of an agreement, arrangement, commitment or understanding, hold in total a sufficient
number of the Voting Shares of the Company or Resulting Issuer to affect materially the control of the Company or Resulting Issuer, where such Person or combination of Persons did not previously hold a sufficient number of Voting Shares to affect
materially the control of the Company or Resulting Issuer. In the absence of evidence to the contrary, any Person or combination of Persons acting in concert by virtue of an agreement, arrangement, commitment or understanding, holding more than 20%
of the Voting Shares of the Company is deemed to materially affect the control of the Company or Resulting Issuer. Capitalized terms in this change in control paragraph have the same meaning as used in the TSX Corporate Finance Manual. “Change
in control” shall include any event described in (1) or (2) of this paragraph, whether or not such event occurs in conjunction with bankruptcy proceedings involving either the Company or Geovic Ltd.
 
	 
	3.5      	 Anything contained in Section 3.4 to the contrary notwithstanding, the Executive shall not terminate this Agreement and Executive’s
employment with the Company pursuant to Section 3.4(1) or (2) unless the Executive shall have first given the Company twenty-one (21) days’ prior written notice of such termination, which sets forth the grounds of such termination, and the
Company shall have failed to cure such grounds for termination within the twenty-one (21) day period.
 
	 

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	4.      	 Severance.
 
	 
	 	4.1      	 Within ninety (90) days of this Agreement and Executive’s employment being terminated by the Company or Geovic Ltd. pursuant to Section 3.1 or 3.2.7
(death of Executive) or 3.4.4 (disability) or by the Executive pursuant to Section 3.4.1, 3.4.2, or 3.4.5, the Company or Geovic Ltd. shall pay Executive a lump sum severance equal to the remaining regular compensation she would have received
through the end of the current Term of this Agreement, or if more, six month’s salary at the minimum base salary then in effect pursuant to Schedule II, Section 1, plus any earned bonus approved by the Board of Directors accrued to the time of
such voluntary or involuntary termination. In addition, the Executive shall immediately become one hundred percent (100%) vested with respect to any options to purchase the Company’s capital stock that she then holds and/or any restrictions
with respect to restricted shares of the Company’s capital stock that she then holds shall immediately lapse, subject to any applicable rules or restrictions imposed by any stock exchange or securities regulatory authority, and subject to
applicable terms of the Company’s then effective Stock Option Plan. In addition, Executive or Executive’s estate shall be eligible to participate in any death and/or disability insurance program the Company shall establish on behalf of its
senior executives.
 
	 
	 	 	 Section 4.1 and other Sections of this Agreement shall comply with all laws, rules and regulations of securities commissions and stock exchanges to which
the Company may be subject, or with which it must comply. Otherwise the Executive and the Company agree to reasonably modify this Agreement in a manner that meets such requirements.
 
	 
	5.      	 Confidentiality.
 
	 
	 	5.1      	 In this Agreement, all information and data (“Information”) includes oral or written, computer file or other permanent form relating to the
Company, Geovic Ltd., Geovic Cameroon Plc and any other subsidiaries and affiliates of the Company (together the “Group”) and their businesses and assets or any part thereof disclosed or provided to the Executive and all documents,
computer files or other records prepared by the Executive which contain or are based on any such information or data, together with all confidential information and data concerning the business of the Group, and information to the Group that is
furnished by a third party and deemed confidential and that was furnished by the third party after assurance of confidential treatment.
 
	 

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	 	5.2      	 The Executive shall keep all Information strictly confidential and shall not disclose the Information, in whole or in part, to any person other
than directors or employees of the Group and outside personnel that need to know such Information for their performance of services on behalf of the Company.
 
	 
	 	5.3      	 The Executive shall not use the Information for any purpose whatsoever other than for the purpose of providing the Services herein, and as may be
required or beneficial in the performance of the Services herein.
 
	 
	 	5.4      	 The provisions of Clauses 5.2 and 5.3 shall not apply to Information:
 
	 
	 	 	5.4.1      	 which at the time of disclosure is available to the public generally;
 
	 
	 	 	5.4.2      	 which after disclosure becomes available to the public generally, other than by reason of a breach by the Executive of her obligations under this
Agreement; or
 
	 
	 	 	5.4.3      	 subject to any disclosure if such disclosure is the requirement of a court of competent jurisdiction.
 
