Document:

CONFIDENTIAL SEVERANCE
AND RELEASE AGREEMENT

 

This Confidential Severance and
Release Agreement (“Agreement”) is made between (i) Timothy D. Arnold (“Employee”) and (ii) Geovic
Mining Corp. (the “Company”). Employee and the Company are referred to collectively as the
“Parties.”

 

RECITALS

 

WHEREAS, the Company and Employee are parties
to an Executive Employment Agreement, effective as of February 1, 2011 (“Employment Agreement”), as amended on January
10, 2011, March 30, 2012, and July 1, 2012;

 

WHEREAS, Employee’s employment with the
Company ended effective October 24, 2013, because he was laid off by the Company;

 

WHEREAS, the Company presented Employee with
this Agreement on October 22, 2013 (the “Presentation Date”);

 

WHEREAS, pursuant to the Employment Agreement,
Employee is entitled to certain benefits upon the termination of his employment under specified circumstances (the “Severance
Benefits”);

 

WHEREAS, the Parties wish to replace and supersede
the Employment Agreement to provide the Severance Benefits upon such terms as are consistent with the Company’s current circumstances
and to resolve fully and finally potential disputes regarding Employee’s employment with the Company; and

 

WHEREAS, in order to accomplish this end, the
Parties are willing to enter into this Agreement.

 

NOW, THEREFORE, in consideration of the mutual
promises and undertakings contained herein, the Parties to this Agreement agree as follows:

 

TERMS

 

1.                 
Separation and Effective Date. Employee’s last day of employment with the Company was October 24, 2013 (the
“Separation Date”), and Employee shall resign all titles and positions with the Company as of the Separation Date,
except as set forth below. This Agreement shall become effective on the eighth day after Employee signs this Agreement (the “Effective
Date”), so long as Employee does not revoke this Agreement pursuant to Paragraph 8(g) below. Employee must elect to execute
this Agreement within thirty (30) days of the Presentation Date. In the event Employee does not sign the Agreement within the thirty-day
period, the terms of this Agreement are null and void and without effect.

 

2.                 
Payments Required by Law. Subject to the provisions of this Agreement, and regardless of whether Employee signs this
Agreement, Company will pay Employee all wages and unused vacation days earned up through the Separation Date (the “Required
Payments”). The Required Payments shall be made to Employee within one day of the Separation Date.

 

    	 

    	 

    

3.                 
Consideration.

 

a.                  
Subject to Paragraphs 3(b), after the Effective Date and on the express condition that Employee has not revoked this Agreement
pursuant to Paragraph 8(g), the Company will pay Employee a lump sum severance payment equal to $500,000.00, minus applicable deductions
and withholdings.

b.                 
Employee and the Company agree that Employee is a “specified employee” within the meaning of Internal Revenue
Code Section 409A(a)(2)(B)(i) and that the amount described in Paragraph 3(a) (the “Severance Amount”) shall be paid,
on the first business day following six (6) months after Employee’s Separation Date (the “Six-Month Delay Payment
Date”); provided, however, that if payment of the Severance Amount on the Six-Month Delay Payment Date would jeopardize
the ability of the Company to continue as a going concern, the Severance Amount shall be paid on the first date after the Six-Month
Delay Payment Date that making such payment would not jeopardize the ability of the Company to continue as a going concern.

c.                  
Notwithstanding Section 4.1 of the Employment Agreement, Employee and the Company agree that any unvested options to purchase
the Company’s capital stock that Employee holds as of the Separation Date are forfeited as of the Separation Date.

d.                 
The Severance Amount shall be reported on a tax form W-2, and all other reporting of and withholding on any payment under
this Paragraph for tax purposes shall be at the discretion of the Company in conformance with applicable tax laws. If a claim is
made against the Company for any additional tax or withholding in connection with or arising out of any payment to Employee pursuant
to subparagraph (a) above, Employee shall pay any such claim within thirty (30) days of being notified by the Company and agrees
to indemnify the Company and hold it harmless against such claims, including, but not limited to, any taxes, attorneys’ fees,
penalties, and/or interest, which are or become due from the Company.

