Document:

Employment Agreement

 Exhibit 10.26 
 NORTH CAROLINA 
 EMPLOYMENT AGREEMENT 

GUILFORD COUNTY 
 THIS
EMPLOYMENT AGREEMENT (hereinafter the “Agreement”) is made as of the 9th day of April 2010, between Phillip Carmac (hereinafter “Employee”), a resident of Randolph County, North Carolina and CAROLINA BANK, a
commercial bank formed under the laws of the State of North Carolina and having its principal place of business in Guilford County, North Carolina (hereinafter “Bank” or “Employer”). 

WITNESSETH: 
 WHEREAS, the Employee is employed as Senior Vice President of the Bank and President of the Wholesale Mortgage Division; and 
 WHEREAS, during the performance of his duties for the Bank, the Employee has access to proprietary and confidential information and know-how of the Bank relating to its customers, its operations, and its
strategic plans; and 
 WHEREAS, the Employee recognizes and understands that the Employee’s employment creates a
relationship of confidence and trust with respect to the Bank’s proprietary and confidential information; and 
 NOW,
THEREFORE, in consideration of the mutual promises below, the parties agree as follows: 
 1. Employment. The Bank hereby
agrees to continue the employ of the Employee, and the Employee hereby accepts continued employment with the Bank in the position and with the duties and responsibilities set forth in Section 2 below, and upon the other terms and conditions
hereinafter stated. 

 2. .Position; Duties; Extent of Services. The Employee shall serve as Senior Vice
President of the Bank and President of the Wholesale Mortgage Division. In this position, the Employee serves at the will of the President of the Bank and shall have such responsibilities, duties and authority as are appropriate to his position and
as may be assigned to him from time to time by the President of the Bank. The Employee shall perform faithfully and diligently his duties on behalf of the Bank and shall conduct himself at all times in such a manner as to maintain the good
reputation of the Bank. During his employment hereunder, the Employee shall devote his full time and undivided attention during normal business hours to the business and affairs of the Bank and its affiliates. 

3. Compensation. In consideration of the services to be rendered by the Employee to the Bank and in consideration of the
Employee’s other covenants hereunder, the Employee will receive the compensation provided on Exhibit A. In addition, the Employee will receive a one time bonus payment of $5,000.00 (less withholdings required by law). The compensation provided
in Exhibit A will be payable at such intervals as may be established by the Bank from time to time for payments to its employees generally, which compensation shall be subject to adjustment from time to time in the President’s discretion.

 4. Employee Benefits. The Employee will be entitled to participate, in accordance with the provisions thereof, in the
employee benefit plans made available by the Bank to its employees generally. In addition, in recognition of his position, Employee shall receive the benefits provided on Exhibit A, which benefits shall be subject to adjustment from time to time in
the President’s discretion. 

  
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 5. Expenses. The Employee shall be entitled to receive reimbursement by the Bank for
all reasonable out-of-pocket expenses incurred by the Employee in connection with the performance of his services hereunder. The Employee’s right to reimbursement hereunder shall, however, be subject to such policies and procedures as may be
established by the Bank from time to time for its senior level employees, which policies and procedures may include advance approval with respect to any particular expenditure. 

6. Definitions. 
 (a) The “Restricted Period” shall mean a period of one year immediately following the date that Employee’s employment with the Bank ends. Employee acknowledges and agrees that the one year
period is reasonable and appropriate to meet the limited purposes of this Agreement. Periods of noncompliance by the Employee with the restrictive covenants contained herein will be added to the Restricted Period such that the Bank shall receive the
benefit of a full year of compliance on the part of the Employee. 
 (b) The term “Confidential
Information” shall mean: information about (i) the business and financial operations of the Bank or its affiliates; (ii) the customers or prospective customers of the Bank or its affiliates; (iii) the products, processes,
techniques, research data, and strategies of the Bank or its affiliates, (iv) any trade secrets, discoveries, or improvements to the processes or products of the Bank or its affiliates. Confidential Information shall not include information to
the extent that the same: (i) is now in, or later enters, the public domain through no fault of Employee, (ii) was known to Employee prior to the disclosure by the Bank or any of its affiliates, customers or suppliers, or any entity with
which the Bank then has an agreement to hold confidential certain information provided by 