	 
	 	5.5      	 The obligations in Clauses 5.2 and 5.3 shall remain in effect for three (3) years after termination of this Agreement, and for such longer term
as may reasonably be required to maintain the confidentiality of Information material to the Group’s business.
 
	 
	6.      	 Company property.
 
	 
	 	6.1      	 The products and results of the Services shall be the exclusive property of the Company.
 
	 
	 	6.2      	 On the expiration or termination of the Term of this Agreement (for whatever reason and howsoever caused) the Executive shall promptly deliver to
the Company all copies of all Information in the possession or under the control of Executive and all other property belonging to the Company which may be in possession or under her control.
 
	 
	7.      	 Taxes.
 
	 
	 	 Federal and state taxes will be withheld by the company from Executive’s monthly salary and, if required by law, from other payments made to
Executive, and Executive shall be eligible for workers compensation and unemployment insurance benefits to the extent provided by law. For all purposes under this Agreement, Executive is a resident of the State of Colorado.
 
	 

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	8.      	 Evacuation.
 
	 
	 	 The Company and Geovic Ltd. shall make all available efforts to ensure the release, evacuation and/or medical care of the Executive and/or
members of her family if the Executive and/or members of her family are kidnapped, held hostage, require emergency medical evacuation or are caught up in any kind of civil unrest or violence during Executive’s performance of Services to the
Company or Geovic Ltd.
 
	 
	9.      	 Notices.
 
	 
	 	9.1      	 Any notice to be given under this Agreement must be in writing and must be delivered to the addressee in person or left at the address of the addressee or
sent by facsimile to the facsimile number of the addressee which in each case is specified in this clause, and marked for the attention of the person so specified, or to such other address or facsimile number and/or marked for the attention of such
other person as the relevant Party may from time to time specify by notice given in accordance with this clause.
 
	 
	 	 	 The details of each party at the date of this Agreement are:
 
	 


	                     To the Company:    
 	 Geovic Mining Corp. 
 1200 17th St., Suite 980 
 Denver, CO 80202 USA 
 Facsimile: 303 476 6456 
 Attention: The Secretary
 
	  
	                     To the Executive:
 	 Diane Hartnett
 _____________
 _____________
 



	9.2      	 A notice shall take effect from the time it is deemed to be received as follows:
 
	 
	 	9.2.1      	 in case of a notice delivered to the addressee in person, upon delivery;
 
	 
	 	9.2.2      	 in the case of a notice left at the address of the addressee, upon delivery at that address;
 
	 
	 	9.2.3      	 in the case of facsimile, on production of a transmission report from the machine from which the facsimile was sent which indicates the facsimile number of
the recipient.
 
	 

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	10.      	 Governing law and venue.
 
	 
	 	 This Agreement shall be governed by and interpreted in accordance with the laws of Colorado, United States, and venue for any action relating to or arising
out of this Agreement shall only be proper in the City and County of Denver, Colorado, USA.
 
	 
	11.      	 No waiver.
 
	 
	 	 The failure of any Party to insist upon the strict performance of any of the terms, conditions or provisions of this Agreement shall not be construed as a
waiver of relinquishment of future compliance therewith, and said terms, conditions and provisions shall remain in full force and effect.
 
	 
	12.      	 Rights, obligations and assignment.
 
	 
	 	 The rights and obligations of the Company and Geovic Ltd. under this Agreement shall inure to the benefit of, and shall be binding upon, their respective
successors and assigns.
 
	 
	13.      	 Severability
 
	 
	 	 If any of the provisions of this Agreement shall for any reason be adjudged by any court of competent jurisdiction to be invalid or unenforceable, such
judgment shall not affect, impair or invalidate the remainder of this Agreement, but shall be confined to such invalid or unenforceable provision.
 
	 
	14.      	 Captions.
 
	 
	 	 The captions inserted in this Agreement are for convenience only and in no way define, limit or describe the scope or intent of this Agreement, or any
provision hereof, nor in any way affect the interpretation of this Agreement.
 
	 
	15.      	 Entire Agreement
 
	 
	 	 This Agreement and the schedules hereto embody the entire understanding between the Parties hereto pertaining to the subject matter hereto and supersede
all prior agreements and understandings of the Parties in connection therewith.
 
	 

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  IN WITNESS whereof the Parties hereto have executed the
Agreement this 22nd day of June 2009, effective as of 22 June 2009.
 
	Signed /s/ John E.
Sherborne                               
 John E. Sherborne, for and on behalf of
 GEOVIC MINING CORP.