4.                 
Conditional General Release.

 

This General Release
is only effective if or when the consideration identified in Paragraph 3 above is actually paid to Employee. If the consideration
identified in Paragraph 3(a) above is not paid, this General Release will be null and void.

a.        Employee, for
Employee and for Employee’s affiliates, successors, heirs, subrogees, assigns, principals, agents, partners, employees,
associates, attorneys, and representatives, voluntarily, knowingly, and intentionally releases and discharges the Company and
each of its predecessors, successors, parents, subsidiaries, affiliates, and assigns and each of their respective officers, directors,
principals, shareholders, board members, committee members, employees, agents, and attorneys from any and all claims, actions,
liabilities, demands, rights, damages, costs, expenses, and attorneys’ fees (including, but not limited to, any claim of
entitlement for attorneys’ fees under any contract, statute, or rule of law allowing a prevailing party or plaintiff to
recover attorneys’ fees) of every kind and description from the beginning of time through the Effective Date (the “Released
Claims”).

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b.The Released Claims
include, but are not limited to, those which arise out of, relate to, or are based upon: (i) Employee’s employment with the
Company or the termination thereof; (ii) statements, acts, or omissions by the Parties whether in their individual or representative
capacities; (iii) express or implied agreements between the Parties, (except as provided herein) and claims under any severance
plan; (iv) any stock or stock option grant, agreement, or plan; (v) all federal, state, and municipal statutes, ordinances, and
regulations, including, but not limited to, claims of discrimination based on race, color, national origin, age, sex, sexual orientation,
religion, disability, veteran status, whistleblower status, public policy, or any other characteristic of Employee under the Age
Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Americans with Disabilities Act, the Equal Pay
Act, Title VII of the Civil Rights Act of 1964 (as amended), the Employee Retirement Income Security Act of 1974, the Rehabilitation
Act of 1973, Family and Medical Leave Act, the Worker Adjustment and Retraining Notification Act or any other federal, state, or
municipal law prohibiting discrimination or termination for any reason; (vi) state and federal common law;

(vii) the failure of this Agreement, or of any other employment, severance, profit sharing, bonus, equity incentive or other compensatory
plan to which Employee and the Company are or were parties, to comply with, or to be operated in compliance with, Internal Revenue
Code Section 409A, or any similar provision of state or local income tax; and (viii) any claim which was or could have been raised
by Employee.

5.                 
Unknown Facts. This Agreement includes claims of every nature and kind, known or unknown, suspected or unsuspected.
Employee hereby acknowledges that Employee may hereafter discover facts different from, or in addition to, those which Employee
now knows or believes to be true with respect to this Agreement, and Employee agrees that this Agreement and the releases contained
herein shall be and remain effective in all respects, notwithstanding such different or additional facts or the discovery thereof.

6.                 
No Admission of Liability. The Parties agree that nothing contained herein, and no action taken by any Party hereto
with regard to this Agreement, shall be construed as an admission by any Party of liability or of any fact that might give rise
to liability for any purpose whatsoever.

7.                 
Claims That are Not Released. Nothing in this Agreement is intended to release (a) rights to retirement benefits
previously vested by operation of law pursuant to the terms of the Company’s retirement plans; (b) rights to unemployment
or workers’ compensation benefits under state law; (c) any other claims for which the law specifically prohibits waiver;
and (d) actions to enforce the terms of this Agreement.

8.                 
Warranties. Employee warrants and represents as follows:

a.                  
Employee has read this Agreement, and Employee agrees to the conditions and obligations set forth in it.

b.                 
Employee voluntarily executes this Agreement (i) after having been advised to consult with legal counsel, (ii) after having
had opportunity to consult with legal counsel, and (iii) without being pressured or influenced by any statement or representation
or omission of any person acting on behalf of the Company including, without limitation, the officers, directors, board members,
committee members, employees, agents, and attorneys for the Company.

