Document:

Exhibit 10.1

 

COMERICA INCORPORATED
 2011 MANAGEMENT INCENTIVE PLAN

 

SECTION I
 PURPOSE

 

The purpose of the Comerica Incorporated 2011 Management Incentive Plan (the “Plan”) is to promote and advance the interests of Comerica Incorporated and its stockholders by enabling the Corporation to attract, retain and reward key employees of the Corporation and its Affiliates (as defined below), and to qualify incentive compensation paid to Participants (as defined below) who are Covered Employees (as defined below) as performance-based compensation within the meaning of Section 162(m) of the Code (as defined below).

 

SECTION II
 DEFINITIONS

 

The terms below shall have the following meanings:

 

A.            “Affiliate” means any company controlled by, controlling or under common control with the Corporation.

 

B.            “Board” means the Board of Directors of the Corporation.

 

C.            “Change of Control” means a Change of Control as defined in the Comerica Incorporated Executive Officer Employment Agreements.

 

D.            “Code” means the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

 

E.             “Committee” means the committee appointed by the Board to administer the Plan as provided herein.  Unless otherwise determined by the Board, the Compensation Committee of the Board or a subcommittee thereof consisting of members appointed from time to time by the Board of Directors of the Corporation shall be the Committee and shall be comprised of not less than such number of directors as shall be required to permit the Plan to satisfy the requirements of Code Section 162(m).  To the extent required by Section 162(m) of the Code, the Committee administering the Plan shall be composed solely of “outside directors” within the meaning of Code Section 162(m).

 

F.             “Corporation” means Comerica Incorporated, a Delaware corporation.

 

G.            “Covered Employee” means any employee that the Committee reasonably expects to be a “covered employee” within the meaning of Section 162(m) of the Code with respect to the applicable Performance Period.

 

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H.            “Incentive Payment” means, with respect to each Participant, the amount he or she may receive for the applicable Performance Period as determined by the Committee pursuant to the provisions of the Plan.

 

I.              “Participant” means any employee of the Corporation or an Affiliate who is designated by the Committee as eligible to receive an Incentive Payment under the Plan.

 

J.             “Performance Goals” means the performance goals established by the Committee in connection with the grant of any Incentive Payment.  In the case of any Incentive Payment that is intended to qualify for the exemption from the limitation on deductibility imposed by Section 162(m) of the Code that is set forth in Section 162(m)(4)(C) of the Code, such goals shall be (i) based on the attainment of specified levels of one or more of the following measures (a) earnings per share, (b) return measures (including, but not limited to, return on assets, equity or sales), (c) net income (before or after taxes), (d) cash flow (including, but not limited to, operating cash flow and free cash flow), (e) cash flow return on investments, which equals net cash flows divided by owner’s equity, (f) earnings before or after taxes, interest, depreciation and/or amortization, (g) internal rate of return or increase in net present value, (h) gross revenues, (i) gross margins or (j) stock price (including, but not limited to, growth measures and total stockholder return) and (ii) set by the Committee within the time period prescribed by Section 162(m) of the Code.  Performance Goals may be absolute in their terms or measured against or in relationship to other companies comparably, similarly or otherwise situated and may be based on or adjusted for any other objective goals, events, or occurrences established by the Committee for a Performance Period.  Such Performance Goals may be particular to a line of business, subsidiary or other unit or may be based on the performance of the Corporation generally.  Such Performance Goals may cover the Performance Period as specified by the Committee.  Performance Goals may be adjusted by the Committee in its sole discretion to eliminate the unbudgeted effects of charges for restructurings, charges for discontinued operations, charges for extraordinary items and other unusual or non-recurring items of loss or expense, merger related charges, cumulative effect of accounting changes, the unbudgeted financial impact of any acquisition or divestiture made during the applicable Performance Period, and any direct or indirect change in the Federal corporate tax rate affecting the Performance Period, each as defined by generally accepted accounting principles and identified in the audited financial statements, notes to the audited financial statements, management’s discussion and analysis or other Corporation filings with the Securities and Exchange Commission.

 

K.            “Performance Period” means, with respect to any Incentive Payment, the period, not to be less than 12 months, specified by the Committee.