 
	Signed /s/ John E.
Sherborne                              
 John E. Sherborne, for and on behalf of
 GEOVIC LTD.



 
	Signed /s/ Diane
Hartnett                                     
 Diane Hartnett, Executive



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  SCHEDULE I
 THE SERVICES
 Services to be provided by the Executive include:

	1.      	 In accordance with the directives of the CFO, CEO, Chief Operating Officer (“COO”), CAO or the Board, Executive shall have such duties,
responsibilities and authority as are customarily required of and given to the Corporate Controller to develop and guide the accounting and operational objectives of the Company and Geovic Ltd., and the Company’s other subsidiaries and
affiliates, and overseeing and assuring that the performance of all such activities are conducted under applicable corporate governance standards and all laws of applicable jurisdictions.
 
	 
	2.      	 Actively participate in the timely preparation, review and audit by independent auditors of documents and reports required to be filed by the Company with
any governmental entity, securities exchange or securities regulatory authority, including the U.S. Securities and Exchange Commission.
 
	 
	3.      	 Actively participate in the timely preparation, review and audit, if applicable, of tax returns and reports required to be filed by the Company with any
governmental entity.
 
	 
	4.      	 Oversee the evaluation, selection and implementation of accounting software systems to account for the current and anticipated financial and operational
reporting of transactions and activities of the Company and its subsidiaries.
 
	 
	5.      	 Oversee the development or evaluation, selection and implementation of budgeting systems to provide budget and variance analysis of transactions and
activities of the Company and its subsidiaries.
 
	 
	6.      	 Select, oversee and work with consultants retained by the Company to assist the Company to comply with various laws and legal or other
requirements.
 
	 
	7.      	 Oversee the development and implementation of internal controls of financial reporting and disclosure systems and procedures of the Company and its
subsidiaries, to include satisfying all applicable requirements of the Sarbanes Oxley Act of 2002, and similar requirements in other jurisdictions in which the Company or its subsidiaries may have operations.
 
	 
	8.      	 Oversee the recruitment, training, development and retention of additional accounting employees or contract accounting resources of the Company and its
subsidiaries.
 
	 
	9.      	 Assist with the development and implementation of additional employee benefit programs of the Company and its subsidiaries.
 
	 
	10.      	 Oversee special accounting projects of the Company and its subsidiaries.
 
	 

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	11.      	 Participate in and make presentations at Board meetings or Board Committee meetings and provide any other executive, management, administrative, financial
and business services which are believed by the CFO, CAO, CEO, COO or the Board to be in the best interest of the Company, its subsidiaries, business interests and shareholders.
 
	 
	12.      	 Review projections and feasibility studies prepared by the Company or affiliates, as requested by other members of management.
 
	 

 SCHEDULE II
 COMPENSATION

	1.      	 In accordance with section 2.1 of this Agreement, the Executive shall be paid a salary of $140,000 per year effective 22 June 2009. The Executive's
performance and compensation package shall be reviewed annually by the CEO and the Compensation Committee of the Board.
 
	 
	2.      	 Executive shall receive, upon approval by the Compensation Committee of the Board and the Board itself, an initial grant of options to purchase up to
60,000 Option Shares in accordance with the Company’s Amended and Restated Stock Option Plan, 40% percent of which will be vested upon grant and 30% to vest on the first and second anniversaries of the effective date of this Agreement.
Executive shall receive subsequent annual grants of Option Shares in accordance with option compensation arrangements established by the Compensation Committee and the Board of the Company during the Term of this Agreement to be completed in
compliance with regulations of the appropriate regulatory authorities. The options shall have such terms as are determined by the Board in accordance with the Second Amended and Restated Stock Option Plan. In the event that options held by Executive
become vested in full for any of the reasons described in Section 4.1, all options then held by Executive shall be deemed automatically at that time to be non-qualified options and not Incentive Stock Options under the Amended and Restated Stock
Option Plan and may be exercised at any time during the original term of the option.
 
	 
	3.      	 Executive shall be eligible to receive an annual cash incentive bonus up to 30% of annual compensation pursuant to an appraisal of Executive’s
performance as outstanding by the CEO and the Compensation Committee. If the Board puts into place a restricted stock or deferred share plan, the Executive shall have the option to receive any such bonus awarded as deferred compensation.


	 
	4.      	 Executive shall be entitled to participate as an employee under the Company’s 401(k) Plan being adopted effective July 1, 2009.
 
	 

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