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c.                  
Employee has no knowledge of the existence of any lawsuit, charge, or proceeding against the Company or any of its officers,
directors, board members, committee members, employees, successors, affiliates, or agents arising out of or otherwise connected
with any of the matters herein released. Subject to the provisions of Paragraph 15 below, in the event that any such lawsuit, charge,
or proceeding has been filed, Employee immediately will take all actions necessary to withdraw or terminate that lawsuit, charge,
or proceeding.

d.                 
Employee has not previously disclosed any information which would be a violation of the confidentiality provisions set forth
below if such disclosure were to be made after the execution of this Agreement.

e.                  
Employee has full and complete legal capacity to enter into this Agreement.

f.          Employee has had
at least twenty-one (21) days in which to consider the terms of this Agreement. In the event that Employee executes this Agreement
in less time, it is with the full understanding that Employee had the full twenty-one (21) days if Employee so desired and that
Employee was not pressured by the Company or any of its representatives or agents to take less time to consider the Agreement.
In such event, Employee expressly intends such execution to be a waiver of any right Employee had to review the Agreement for a
full twenty-one (21) days.

g.         Employee
has been informed and understands that (i) to the extent that this Agreement waives or releases any claims Employee might have
under the Age Discrimination in Employment Act, Employee may rescind Employee’s waiver and release within seven (7) calendar
days of Employee’s execution of this Agreement and (ii) any such rescission must be in writing and e-mailed and hand delivered
to Michael Mason, 5500 E. Yale Ave., Suite 302, Denver, CO 80222, mt68mason@gmail.com, within
the seven-day period.

h.        Employee admits,
acknowledges, and agrees that the payments and other benefits set forth in Paragraph 3 are good and sufficient consideration for
this Agreement if and only if the Severance Benefits are actually paid to Employee.

i.         Excluding the Severance
Benefits described in Paragraph 3(a) and upon payment of the Required Payments described in Paragraph 2, Employee admits, acknowledges,
and agrees that Employee has been fully and finally paid or provided all wages, compensation, accrued vacation, bonuses, stocks,
stock options, or other benefits from the Company which are or could be due to Employee under the terms of Employee’s employment
with the Company, or otherwise.

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9.                 
Confidential Information.

a.Except as herein
provided, all discussions regarding this Agreement, including, but not limited to, the amount of consideration, offers, counteroffers,
or other terms or conditions of the negotiations or the agreement reached shall be kept confidential by Employee from all persons
and entities other than the Parties to this Agreement. Employee may disclose the amount received in consideration of the Agreement
only if necessary (i) for the limited purpose of making disclosures required by law to agents of the local, state, or federal
governments; (ii) for the purpose of enforcing any term of this Agreement; or (iii) in response to compulsory process,
and only then after giving the Company ten (10) days advance notice of the compulsory process and affording the Company the opportunity
to obtain any necessary or appropriate protective orders. Otherwise, in response to inquiries about Employee’s employment
and this matter, Employee shall state, “My employment with the Company has ended” and nothing more.

b.Employee shall
not use, nor disclose to any third party, any of the Company’s business, personnel, or financial information that Employee
learned during Employee’s employment with the Company. Employee hereby expressly acknowledges that any breach of this Paragraph
9 shall result in a claim for injunctive relief and/or damages against Employee by the Company, and possibly by others.

10.             
Section 409A. This Agreement is intended to comply with Internal Revenue Code Section 409A and the regulations
and guidance promulgated thereunder (collectively, “Section 409A”) so as not to subject
any payments or benefits payable under this Agreement to any additional tax or interest imposed under Section 409A and, accordingly,
to the maximum extent permitted, this Agreement shall be interpreted and operated in accordance with such intent and shall
be construed accordingly. Any compensation or benefit payable under this Agreement that is payable upon
Employee’s termination of employment shall be payable only upon Employee’s “separation from service” with
the Company within the meaning of Section 409A. Employee shall, at the request of the Company, take any reasonable action
(or refrain from taking any action), required to comply with any correction procedure promulgated pursuant to Section 409A. Each
payment to be made under this Agreement shall be a separate payment, and a separately identifiable and determinable payment, to
the fullest extent permitted under Section 409A.

Notwithstanding anything
in this Agreement to the contrary, if Employee would receive any payment sooner than six (6) months after Employee’s
“separation from service” (as such term is defined for purposes of Section 409A) that, absent the application of this
sentence, would be subject to additional tax or interest imposed pursuant to Section 409A as a result of Employee’s status
as a specified employee, then such payment shall instead be payable on the date that is the first business day following six (6) months
after Employee’s separation from service.