 

L.             “Performance Targets” mean the specific measures which must be satisfied in connection with any Performance Goal prior paying any Incentive Payment.

 

M.           “Plan” means the 2011 Comerica Incorporated Management Incentive Plan.

 

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SECTION III
 ADMINISTRATION

 

The Plan shall be administered by the Committee.  Subject to the express provisions of the Plan, the Committee shall have exclusive authority to interpret the Plan, to promulgate, amend, and rescind rules and regulations relating to the Plan and to make all other determinations deemed necessary or advisable in connection with the administration of the Plan, including, but not limited to, determinations relating to eligibility, whether to make Incentive Payments, the terms of any such Incentive Payments, the time or times at which Performance Goals are established, the Performance Periods to which Incentive Payments relate, and the actual dollar amount of any Incentive Payment.  The determinations of the Committee pursuant to this authority shall be conclusive and binding on all parties including without limitation the Participants, the Corporation and its stockholders.  The provisions of this Plan are intended to ensure that all Incentive Payments made to Covered Employees hereunder qualify for the exemption from the limitation on deductibility imposed by Section 162(m) of the Code that is set forth in Section 162(m)(4)(C) of the Code, and, unless otherwise determined by the Committee, this Plan shall be interpreted and operated consistent with that intention.

 

The Committee may, in its discretion, authorize the Chief Executive Officer of the Corporation to act on its behalf, except with respect to matters relating to such Chief Executive Officer or which are required to be certified by a majority of the Committee under the Plan, or which are required to be handled exclusively by the Committee under Code Section 162(m) or the regulations promulgated thereunder.

 

SECTION IV
 ESTABLISHMENT OF PERFORMANCE GOALS AND INCENTIVE PAYMENTS

 

A.            Establishment of Performance Goals.  Prior to the earliest time required by Section 162(m) of the Code, the Committee shall, in its sole discretion, for each Performance Period, determine and establish in writing the following:

 

1.             The Performance Goals applicable to the Performance Period; and

 

2.             The Performance Targets pursuant to which the total amount that may be available for payment to all Participants as Incentive Payments based upon the relative level of attainment of the Performance Goals may be calculated.

 

B.            Certification and Payment.  After the end of each Performance Period, the Committee shall:

 

1.             Certify in writing, prior to the unconditional payment of any Incentive Payment, the level of attainment of the Performance Targets for the Performance Period;

 

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2.             Determine the total amount available for Incentive Payments based on the attainment of such Performance Targets;

 

3.             In its sole discretion, adjust the size of, or eliminate, the total amount available for Incentive Payments for the Performance Period; and

 

4.             In its sole discretion, determine the share, if any, of the available amount to be paid to each Participant as that Participant’s Incentive Payment, and authorize payment of such amount.  In the case of a Participant who is a Covered Employee, the Committee shall not be authorized to increase the amount of the Incentive Payment for any Performance Period determined with respect to any such individual by reference to the applicable Performance Targets.

 

C.            Other Applicable Rules.

 

1.             Unless otherwise determined by the Committee with respect to any Covered Employee or by the Corporation’s Chief Executive Officer with respect to any other Participant (unless otherwise required by applicable law), no payment pursuant to this Plan shall be made to a Participant unless the Participant is employed by the Corporation or an Affiliate as of the date of payment; provided, however, in the event of the Participant’s (i) retirement in accordance with the policies of the Corporation or Affiliate which employs the Participant, (ii) death or (iii) termination of employment due to disability (within the meaning of such term as set forth in the Long-Term Disability Plan of Comerica Incorporated or its successor, the provisions of which are incorporated herein by reference, or as the Committee shall determine), the Corporation shall pay the Participant an Incentive Payment for the applicable Performance Period, at such time as Participants are generally paid Incentive Payments for such Performance Period, in an amount equal to the product of (x) the amount that the Committee (or in the case of a Participant who is not a Covered Employee, the Chief Executive Officer) determines that the Participant would have earned for the applicable Performance Period had the Participant continued in the employ of the Corporation for the entirety of the Performance Period and (y) a fraction, the numerator of which is the number of full months elapsed from the commencement of the applicable Performance Period through the Participant’s termination of employment and the denominator of which is the total number of months in the applicable Performance Period.