  
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such entity, and such knowledge can be supported by written documentation supplied by Employee, or (iii) was rightfully obtained by Employee from a third party in rightful possession of such
information other than from any of the Bank’s affiliates, customers or suppliers, or any entity with which the Bank then has an agreement to hold confidential certain information provided by such entity, during Employee’s employment by the
Bank. 
 (c) The term “Covered Entities” shall mean (i) the Bank, and any of its affiliates, and
(ii) any customers or suppliers of the Bank or any of its affiliates, with respect to Confidential Information of such customer or supplier which the Employee acquires through the Bank or one of its affiliates, or (iii) any other entity
which the Bank has entered into agreements to hold confidential certain information provided by such entity with respect to such information. 
 (d) The term “Competitive Activity” shall mean soliciting residential mortgage loans for purchase or resale. 

(e) The term “Financial Institution” means any bank, savings association, or bank or savings association holding
company, or any other institution, the business of which is engaging in activities that are financial in nature or incidental to such financial activities as described in section 4(k) of the Bank Holding Company Act of 1956, other than the Bank or
one of its affiliated corporations. 
 (f) “Financial Product or Service” means any product or service
that a Financial Institution or a financial holding company could offer by engaging in any activity that is financial in nature or incidental to such a financial activity under section 4(k) of the Bank Holding Company Act of 1956 and that is offered
by the Bank or one of its affiliated 

  
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corporations on the date of the Employee’s Termination of Employment, including but not limited to banking activities and activities that are closely related and a proper incident to
banking. 
 (g) “Customer” shall mean any commercial bank, mortgage lender or other person or business
from which the Bank’s Wholesale Mortgage Division has purchased residential mortgages or otherwise provided services within the 12 month period immediately prior to the Employee’s termination of employment. 

7. Covenant Not to Compete. Employee shall have access to Confidential Information during his employment with the Bank. To protect
adequately such Confidential Information, Employee agrees as follows: 
 (a) During the term of his employment with the Bank,
Employee shall not perform work for himself or for any other person, entity or business, which is engaged in Competitive Activity without the prior written consent of the Chairman of the Board of Directors of the Bank; and 

(b) During the Restricted Period, Employee shall not perform work for himself or for any other person, entity or business, which is
engaged in Competitive Activity, if that work involves a Customer of the Bank’s Wholesale Mortgage Division, unless Employee has the prior written consent of the Chairman of the Board of Directors of the Bank after full disclosure, and
regardless of whether Employee is compensated for that work or not; and 
 (c) During the Restricted Period, Employee will not
service, place, solicit, divert, take away, or attempt to service, place, solicit, divert, or take away any Customer of 

  
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the Bank, and/or accounts he has been assigned or has developed or has in any way serviced at any time during the last 12 months of his employment with the Bank or about which he has knowledge of
proprietary or Confidential Information. 
 Employee acknowledges that the covenants not to compete contained in this Agreement
are reasonably necessary for the protection of the Bank and that covenants are reasonably limited with respect to the activities prohibited, the duration thereof, the geographic area thereof, the scope thereof and the effect thereof on the Employee
and the general public. Nothing in this Agreement shall be construed to prevent Employee from, or require the Bank’s consent for: (i) investing personal assets in businesses in such form or manner that will not require any services on the
part of Employee in the operation or the affairs of the companies in which such investments are made and in which Employee participation is solely that of an investor; or (ii) purchasing securities in any corporation whose securities are listed
on a national securities exchange or regularly traded in the over-the-counter market, provided that Employee at no time owns, directly or indirectly, in excess of one percent (1%) of the outstanding stock of any class of any such corporation
engaged in a business competitive with that of the Bank 
 8. Confidentiality. To protect adequately the Bank’s
Confidential Information, in addition to the Covenant Not to Compete set forth herein, Employee agrees as follows: 
 (a) During the term of his employment with the Bank and forever thereafter, Employee will diligently protect against unauthorized disclosure and, except as may be necessary in the ordinary course of
Employee’s employment with the Bank, will not disclose any Confidential Information of the Bank or its affiliates. Employee agrees that he will not copy any such information or materials or divulge the same or any part thereof to any other