11.             
Non-Disparagement. Employee agrees not to make to any person any statement that disparages the Company or reflects
negatively on the Company, including, but not limited to, statements regarding the Company’s financial condition, employment
practices, or officers, directors, board members, committee members, employees, successors, affiliates, or agents. Likewise, the
Company will instruct its directors and officers not to make to any person any statement that disparages the Employee or reflects
negatively upon the Employee.

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12.             
Cooperation. Employee will continue to serve in the capacity of Director and Acting General Manager of Geovic Cameroon
PLC and will provide certain additional consulting services to the Company after the Separation Date pursuant to a separate Services
Agreement entered into between the Company and Arnold Consulting, LLC (the “Services Agreement”). Employee agrees to
cooperate with and assist with any investigation, lawsuit, arbitration, or other proceeding to which the Company is subjected.
Employee will make Employee available for preparation for, and attendance of, hearings, proceedings or trial, including pretrial
discovery and trial preparation. Employee further agrees to perform all acts and execute any documents that may be necessary to
carry out the provisions of this Paragraph 12. Compensation for and other terms and conditions governing such services are set
forth in the Services Agreement.

13.             
Return of Property and Information. Employee represents and warrants that, prior to Employee’s execution of
this Agreement, Employee will return to the Company any and all property, documents, and files, including any documents (in any
recorded media, such as papers, computer disks, copies, photographs, maps, transparencies, and microfiche) that relate in any way
to the Company or the Company’s business. Employee agrees that, to the extent that Employee possesses any files, data, or
information relating in any way to the Company or the Company’s business on any personal computer, Employee will delete those
files, data, or information (and will retain no copies in any form). Employee also will return any tools, equipment, calling cards,
credit cards, access cards or keys, any keys to any filing cabinets, vehicles, vehicle keys, and all other property in any form
prior to the date Employee executes this Agreement.

14.             
No Application. Employee agrees that Employee will not apply for any job or position as an employee, consultant,
independent contractor, or otherwise, with the Company or its subsidiaries or affiliates, except as set forth in Paragraph 12.
Employee warrants that no such applications are pending at the time this Agreement is executed.

15.             
Administrative Proceedings. Employee acknowledges and understands that this Agreement does not prohibit or prevent
Employee from filing a charge with a federal agency, including the Equal Employment Opportunity Commission (the “EEOC”)
or equivalent state agency or from participating in a federal or state agency investigation. Notwithstanding the foregoing, Employee
waives any right to any monetary recovery should any party, including, without limitation, any federal, state or local governmental
entity or administrative agency, pursue any claims on Employee’s behalf arising out of, relating to, or in any way connected
with the Released Claims.

16.             
Severability. If any provision of this Agreement is held illegal, invalid, or unenforceable, such holding shall not
affect any other provisions hereof. In the event any provision is held illegal, invalid, or unenforceable, such provision shall
be limited so as to effect the intent of the Parties to the fullest extent permitted by applicable law. Any claim by Employee against
the Company shall not constitute a defense to enforcement by the Company.

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17.             
Assignments. The Company may assign its rights under this Agreement. No other assignment is permitted except by written
permission of the Parties.

18.             
Enforcement. The releases contained herein do not release any claims for enforcement of the terms, conditions, or
warranties contained in this Agreement. The Parties shall be free to pursue any remedies available to them to enforce this Agreement.

19.             
Entire Agreement. Other than (a) the Services Agreement referenced in Paragraph 12 of this Agreement, and (b) Section
5 (Confidentiality) of the Employment Agreement and the July 1, 2012 Amendment to the Employment Agreement, and except as the Employment
Agreement and amendment are otherwise incorporated or referenced herein, this Agreement is the entire agreement between the Parties.
Except as provided herein, this Agreement supersedes any and all prior oral or written promises or agreements between the Parties.
Employee acknowledges that Employee has not relied on any promise, representation, or statement other than those set forth in this
Agreement. This Agreement cannot be modified except in writing signed by all Parties.

20.             
Interpretation. The determination of the terms of, and the drafting of, this Agreement has been by mutual agreement
after negotiation, with consideration by and participation of all Parties. Accordingly, the Parties agree that rules relating to
the interpretation of contracts against the drafter of any particular clause shall not apply in the case of this Agreement. The
term “Paragraph” shall refer to the enumerated paragraphs of this Agreement. The headings contained in this Agreement
are for convenience of reference only and are not intended to limit the scope or affect the interpretation of any provision of
this Agreement.