 

2.             Incentive Payments shall be subject to applicable federal, state and local withholding taxes and other applicable withholding in accordance with the Corporation’s payroll practices as in effect from time to time.

 

3.             The maximum amount which may become payable to any Covered Employee in any calendar year as an Incentive Payment with respect to all Performance Periods completed during such calendar year shall be $5,000,000.

 

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4.             Incentive Payments shall be payable in cash, provided, however, that the Committee may elect to pay a percentage of such Incentive Payments in shares of the Corporation’s common stock, $5.00 par value, per share (“Shares”).  Any such Shares shall be subject to restrictions as may be determined by the Committee.  Incentive Payments, including any grant of Shares in lieu of cash, shall be made as soon as practical after the end of the calendar year in which the Performance Period ends or is deemed to have ended pursuant to the provisions of Section VI(A), but in no event after the date that is two and a half months after the end of the calendar year in which such Performance Period ends or is deemed to have ended pursuant to the provisions of Section VI(A).  Notwithstanding anything in this Section IV(C)(4) to the contrary, if a Participant elects to defer receipt of all or any portion of an Incentive Payment under the provisions of any deferred compensation plan maintained by the Corporation, the provisions in this Plan (including this Section IV(C)(4)) regarding the timing and form of payment of Incentive Payments shall cease to apply to such deferred amounts and the provisions of the applicable deferred compensation plan shall govern the timing and form of payment of such deferred amounts.

 

5.             Notwithstanding the provisions of Section IV(C)(4) above, an Incentive Payment may be made after the date that is two and a half months after the end of the calendar year in which the Performance Period ends or is deemed to have ended pursuant to the provisions of Section VI(A):

 

a.             If it is administratively impracticable to make such Incentive Payment by that date and such impracticability was unforeseeable at the time the Participant obtained a legally binding right to the Incentive Payment, provided that such Incentive Payment is made as soon as administratively practicable; or

 

b.             If making the Incentive Payment by such date would jeopardize the ability of the Corporation to continue as a going concern, provided that such Incentive Payment is made as soon as the Incentive Payment would not have such effect.

 

6.             A Participant shall have the right to defer any or all of any Incentive Payment as permitted under the provisions of any deferred compensation plan maintained by the Corporation.  The Committee, in its sole discretion, may impose limitations on the percentage or dollar amount of any Participant election to defer any Incentive Payment and may impose rules prohibiting the deferral of less than 100% of any Incentive Payment.

 

7.             Until paid to a Participant, Incentive Payments may not be assigned, alienated, transferred or encumbered in any way.

 

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SECTION V
 AMENDMENT OR TERMINATION

 

The Committee may amend, modify or terminate the Plan in any respect at any time without the consent of any Participant.  Any such action may be taken without the approval of the Corporation’s stockholders unless stockholder approval is required by applicable law or the requirements of Section 162(m) of the Code.  Termination of the Plan shall not affect any Incentive Payments determined by the Committee to be earned prior to, but payable on or after, the date of termination, and any such Incentive Payments shall continue to be subject to the terms of the Plan notwithstanding its termination.

 

SECTION VI
 CHANGE OF CONTROL

 

Unless otherwise determined by the Committee prior to a Change of Control, in the event of a Change of Control, the following provisions shall be applicable:

 

A.            The Performance Periods then in effect will be deemed to have concluded immediately prior to the Change of Control of the Corporation and the total amount available to fund the related incentive pools will be that proportion of the amount (based upon the number of full and partial months in such Performance Period elapsed through the date of Change of Control of the Corporation) which would be available for funding assuming the Corporation had attained Performance Goals at a level generating maximum funding for the Performance Periods; and

 

B.            The Committee, in its sole discretion, will no later than immediately prior to the Change of Control approve the share of the available amount payable to each Participant as that Participant’s Incentive Payment (provided that the entire available amount as calculated pursuant to Section VI(A) shall be paid to Participants as Incentive Payments), and payments shall be made to each Participant as soon thereafter as is practicable.