  
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person, firm, corporation or organization, or use such information or materials, either for himself or for the benefit of any third party, whether in competition with the Bank or otherwise,
except as necessary in the ordinary course of Employee’s employment by the Bank. 
 (b) Upon the termination
of Employee’s employment, for whatever reason, or upon the prior demand of the Bank, Employee shall immediately return to the Bank all Confidential Information and materials described above then in Employee’s possession or control.

 9. Non-Inducement of Employees. During Employee’s employment hereunder, and for a period of one year thereafter,
Employee shall not, directly or indirectly, induce or aid others to induce an employee of the Bank to leave the employ of the Bank or in any way interfere with the relationship between Employer and an employee of the Bank. 

10. Necessary and Reasonable Restrictions. Employee acknowledges and agrees that as the Bank’s Senior Vice President and
President of the Wholesale Mortgage Division, he has knowledge of the Bank’s most proprietary and valuable Confidential Information, and that he has unique insight into and knowledge of the skills, talents and capabilities of the Bank’s
employees. Employee further acknowledges and agrees that the covenants contained herein are reasonable and necessary to protect the legitimate business interests of the Bank, in view of, among other things, the short duration of the restrictions,
the narrow scope of the restrictions, and the Bank’s interests in protecting its goodwill, valuable Confidential Information, trade secrets, and its business relationships with its Customers and other individuals or entities necessary to the
business of the Bank. 

  
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 Employee agrees that his background and capabilities will allow him to seek and accept
employment acceptable to him without violation of the restrictions contained in this Agreement. Employee further acknowledges and agrees that his employment with the Bank and the compensation and benefits under this Agreement constitutes sufficient
consideration for his agreement to the confidentiality, non-competition and non-solicitation restrictions set forth in this Agreement. 
 11. Remedies. The parties hereto agree that Employer would suffer irreparable harm that would not be adequately remedied by money damages should Employee breach any of the covenants or
agreements contained in this Agreement. Therefore, in the event of the actual or threatened breach by Employee of any of the provisions of Sections 7, 8 and 9 of this Agreement, Employer or its successors or assigns may, in addition and
supplementary to any other rights and remedies existing in its favor, including a claim for damages if supported by law, apply to any court of competent jurisdiction for specific performance or injunctive relief to enforce this Agreement or to
prevent such violation. Employee agrees that these terms and conditions are reasonable. 
 12. Employment-At-Will.
Nothing herein is intended to create a contract of definite duration. The relationship between the parties remains one of employment at will pursuant to the law of the State of North Carolina. 

13. Severability. If any provision or clause of this Agreement or portion thereof shall be held in court or any other tribunal of
competent jurisdiction to be unenforceable in such jurisdiction, the remainder of such provisions shall not thereby be affected and shall be given full effect without regard to the invalid portion. It is the intention of the parties that, and the
parties agree that, as an essential part of the bargained-for consideration of this Agreement, if any court construes any 

  
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provision or clause of this Agreement, or any portion thereof, to be illegal, void or unenforceable because of the duration or scope of such provision, or the area or matter covered thereby, such
court shall reduce the duration, areas or matter of such provision and, in its reduced form, such provision shall then be enforceable to the greatest extent permitted by law and shall be enforced. 

14. Assignment. This Agreement shall inure to the benefit of the parties hereto and their respective successors and permitted
assigns. This Agreement may be assigned by the Bank without the consent of Employee but may not be assigned by Employee. 
 15.
Knowing Agreement. Employee agrees that his signature below indicates that he understands the contents of this Agreement, that he has had ample opportunity to review the terms of this Agreement, and that he executes this Agreement of his own
free will. 
 16. No-Waiver. Failure by either the Bank or Employee to exercise any remedy available to either party in
the event of a default by the other shall not be deemed to be a waiver of any other default, or of any repetition of the initial default. 
 17. Amendments. No amendment or modification of this Agreement shall be deemed effective unless and until executed in writing by both parties hereto. 