21.             
Choice of Law and Venue. This Agreement shall be construed and interpreted in accordance with the laws of the State
of Colorado, without regard to its conflict of laws rules. Venue shall be in the Colorado state or federal courts. If any legal
action, arbitration or other proceeding is commenced in connection with this Agreement, the prevailing party shall be entitled
to an award of his or its reasonable attorneys’ fees and expenses. The phrase “prevailing party” shall include
a party who receives substantially the relief desired whether by dismissal, summary judgment or otherwise.

22.             
Waiver. The failure of any Party to insist upon strict performance of any of the terms or conditions of this Agreement
shall not constitute a waiver of any of such Party’s rights hereunder.

23.             
Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument.

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the Parties have
executed this Confidential Severance and Release Agreement on the dates written below.

EMPLOYEE

/s/ Timothy D. Arnold                  10/22/2013

Timothy D. Arnold                     Date

 

THE COMPANY

/s/ Michael T. Mason                 10/22/2013

Geovic Mining Corp.               Date

By: Michael T. Mason

Title: Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

-8-SERVICES AGREEMENT

 

This Services Agreement (“Agreement”)
is made between (i) Geovic Mining Corp. (the “Company”) and (ii) Arnold Consulting, LLC (“Consultant”).
The Company and Consultant are referred to collectively as the “Parties” and individually as a “Party.”

 

RECITALS

 

WHEREAS, the Company desires to retain the services
of Consultant, and Consultant desires to perform certain consulting and related services for the Company.

 

NOW, THEREFORE, in consideration of the mutual
covenants and promises contained herein, the Parties hereby agree as follows:

 

TERMS

 

1.                 
Description of Services. Consultant agrees to provide services in connection with transition matters relating to
the previous relationship of Consultant’s principal, Timothy D. Arnold (“Mr. Arnold”), with the Company and additional
services in Mr. Arnold’s capacity as Director and Acting General Manager of Geovic Cameroon PLC (collectively, the “Services”),
as may be requested and approved in advance by the Company from time to time. The Services shall not exceed 2.5 days in total time
per month.

2.                 
Independent Contractor Status. Consultant and the Company understand and intend that Consultant shall perform the
Services specified under this Agreement as an independent contractor and not as an employee of the Company or of any company or
entity affiliated with the Company. The manner of and means by which Consultant executes and performs Consultant’s obligations
hereunder are to be determined by Consultant in Consultant’s reasonable discretion. Consultant is not authorized to assume
or create any obligation or responsibility, express or implied, on behalf of, or in the name of, the Company or its affiliates
or to bind the Company or its affiliates in any manner, unless, in each instance, Consultant shall receive the prior written approval
of the Company to so assume, obligate, or bind the Company.

3.                 
Representations and Warranties. Consultant represents, warrants, and acknowledges as follows:

a.                  
The Company only retains the right to direct the results achieved by Consultant. The Company does not retain the right to
control the manner and means by which these results are to be accomplished, nor will the Company establish a quality standard for
Consultant; provided, however, that Consultant will perform the Services in a manner consistent with professional industry standards.

b.                 
Consultant shall determine when and how Consultant is to perform Services under this Agreement. There shall be no set hours
during which Consultant must work. The Company retains no right of control in these areas.

    	 

    	 

    

c.                  
The Company will neither provide nor require more than minimal training for Consultant.

d.                 
Consultant’s Services shall not be integrated into the Company’s general business operations.

e.                  
Consultant will remain directly responsible for the Services performed and will ensure that the work meets the specifications
set forth by the Company.

f.                  
Consultant shall not be required to submit regular written reports, but the Company shall periodically review Consultant’s
progress in achieving the goals set forth by the Company.

g.                 
Consultant shall be paid in accordance with Paragraph 4 below. Consultant shall not be paid a salary or hourly rate.

h.                 
Consultant must provide Consultant’s own tools. The Company will not provide tools, but the Company may provide materials
and equipment to Consultant for performance of the duties under this Agreement.

i.                   
Consultant understands that Consultant must obtain and keep current, at Consultant’s own expense, all permits, passports,
certificates, and licenses necessary for Consultant to perform the Services, if any.