 

SECTION VII
 EFFECTIVE DATE OF THE PLAN

 

This Comerica Incorporated 2011 Management Incentive Plan shall be effective as of January 1, 2011, subject to the approval of the Corporation’s stockholders on April 26, 2011, as required to comply with the requirements of Section 162(m) of the Code, and thereafter shall remain in effect until terminated in accordance with Section 5 hereof.

 

SECTION VIII
 GENERAL PROVISIONS

 

A.            The establishment of the Plan shall not confer upon any Participant any legal or equitable right against the Corporation or any Affiliate, except as expressly provided in the Plan.

 

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B.            The Corporation will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Corporation to assume expressly and agree to perform this Plan in the same manner and to the same extent that the Corporation would be required to perform it if no such succession had taken place.  “Corporation” means the Corporation as hereinbefore defined and any successor to its business and/or assets as aforesaid that assumes and agrees to perform this Plan by operation of law or otherwise.

 

C.            The Plan does not constitute an inducement or consideration for the employment of any Participant, nor is it a contract between the Corporation, or any Affiliate, and any Participant.  Participation in the Plan shall not give a Participant any right to be retained in the employ of the Corporation or any Affiliate or to receive an Incentive Payment with respect to any Performance Period.

 

D.            Nothing contained in this Plan shall prevent the Board or Committee from adopting other or additional compensation arrangements, subject to stockholder approval if such approval is required and such arrangements may be either generally applicable or applicable only in specific cases.

 

E.             The Plan shall be governed, construed and administered in accordance with the laws of the State of Delaware without regard to principles of conflicts of law.

 

F.             This Plan is intended to comply in all aspects with applicable law and regulation, including, with respect to those Participants who are Covered Employees, Section 162(m) of the Code.  In case any one or more of the provisions of this Plan shall be held invalid, illegal or unenforceable in any respect under applicable law or regulation, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and the invalid, illegal or unenforceable provision shall be deemed null and void; however, to the extent permissible by law, any provision which could be deemed null and void shall first be construed, interpreted or revised retroactively to permit this Plan to be construed in compliance with all applicable laws including, without limitation, Code Section 162(m), so as to carry out the intent of this Plan.

 

G.            If any compensation or benefits provided by this Plan may result in the application of Section 409A of the Code, the Corporation shall modify the Plan in the least restrictive manner necessary in order to exclude such compensation from the definition of “deferred compensation” within the meaning of such Section 409A or in order to comply with the provisions of Section 409A, other applicable provision(s) of the Code and/or any rules, regulations or other regulatory guidance issued under such statutory provisions and with as little diminution in the value of the Incentive Payments to the Participants as practicable.

 

H.            Neither the Plan nor any Incentive Payment shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Corporation and a Participant or any other person.  To the extent that any person acquires a right to receive Incentive Payments from the Corporation pursuant to the

 

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Plan, such right shall be no greater than the right of any unsecured general creditor of the Corporation.

 

Governance, Compensation and Nominating Committee Approved:  February 22, 2011.

Board Approved:  February 22, 2011.

Stockholders Approved:  April 26, 2011.

 

8Exhibit 10.4

 

SEPARATION AND RELEASE AGREEMENT

 

This Separation and Release Agreement (the “Agreement”) is made this 24th day of March, 2011 (“Effective Date”) between General Moly, Inc. (“Company”) and Gregory E. McClain (“Employee”), and the parties agree as follows:

 

AGREEMENT

 

1.             Continued Employment and Termination.  Employee’s employment with Company shall continue beyond the Effective Date as follows:

 

(a)           Termination Date.  Unless terminated earlier for Cause, Employee’s employment with Company shall terminate effective March 31, 2011.

 

(b)           Title and Duties.  Prior to Effective Date, Employee’s title shall be Vice President Marketing & Business Development.  On or after Effective Date, Company may change Employee’s title at its discretion.  Employee shall perform such duties as Company may reasonably direct from time to time.  Company may relieve Employee of duties at any time, and from time to time, with or without Cause.