18. Notices. All notices, requests, demands, and other communications hereunder shall be in writing and shall be delivered by hand
or mailed by registered or certified mail, return receipt requested, first class postage pre-paid, addressed as follows: 
 If
to the Employee: 
 Phillip Carmac 
 [home address] 
  

  
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 If to the Bank: 

Carolina Bank 
 101 North Spring Street 
 Greensboro, North Carolina 27401

 Attention:_Mr. Robert Braswell,
President             
 If delivered personally, the date on
which a notice, request, instruction or document is delivered shall be the date on which such delivery is made and, if delivered by mail, three (3) calendar days after the date on which such notice, request, instruction or document is mailed
shall be the date of delivery unless a return receipt proves a different date. 
 19. Entire Agreement. This Agreement
contains the entire agreement between Employee and the Bank with reference to Employee’s employment by the Bank. 
 20.
Pronouns. All pronouns and any variations thereof refer to the masculine, feminine or neuter, singular or plural, as the context may require. 
 21. Governing Law. This Agreement shall be governed in accordance with the laws of the State of North Carolina. Employee and the Bank agree that any lawsuit based in whole or in part on any
provision of this Employment Agreement shall only be brought in the state or federal courts located in Greensboro, Guilford County, North Carolina, and the Bank and Employee waive any defenses based upon personal jurisdiction or venue to such
lawsuit brought in Greensboro, Guilford County, North Carolina. 
 22. Board Approval. This Agreement and any
corrections, amendments, and addenda thereto, shall not be effective or legally binding until they have been reviewed and signed by the 

  
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Employee and by both the President of the Bank and the Chairman of the Board of Directors of the Bank acting on behalf of the Board. 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above. 

 

			
	EMPLOYEE:	 	
		
	   /s/ PHILLIP B. CARMAC
	 	(SEAL)

 STATE OF NORTH CAROLINA 

COUNTY OF GUILFORD 
 I,
Francis C. Cabe            , a Notary Public of the County and State aforesaid certify that Phillip B.
Carmac             personally came before me this day and acknowledged the execution of the foregoing instrument. 

Witness my hand and official seal, this     23     day of
    April            , 2010. 
  

	
	   /s/ FRANCIS C. CABE

	   NOTARY PUBLIC

	
	     Francis C. Cabe

	Typed Name

 My Commission Expires: 6-5-13 

 

			
	CAROLINA BANK
		
	By:	 	   /s/ ROBERT BRASWELL

		
	Its	 	PRESIDENT

 STATE OF NORTH CAROLINA 

COUNTY OF GUILFORD 
 I,
Francis C. Cabe            , a Notary Public for said County and State, do hereby certify that Gary N.
Brown             personally came before me this day and acknowledged that he is the 

  
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Chairman of the Board of Directors of CAROLINA BANK, and that by authority duly given, and as the act of the Bank, the foregoing instrument was signed in its name. 

Witness my hand and official seal, this     23     day of
    April            , 2010. 
  

	
	   /s/ FRANCIS C. CABE

	   NOTARY PUBLIC

	
	     Francis C. Cabe

	Typed Name

 My Commission Expires: 6-5-13 

 

	
	CONFIRMED BY:
	
	   /s/ GARY N. BROWN

	Chairman of the Board of Directors
	
	CAROLINA BANK

  
 12Geovic Mining Corp. Second Amended and Restated Stock Option Plan

 Exhibit 10.14 
 GEOVIC MINING CORP. 
 SECOND AMENDED AND RESTATED STOCK OPTION PLAN

 As amended through January 21, 2011 

 ARTICLE 1 
 DEFINITIONS AND INTERPRETATION 
  

	1.1	DEFINITIONS 

 As used herein, unless
anything in the subject matter or context is inconsistent therewith, the following terms shall have the meanings set forth below: 