4.                 
Compensation.

a.                  
Fees. In consideration of Consultant providing the Services and performing the obligations hereunder, the Company
shall pay Consultant a fee at the fixed rate of $1,400.00 per day (the “Rate”), which may be billed in partial increments.

b.                 
Expenses. The Company will reimburse Consultant for reasonable direct expenses, including travel and lodging incurred
by Consultant for travel related to Consultant’s provision of the Services, provided that Consultant obtains prior authorization
from the Company or its designee for any such expenses which exceed $200 per item. Travel will be United Economy Plus (or similar)
on flights or combinations of flights of 4 hours or less, and Business or First Class for trips over 4 hours in aggregate or international
travel. Travel by personal vehicle will be charged at $0.555 per mile, or current rate for business as shown on IRS website for
standard mileage rates.

c.                  
Payment. The Company shall pay Consultant a retainer equivalent to payment for 2.5 days, against which Consultant’s
invoices will be credited until the balance of the retainer is at the equivalent of 0.5 days, at which time the Company will replenish
the retainer to its original level. Upon termination of this Agreement, Consultant will refund any retainer balance to the Company.
Consultant shall submit monthly invoices and invoice the Company for completed work by the 15th day of the calendar month following
the month in which the Services were performed and the expenses were incurred. All invoices must detail the work performed by the
project for the Company. All invoices should be submitted to the Company in accordance with the notice provisions in Paragraph
9 of this Agreement or at such other address as is subsequently notified by the Company, in writing, to Consultant. Payment will
be made within 15 days from the Company’s receipt of invoice.   If any bona fide dispute arises as to the correctness
of any item claimed by Consultant in an invoice, the Company may withhold payment of that item until the parties have resolved
the matter. All payments will be made to a business name or trade name and will be deposited directly into a business bank account
established by Consultant.

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d.                 
Taxes. No income tax or payroll tax of any kind shall be withheld or paid by the Company on behalf of Consultant
for any payment under this Agreement, except as may be required by law for payments to independent contractors. Consultant shall
be responsible for all taxes and similar payments arising out of any activities contemplated by this Agreement, including without
limitation, federal, state, and local income tax, social security tax (FICA), self employment taxes, unemployment insurance taxes,
and all other taxes, fees, and withholdings.

e.                  
Benefits. Neither Consultant nor Mr. Arnold is an employee of the Company or any of the Company’s affiliates
and, therefore, shall not be entitled to any benefits, coverages, or privileges, including, without limitation, social security,
unemployment compensation insurance, workers’ compensation insurance, medical benefits, or pension payments.

5.                 
Term and Termination.

a.                  
Subject to earlier termination as set forth below, Consultant shall perform the Services from October 24, 2013 to March
31, 2014; provided, however, that the Company may replace Consultant as Director and Acting General Manager of Geovic Cameroon
PLC prior to March 31, 2014, and the Company shall take reasonable efforts to effectuate such replacement as soon as practicable.

b.                 
The Company may terminate this Agreement at any time for the following reasons: (i) Consultant’s
failure to comply with any of the terms of this Agreement; (ii) Consultant’s misconduct, malfeasance, or negligence
relative to the Company’s business; (iii) Consultant’s failure or refusal to perform the Services required or
failure to produce a result that meets the specifications set by the Company; (iv) Consultant’s conviction of a crime that
either results in imprisonment or involves embezzlement or dishonesty; (v) activities by Consultant that are injurious to the Company
or its reputation; or (vi) the sale of all or a substantial part of the assets of the Company, including the Company’s Cameroon
assets. If (1) the Company terminates this Agreement for any of the reasons set forth in this subparagraph, or (2) Consultant
terminates this Agreement before the relevant term expires, or (3) this Agreement expires at the end of the term set forth in Paragraph
5(a), the Company shall have no further liability or obligations to Consultant under this Agreement or otherwise; provided, however,
that payment for any Services performed or expenses incurred up to the date of termination shall be made pursuant to Paragraph
4 above.

6.                 
Warranties of Performance. Consultant warrants that Consultant will perform the Services using Consultant’s
best efforts in a professional manner consistent with industry standards.