 

(c)           Status.  Prior to February 1, 2011, Employee’s employment was full-time.  On February 1, 2011, Employee’s employment was changed to part-time, with Employee generally expected to work approximately twenty (20) hours per week, which the parties agree is at least fifty percent (50%) of the average level of services performed by employees of the Company.

 

(d)           Compliance.  While employed by Company, Employee shall comply with all applicable laws and all applicable Company policies, procedures and work rules and shall continue to owe Company a fiduciary duty and duty of loyalty.

 

(e)           Termination for Cause.  Company may terminate Employee’s employment for Cause at any time.  “Cause” shall mean, as reasonably determined by Company:  (i) work-related conduct that is fraudulent, unlawful or grossly negligent; (ii) willful misconduct; (iii) failure to comply with a lawful, written directive of the Chief Executive Officer or Chief Financial Officer; (iv) failure to perform job duties to the standards reasonably expected by Company; (v) commission of any felony or any crime involving moral turpitude; (vi) violation of any material Company policy, rule or code of conduct; or (vii) material breach of any provision of this Agreement or any other written agreement between Employee and Company.

 

2.             Compensation and Benefits.

 

(a)           Salary.  During any period of full-time employment, Employee’s annualized salary shall remain at the level in effect immediately prior to February 1, 2011.  During any period of part-time employment, Employee’s annualized salary shall be fifty percent (50%) of the annualized salary in effect immediately prior to the February 1, 2011.

 

 

(b)           Benefits.  While employed by Company, Employee shall be eligible to continue participation in all employee benefits in which he was enrolled and participating on the Effective Date, provided that he continues to meet the eligibility requirements of the plans or policies governing such benefits, and provided further that Company shall retain the right in its discretion to amend or abolish its benefit programs at any time.

 

(c)           Performance Incentive and Financing Recognition Award.  The Compensation Committee of the Company’s Board of Directors at its regularly scheduled meeting of February 24, 2011, authorized the Company to pay to Employee a Performance Incentive and Financing Recognition Award in the amount of $65,000, provided that Employee executes and delivers to Company a General Release in the form attached hereto as Appendix 1 within twenty-one (21) calendar days after the termination of his employment.  Payment of the Performance Incentive and Financing Recognition Award shall be in lieu of any performance incentive award to Employee pursuant to Company’s Performance Incentive Program for 2010 and/or 2011.  Payment thereof shall occur within five (5) business days after the seven (7) day revocation period described in the General Release has expired without revocation.  Employee shall not be eligible to participate in any additional Performance Incentive Award program for 2011.

 

(d)           Acceleration of Unvested Stock Appreciation Rights.  Upon execution of this Agreement and after the revocation period thereof has expired, the Company, acting upon the authority granted by the Compensation Committee of the Company’s Board of Directors at its meeting of February 24, 2011, pursuant to Section 11(a) of the 2006 General Moly, Inc. Equity Incentive Plan, as amended and restated, shall accelerate the vesting date of Employee’s third tranche of the Company’s February 5, 2009 grant of 20,000 Stock Appreciation Rights from February 5, 2012 to Employee’s termination date of March 31, 2011.

 

(e)           Benefits upon Termination.  Upon termination of Employee’s employment, all compensation and benefits to Employee shall cease, except for:  (i) Company agrees to pay the cost of continued group health insurance coverage pursuant to the “COBRA” provision of the Employee Retirement Income Security Act, for up to eighteen (18) months, provided that Employee enrolls in such coverage for he and his spouse and continues to meet the requirements for such coverage; and (ii) payment of the Performance Incentive and Recognition award as described in Section 2(c) of this Agreement.  In addition, this Agreement does not affect any vested Stock Appreciation Rights, Stock Options or Restricted Shares that Employee may already have.