“Administrator” means such director or other senior officer or employee of the Company as may be designated as Administrator by the
Board or the Committee from time to time; 
 “Award Date” means the date on which the Board grants and announces a particular
Option; 
 “Board” means the Board of Directors of the Company; 
 “Code” means the United States Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder; 

“Committee” has the meaning ascribed to such term in section 5.1; 
 “Company” means Geovic Mining Corp. and any subsidiary thereof, (within the meaning of the Securities Act and the Securities Act of 1933), as the context may apply; 

“Consultant” means an individual (or a company wholly owned by the individual) 

 

	 	(i)	who is appointed as a member of an Advisory Board to the Board of Directors and management which may be established by the Board from time to time, or

  

	 	(ii)	who 

  

	 	(A)	provides ongoing consulting, technical, management or other services to the Company (excluding services provided in relation to a distribution of the Company’s
securities); 

  

	 	(B)	possesses technical, business or management expertise of value to the Company; 

 

	 	(C)	provides the services under a written contract with the Company; 

  

	 	(D)	spends a significant amount of time and attention to the business and affairs of the Company; and 

 

	 	(E)	has a relationship with the Company that enables the individual to be knowledgeable about the business and affairs of the Company; 

“Director” means a director, senior officer or a Management Company Employee of the Company; 

“Employee” means (i) an individual considered an employee under the Code (i.e. for whom income tax and other deductions are made by
the Company); (ii) an individual who works full-time for the Company providing services normally provided by an employee of the Company but for whom income tax and other deductions are not made by the Company; and (iii) an individual who
works for the Company on a continuing and regular basis for a minimum amount of time per week, but for whom income tax and other deductions are not made by the Company; 
 “Exchange” means the Toronto Stock Exchange; 

 “Exchanged Option” has the meaning ascribed to such term in section 3.2; 

“Exercise Notice” means the notice respecting the exercise of an Option, in the form set out as Schedule “B” hereto, duly
executed by the Option Holder; 
 “Exercise Period” means the period during which a particular Option may be exercised, being
the period from and including the Award Date through to and including the Expiry Date; 
 “Exercise Price” means the price at
which an Option may be exercised as determined in accordance with section 3.5; 
 “Expiry Date” means the date determined in
accordance with section 3.3 and after which a particular Option cannot be exercised; 
 “Fair Market Value” means, on any
particular date, the simple average of the closing price per Share for each of the 20 consecutive trading days immediately before such date on the Exchange, or such other stock exchange or over-the-counter market as the Shares may then be listed or
quoted (as the case may be), or, if the Shares are not listed on any stock exchange or quoted for trading by a recognized over-the-counter market, the Fair Market Value shall be the value of a Share, as determined by the Board, acting reasonably and
in good faith, which determination shall be conclusive; 
 “Incentive Stock Option” means an Option that is intended to comply
with the requirements of Section 422 of the Code or any successor provision thereto; 
 “Insider” means a Director, a
director or senior officer of the Company or of a company that is an Insider or subsidiary of the Company, or any person or entity which is required under Section 16(a) of the Securities Exchange Act of 1934, as amended, to file
beneficial ownership disclosure reports with the United States Securities and Exchange Commission, including a person or entity that beneficially owns or controls, directly or indirectly, voting shares carrying more than 10% of the voting rights
attached to all outstanding voting shares of the Company; 
 “Management Company Employee” means an individual employed by a
company providing management services to the Company, which are required for the ongoing successful operation of the business enterprise of the Company; 
 “Market Price” means, as of any date, the value of the Shares, determined as follows: 
  

	 	(i)	if the Shares are listed on the Exchange, the Market Price shall be the closing price of the Shares on the Exchange for the last market trading day prior to the date of
the grant of the Option; 

  

	 	(ii)	if the Shares are listed on the TSX Venture Exchange, the Market Price shall be the closing price of the Shares on the TSX Venture Exchange for the last market trading
day prior to the date of the grant of the Option less any discount permitted by the TSX Venture Exchange; 

  

	 	(iii)	if the Shares are listed on an exchange other than the TSX Venture Exchange or the Exchange, the Market Price shall be the closing price of the Shares (or the closing
bid, if no sales were reported) as quoted on such exchange for the last market trading day prior to the date of the grant of the Option; and 

  
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	 	(iv)	if the Shares are not listed on an exchange, the Market Price shall be determined in good faith by the Board. 