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7.                 
Indemnification.

a.                  
Except insofar as they relate to the Company’s obligations under this Agreement, Consultant, for Consultant and Consultant’s
successors, heirs, beneficiaries, affiliates, subrogees, principals, agents, partners, employees, associates, attorneys, representatives,
and assigns, shall waive, release, indemnify, and agree to save, defend, and hold harmless the Company and its respective affiliates,
predecessors, successors, subrogees, assigns, parents, subsidiaries, heirs, insurers, and each of their respective officers, directors,
trustees, shareholders, agents, attorneys, employees, former employees, and any other related individual or entity, from any and
all past, present, or future claims, actions, causes of action, demands, controversies of every kind and nature, rights, liabilities,
losses, costs, expenses, attorneys’ fees (including, but not limited to, any claim of entitlement for attorneys’ fees
under any contract, statute, or rule of law allowing a prevailing party or plaintiff to recover attorneys’ fees), damages,
medical costs and treatments, death, injury, accident, property damage, or personal loss to Consultant, those traveling with or
employed by Consultant, or others relating to, resulting from, or arising out of (a) any taxes, insurance costs, damages, or other
costs arising from or relating to claims that Consultant is an employee of the Company or the Company’s affiliates; (b) the
failure by Consultant to obtain insurance coverage as set forth herein; (c) any breach of this Agreement; (d) any act, statement,
or omission by Consultant or Consultant’s representatives resulting in any claims, actions, causes of action, or proceedings
against the Company or its affiliates; (e) any claim for workers’ compensation or unemployment compensation benefits; or
(f) any action or omission by Consultant or Consultant’s representatives, whether negligent, intentional, reckless, or otherwise.
This Paragraph shall survive any termination of this Agreement.

b.                 
Except insofar as they relate to Consultant’s obligations under this Agreement, the Company shall waive, release,
indemnify, and agree to save, defend, and hold harmless Consultant from any and all past, present, or future claims, actions, causes
of action, demands, controversies of every kind and nature, rights, liabilities, losses, costs, expenses, attorneys’ fees
(including, but not limited to, any claim of entitlement for attorneys’ fees under any contract, statute, or rule of law
allowing a prevailing party or plaintiff to recover attorneys’ fees), damages, medical costs and treatments, death, injury,
accident, property damage, or personal loss to Consultant relating to, resulting from, or arising out of any action or omission
by the Company, whether negligent, intentional, reckless, or otherwise, resulting in any claims, actions, causes of action, or
proceedings against Consultant. This Paragraph shall survive any termination of this Agreement.

8.                 
Insurance Coverages. Consultant solely shall be responsible for all of Consultant’s own insurance (and the
insurance of anyone working on behalf of Consultant, and shall at all times maintain such types and amounts of insurance coverage
(including automobile/liability insurance) as is acceptable or required by the Company. 

a.                  
Automobile Insurance. Consultant solely shall be responsible for Consultant’s own general liability, collision,
and comprehensive automobile insurance covering, without limitation, (i) injuries, deaths, and property damage resulting from an
accident (with a minimum combined single limit of $300,000); (ii) collisions; (iii) ownership, operation, and maintenance of all
owned, non-owned, and hired automobiles used in connection with the performance of this Agreement.

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b.                 
Workers’ Compensation and Unemployment Compensation Insurance. No workers’ compensation insurance
or unemployment compensation insurance will be obtained by the Company on behalf of Consultant. Consultant solely shall be responsible
for obtaining unemployment compensation insurance and workers’ compensation insurance for Consultant, and Consultant solely
shall be responsible for complying with all applicable workers’ compensation and unemployment compensation laws. 

c.                  
Proof of Insurance and Notice. Consultant shall furnish proof of any form of insurance to the Company upon request.
Consultant will provide the Company with 30 days of advance written notice of the cancellation of, or a material change to, any
insurance required by this paragraph.