 

3.             Release In Full Of all Claims.  In exchange for the promises described in Sections 1 and 2 of this Agreement, Employee, for himself and his heirs, assigns and personal representatives, fully and completely releases Company and its parent, subsidiary and affiliated entities, and its and their stockholders, members, directors, managers, officers, employees and agents (“the Released Parties”) from any and all claims or causes of action that Employee may have against the Released Parties, known or unknown, including but not limited to claims arising from Employee’s employment with any Released Party or the termination thereof, from the beginning of time through the date of execution of this Agreement (“Released Claims”), including but not limited to the following:

 

 

(a)     claims arising under any constitution or any federal, state or local statue, regulation or ordinance, including but not limited to the Age Discrimination in Employment Action (“ADEA”), Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Family and Medical Leave Act, the Employee Retirement Income Security Act, the Equal Pay Act, the Fair Labor Standards Act, the National Labor Relations Act, and the Colorado Antidiscrimination Act (C.R.S. 24-34-301 et seq. and 24-34-401 et seq.); and

 

(b)     claims arising under any common law theory, including but not limited to breach of contract, promissory estoppels, wrongful discharge, outrageous conduct, defamation, fraud or misrepresentation, tortuous interference, invasion of privacy, or any other claims sounding in contract, tort or equity;

 

but excluding claims for vested pension benefits, workers’ compensation benefits, unemployment compensation benefits, or any other claims that cannot by law be released by private agreement.

 

4.             Conditions.  The promises described in Sections 1 and 2 of this Agreement are conditioned upon Employee’s full compliance with the following terms:

 

(a)           Property.  Employee shall return all Company property in Employee’s possession, custody or control not later than the third (3rd) business day following the termination of his employment, including but not limited to all motor vehicles, computer hardware and software, keys, cards, documents, files, and electronic data of any kind.

 

(b)           Non-Disparagement.  Employee shall not malign or disparage any of the Released Parties.

 

(c)           Non-Solicitation.  During his employment with Company, and for three (3) years following the termination of his employment with Company, Employee shall not, without the written permission of Company, directly or indirectly, for himself or on behalf of any person or entity other than Company: (i) solicit, recruit, entice, encourage, persuade or attempt to persuade any director, officer, employee or agent of Company to leave his or her position with Company; or (ii) hire or cause to be hired anyone who is then, or within the preceding twelve (12) months was, a director, officer, employee or agent of Company.

 

(d)           Confidential Information.

 

(i)            Employee shall not disclose to any third party, or use for the benefit of Employee or any third party, any Confidential Information.  For purposes of this Agreement, “Confidential Information” shall mean:  (A) all trade secrets of the Released Parties, as that term is defined in the Colorado Uniform Trade Secrets Act, C.R.S. 7-74-101 et seq.; (B) all intellectual property of the Released Parties, including but not limited to all inventions, discoveries, ideas or processes that have been or could be protected by patent, trademark, copyright or similar protections; (C) all communications or information to or from counsel for any of the Released Parties that constitute attorney work product or are protected by attorney-client privilege; and (D) all other non-public information concerning the business or operations of the Released Parties, including but not limited to information concerning organization,

 

 

management, finances, business plans and strategies, clients and customers, relationships with contractors and vendors, proprietary or specialized computer software, employees, products and services, equipment and systems, methods, processes and techniques, and prospective and executed contracts and other business arrangements.

 

(ii)           In response to any subpoena, court order or other legal process purporting to require disclosure of Confidential Information, Employee shall:  (A) immediately notify Company; (B) take all lawful steps, at Company’s expense, to resist the subpoena, court order or other process unless otherwise directed by Company; and (C) cooperate fully, at Company’s expense, with all lawful efforts by Company to protect the Confidential Information from disclosure.

 

5.             Acknowledgements.  By signing this Agreement, Employee acknowledges and agrees:

 

(a)                that the consideration described in Sections 1 and 2 of this Agreement is consideration to which Employee would not otherwise be entitled, but for the execution of this Agreement;

 

(b)               that the Released Claims do not include (i) a lawsuit to challenge the effectiveness of a release of claims under the ADEA pursuant to the Older Workers Benefit Protection Act, or (ii) a charge filed with an administrative agency provided that Employee cannot recover any monetary or injunctive relief pursuant to such charge;

 

(c)                that Employee has been advised to consult with legal counsel about this Agreement and has been given an opportunity to do so;

 

(d)               that Employee has been given twenty-one (21) calendar days in which to consider this Agreement before executing it but understands that he may execute it in less than 21 days if he wishes to do so; and

 

(e)                that Employee has executed this Agreement voluntarily, of his own free will, and without any threat, intimidation or coercion.