“Option” means an option to acquire Shares, awarded to a Director, Employee or Consultant pursuant to the Plan; 

“Option Certificate” means the certificate, substantially in the form set out as Schedule “A” hereto, evidencing an Option;

 “Option Holder” means a current or former Director, Employee or Consultant who holds an unexercised and unexpired Option or,
where applicable, the Personal Representative of such person; 
 “Personal Representative” means (i) in the case of a
deceased Option Holder, the executor or administrator of the deceased duly appointed by a court or public authority having jurisdiction to do so; and (ii) in the case of an Option Holder who for any reason is unable to manage his or her
affairs, the person entitled by law to act on behalf of such Option Holder; 
 “Plan” means this stock option plan; 

“RTO” means the reverse take-over transaction completed on December 1, 2006, pursuant to which the Company acquired all of the
issued and outstanding securities of Geovic, Ltd. and Geovic Finance Corp.; 
 “Securities Act” means the Securities Act
(British Columbia); 
 “Securities Act of 1933” means the Securities Act of 1933 (United States), as amended; and

 “Share” or “Shares” means, as the case may be, one or more common shares of the Company, par value of
$0.0001 per share. 
  

	1.2	CHOICE OF LAW 

 The Plan is established
under, and the provisions of the Plan shall be interpreted and construed solely in accordance with, the laws of the State of Delaware once the Company is domesticated as a Delaware corporation and the laws of the United States applicable therein.

  

	1.3	HEADINGS 

 The headings used herein are
for convenience only and are not to affect the interpretation of the Plan. 

  
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 ARTICLE 2 
 PURPOSE AND PARTICIPATION 
  

	2.1	PURPOSE 

 The purpose of the Plan is to
attract, retain and motivate Directors, Employees and Consultants, to reward such of those persons by the grant of Options under the Plan by the Board from time to time for their contributions toward the long term goals of the Company and to enable
and encourage such persons to acquire Shares as long term investments. 
  

	2.2	PARTICIPATION 

 The Committee shall, from
time to time, in its sole discretion, subject to final approval by the Board, determine those Directors, Employees and Consultants, if any, to whom Options are to be awarded. If the Board elects to award an Option to a Director, the Board shall, in
its sole discretion but subject to section 3.2, determine the number of Shares to be acquired on the exercise of such Option. If the Board elects to award an Option to an Employee or Consultant, the number of Shares to be acquired on the exercise of
such Option shall be determined by the Board in its sole discretion, and in so doing the Board may take into account the following criteria: 
  

	 	(a)	the person’s remuneration as at the Award Date in relation to the total remuneration payable by the Company to all of its Employees and Consultants as at the Award
Date; 

  

	 	(b)	the length of time that the person has provided services to the Company; 

  

	 	(c)	the nature and quality of work performed by the person; 

  

	 	(d)	the anticipated motivation and incentive of the option holder expected to be achieved from the issuance of Options; and 

 

	 	(e)	other factors deemed relevant at the time. 

  

	2.3	NOTIFICATION OF AWARD 

 Following the
approval by the Board of the awarding of an Option, the Administrator shall notify the Option Holder in writing of the award and shall enclose with such notice the Option Certificate representing the Option so awarded. 

 

	2.4	COPY OF PLAN 

 Each Option Holder,
concurrently with the notice of the award of the Option, shall be provided with a copy of this Plan. A copy of any amendment to the Plan shall be promptly provided by the Administrator to each Option Holder. 