9.                 
Notices. All notices required or permitted under this Agreement shall be in writing and shall be deemed effective
upon personal delivery or upon deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed
to the other Party at the following addresses:

	
        The Company: 

        Geovic Mining Corp.

        c/o Michael T. Mason

        5500 E. Yale Ave., Suite 302

        Denver, CO 80222

        mt68mason@gmail.com
	
        Consultant:

        Timothy D. Arnold

        1315 Cody Trail

        Golden, CO 80403

        midasminer@gmail.com

 

10.             
Confidentiality: Consultant acknowledges that in the course of performing the Services pursuant to this this Agreement,
Consultant will learn information regarding the Company’s business, trade secrets, technologies, operations, books and records
and any other matters that are not commonly known and which are proprietary to the Companies (collectively, the “Confidential
Information”). Consultant agrees to use the Confidential Information only for purposes of this Agreement, and that all other
uses or disclosures of the Confidential Information are strictly prohibited. Upon termination of his engagement hereunder, Contractor
shall surrender to the Company all papers, documents, writings and other property produced by Consultant or coming into Consultant’s
possession by or through Consultant’s engagement hereunder and relating to Confidential Information. Consultant agrees that
all such materials will at all times remain the property of the Companies. This Paragraph 10 shall survive the termination of this
Agreement.

11.             
Intellectual Property: All work product of Consultant related to the Services shall be the property solely and exclusively
of the Company. Without limiting the generality of the foregoing, all sketches, schematics, drawings, models, plans, specifications,
computer programs, documentation and other works produced by Consultant in connection with the Services are Works for Hire under
the copyright laws of the United States, and any copying or appropriation of such works by Consultant, for its own use or use by
others except as authorized by the Company, will be in violation of such copyright laws and international copyright conventions.
Consultant shall assign or transfer and shall ensure that its personnel assign or transfer all such proprietary rights in and ownership
of such material to the Company. This Paragraph 11 shall survive the termination of this Agreement.

Page 5 of 7

    	 

    	 

    

12.             
Entire Agreement. This Agreement contains the entire agreement between the Parties with respect to the matters contemplated
herein. This Agreement supersedes and replaces any previous agreements, statements, representations by or between the Parties.
No promises or representations have been made by the Company or Consultant other than those contained in this Agreement. Notwithstanding
this Paragraph 12, this Agreement does not supersede or replace the Confidential Severance and Release Agreement effective October
22, 2013 between the Company and Mr. Arnold.

13.             
Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company and
Consultant.

14.             
Assignment; Subcontracting. Consultant may not assign this Agreement or any of Consultant’s rights hereunder,
or delegate or subcontract any of Consultant’s obligations hereunder, without the prior written consent of the Company. The
Company may assign this Agreement without the consent of Consultant.

15.             
Governing Law and Forum. This Agreement and all disputes arising hereunder shall be subject to, governed by, and
construed in accordance with the laws of the State of Colorado, without regard to conflict of laws provisions. All disputes arising
under or relating to this Agreement shall be resolved in the federal or state courts of Colorado.

16.             
Waiver. No delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver
of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance
and shall not be construed as a bar or waiver of any right on any other occasion.

17.             
Severability. In the event that any provision of this Agreement shall be invalid, illegal, or otherwise unenforceable,
the validity, legality, and enforceability of the remaining provisions shall in no way be affected or impaired thereby.

18.             
Negotiation and Construction. Consultant agrees that both Parties had full opportunity to negotiate the terms of
this Agreement. Consultant further agrees that Consultant had the opportunity to seek the advice of legal counsel in connection
with the negotiation of this Agreement. Any rule or law requiring provisions to be construed against the drafter shall not apply.

19.             
Counterparts. This Agreement may be executed in counterparts, which, taken together, will constitute the original.

[Signature Page Follows]

Page 6 of 7

    	 

    	 

    

 

IN WITNESS WHEREOF, the Parties have
executed this Services Agreement on the dates below.

 

GEOVIC MINING CORP.

 

 

By: /s/ Michael T. Mason      

Name: Michael T. Mason

Title: Chief Executive Officer

 

Subscribed and sworn to before me this 22nd
day of October, 2013 by Michael T. Mason.

 

Witness my hand and official seal:

 

     /s/
Helen Mann                  

Notary Public

My commission expires:      April 23, 2015

 

 

 

ARNOLD CONSULTING, LLC

 

 

By: /s/ Timothy D. Arnold          

Name: Timothy D. Arnold

Title:

 

Subscribed and sworn to before me this 22nd
day of October 2013 by Timothy D. Arnold.

 

Witness my hand and official seal:

 

/s/ Wade T. Mortensen      

    Notary Public

My commission expires:      June 28, 2016

 

 

 

 

 

 

 

Page 7 of 7

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