 

6.             Revocation.  Employee may revoke this Agreement by delivering written notice of revocation to Company by fax or U.S. Mail addressed as follows, which notice must be postmarked or received not later than the seventh (7th) calendar day following Employee’s execution of this Agreement, and this Agreement shall not become effective until the seven-day revocation period has expired without revocation by Employee:

 

General Moly, Inc.

1726 Cole Blvd, Suite 115

Lakewood, CO  80401

Fax:  (303) 928-8598

ATTN:  Corporate Counsel, Scott Roswell

 

 

7.             Confidentiality.  The existence and terms of this Agreement are confidential and shall not be disclosed by Employee to anyone except Employee’s spouse, attorneys and tax advisors and then only after securing their agreement (written or oral) to be bound by this provision.  Company shall maintain the confidentiality of the existence and terms of this Agreement subject to any disclosure obligations under the Securities Exchange Acts or any listing or trading agreement with NYSE Amex, LLC or otherwise.

 

8.             Invalidity of Release.  If any provision of Section 3 of this Agreement is held to be invalid or unenforceable and Employee is permitted to assert any Released Claim against a Released Party, Company shall be entitled to an immediate refund of one hundred percent (100%) of all payments made pursuant to Section 2(c) of this Agreement.

 

9.             Severability.  If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall be unaffected and shall continue in full force and effect.

 

10.           No Admission.  The parties agree that this Agreement is not an admission, and shall not be construed as an admission, by either party of any violation of law or other wrongdoing of any kind.

 

11.           Attorney Fees and Costs.  Except for suit to challenge the validity of a release of claims under the ADEA, in the event of any judicial or administrative litigation relating to this Agreement, including but not limited to litigation to enforce the Agreement or assertion of the Agreement as a defense to litigation, the prevailing party shall be entitled to recover his/its reasonable attorney fees and costs incurred in connection with such action.

 

12.           Controlling Law; Venue.  This Agreement shall be governed by the laws of the State of Colorado, without regard to any state’s principles regarding conflict of laws.  Any action arising out of or relating to this Agreement shall be brought only in the state or federal courts for Jefferson County, Colorado, and Employee and Company hereby waive any right that they might have to challenge the selection of those forums, including but not limited to challenges to personal jurisdiction, venue, or the convenience for the forum.

 

13.           Compliance with Section 409A.  The parties intend that the payments and benefits provided under this Agreement shall not be subject to additional taxes pursuant to Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”).  To the maximum extent possible, the provisions of this Agreement shall be interpreted and construed consistent with such intent.  To the extent required under Section 409A, if Employee is a “specified employee” as of the date of Employee’s “separation from service” with Company (both as defined under Section 409A), payments shall be delayed six months following Employee’s date of separation from service.  Notwithstanding any other provision in this Agreement or in any other document, Company shall not be responsible for the payment of any applicable taxes incurred by Employee pursuant to this Agreement, including with respect to compliance pursuant to Section 409A.  Company makes no representation that any or all of the payments and benefits described in this Agreement will be exempt from or comply with Section 409A.

 

 

14.           Entire Agreement.  This Agreement does not supersede or replace the Change of Control Severance Agreement dated March 9, 2009 (“Change of Control Agreement”), between Employee and Company.  This Agreement and the Change of Control Agreement are the entire agreements between the parties regarding the matters addressed herein, and they supersede and replace all prior agreements, representations, negotiations or discussions between the parties, whether written or oral.  This Agreement may not be modified except in writing signed by both parties.

 

15.           Counterparts.  This Agreement may be executed in counterparts, including fax counterparts, and all counterparts together shall constitute one fully-executed agreement.

 

 

	
EMPLOYEE:
    	
 
    	
COMPANY:
    
	
 
    	
 
    	
GENERAL MOLY, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Gregory McClain 
    	
 
    	
By:
    	
/s/   Scott Roswell 
    
	
 
    	
 
    	
Its:
    	
Corp.   Counsel - VP HR
    
	
 
    	
 
    	
 
    
	
Date:
    	
March   24, 2011
    	
 
    	
Date:
    	
3/28/11

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