  
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	2.5	NO SHAREHOLDER RIGHTS 

 An Option Holder
shall not have any rights as a shareholder of the Company with respect to any of the Shares covered by an Option until the Option Holder exercises such Option in accordance with the terms of the Plan and the issuance of the Shares by the Company.

  

	2.6	INCOME TAXES 

 As a condition of and prior
to participation in the Plan, an Option Holder shall authorize the Company in written form to withhold from any remuneration otherwise payable to such Option Holder any amounts required by any taxing authority to be withheld for taxes of any kind as
a consequence of such participation in the Plan, including the exercise of Options awarded under the Plan. 
  

	2.7	NO REPRESENTATION OR WARRANTY 

 The
Company makes no representation or warranty as to the future market value of any Shares issued in accordance with the provisions of the Plan. 
  

	2.8	NO RIGHT TO AWARDS OR EMPLOYMENT 

 No
person shall have any claim or right to receive an Option under the Plan. None of the Plan, the grant of Options under the Plan or any action taken or omitted to be taken under the Plan shall be deemed to create or confer on any Option Holder any
right to be retained in the employ or engagement of the Company, or to interfere with or to limit in any way the right of the Company to terminate the employment or engagement of such Option Holder at any time. No award shall constitute salary,
recurrent compensation or contractual compensation for the year of grant, any later year or any other period of time. Payments received by an Option Holder under any Option made pursuant to the Plan shall not be included in, nor have any effect on,
the determination of employment-related rights or benefits under any other employee benefit plan or similar arrangement provided by the Company, unless otherwise specifically provided for under the terms of such plan or arrangement or by the Board.

 ARTICLE 3 
 TERMS AND CONDITIONS OF OPTIONS 
  

	3.1	BOARD TO ALLOT SHARES 

 The Shares to be
issued to Option Holders upon the exercise of Options shall be allotted, authorized and reserved for issuance by the Board prior to the exercise thereof. 
  

	3.2	NUMBER OF SHARES 

  

	 	(a)	Subject to section 3.2(d) hereof, the maximum number of Shares issuable under the Plan, including Shares subject to Incentive Stock Option treatment, shall not exceed a
total of 18,700,000, inclusive of all Shares reserved for issuance under previously granted stock options of Geovic, Ltd. that were exchanged for options of the Company pursuant to the RTO (each, an “Exchanged Option”), unless
shareholder approval is obtained in advance in accordance with section 6.2 hereof. 

  
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	 	(b)	[this section deleted by action of stockholders at annual stockholder meeting held June 15, 2009.] 

 

	 	(c)	The aggregate number of Shares reserved for issuance pursuant to this Plan or any other previously established and outstanding option plans or grants to any one
individual eligible to receive options under the Plan within a one-year period shall not exceed 5% of the Shares outstanding at the time of the grant (unless the Company has obtained shareholder approval to exceed such limit in accordance with
section 6.2 hereof). 

  

	 	(d)	If any Option or Exchanged Option has terminated or expired without being fully exercised, any unissued Shares which have been reserved to be issued upon the exercise
of the Option or the Exchanged Option, as the case may be, shall become available to be issued upon the exercise of Options subsequently granted under the Plan. If any Option or Exchanged Option has been exercised, the number of Shares into which
such Option or such Exchanged Option, as the case may be, was exercised shall become available to be issued upon the exercise of Options subsequently granted under the Plan. 

 

	3.3	TERM OF OPTION 

 Subject to section 3.4,
the Expiry Date of an Option shall be the date so fixed by the Board at the time the particular Option is awarded, provided that such date shall not be later than the tenth anniversary of the Award Date of the Option. 

 

	3.4	TERMINATION OF OPTION 

 Subject to section
3.8(b), an Option Holder may exercise an Option in whole or in part at any time or from time to time during the Exercise Period provided that, with respect to the exercise of part of an Option, the Board may, at the time of grant of the option, fix
limits, vesting requirements or restrictions in respect of which an Option Holder may exercise all or part of any Option held by him. Any Option or part thereof not exercised within the Exercise Period shall terminate and become null, void and of no
effect as of 5:00 p.m. (Mountain Standard Time) on the Expiry Date. The Expiry Date of an Option shall be the earlier of the date so fixed by the Board on the Award Date referred to in section 3.3 above, and the date established, if applicable, in
subsections (a) and (b) below except that in the circumstance where the end of the term of an Option falls within, or within two business days after the end of, a “black out” or similar period imposed under any insider trading
policy or similar policy of the Company (but not, for greater certainty, a restrictive period resulting from the Company or its insiders being the subject of a cease trade order of a securities regulatory authority). In such circumstances, the end
of the term of such Option shall be the tenth business day after the earlier of the end of such black out period or, provided the black out period has ended, the expiry date. 

  
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	 	(a)	Death 

 In the event that the
Option Holder should die while he or she is still a Director or Employee, the Expiry Date shall be 12 months from the date of death of the Option Holder. 
  

	 	(b)	Ceasing to be a Member of the Board of Directors 

 In the event that the Option Holder holds his or her Option as a member of the Board and is not also an Employee of the Company and such Option Holder ceases to be a director of the Company, other than by
reason of death, he or she may, after the date he or she ceases to be a director of the Company, exercise his or her Option to the extent that he or she was entitled to exercise the Option at the date of such resignation or termination, unless the
Option Holder ceases to be such as a result of an order of the British Columbia Securities Commission, the Exchange, or any regulatory body having jurisdiction to so order, in which case the Expiry Date shall be the date the Option Holder ceases to
be a director of the Company. 
 To the extent that the Option Holder was not entitled to exercise the Option at the date of such
resignation or termination, or if he or she does not exercise any portion of the Option which he was entitled to exercise at the date of resignation or termination prior to the Expiry Date, such portion of the Option shall terminate, in which event
a number of Shares equal to the number of Shares for which the terminated Option would have been exercisable, shall again be available for Options granted under this Plan. 

 

	 	(c)	Ceasing to Hold Office or to be Employed 

 In the event that the Option Holder holds his or her Option as a Director (other than a member of the Board) an Employee or a Consultant of the Company and such Option Holder ceases to be a Director
(other than a member of the Board), an Employee or a Consultant of the Company, other than by reason of death, he or she may, but only within such period of time not exceeding 120 days, as is determined by the Board at the time of grant of the
Option, after the date he or she ceases to be employed by the Company, exercise his or her Option to the extent that he or she was entitled to exercise the Option at the date of such termination, unless the Option Holder ceases to be such as a
result of: 
  

	 	(i)	termination for cause; or 

  

	 	(ii)	an order of the British Columbia Securities Commission, the Exchange, or any regulatory body having jurisdiction to so order, 

in which case the Expiry Date shall be the date the Option Holder ceases to be a Director (other than a member of the Board), an Employee
or a Consultant of the Company. 
 To the extent that the Option Holder was not entitled to exercise the Option at the date of
such termination, or if he or she does not exercise any portion of the Option which he was entitled to exercise at the date of termination within the time specified herein, the Option shall terminate, in which event a number of shares equal to the
number of Shares for which the terminated Option would have been exercisable, shall again be available for Options granted under this Plan. 

  
 - 7 -

	 	(d)	Incentive Stock Options 

Notwithstanding this section 3.4 to the contrary, an Option Holder shall exercise Incentive Stock Options, if at all, within three
(3) months from terminating employment with the Company or the Incentive Stock Option shall terminate on the day following such three (3) month period. In the event an Option Holder changes status from an Employee to a Consultant or
Director, and no longer remains an Employee upon such change of status, such Option Holder’s Incentive Stock Option shall convert automatically to an Option (other than an Incentive Stock Option) on the day following three (3) months from
the change in status. 
  

	3.5	EXERCISE PRICE 

 The Exercise Price shall
be that price per Share, as determined by the Board in its sole discretion and announced as of the Award Date, at which an Option Holder may purchase a Share upon the exercise of an Option, provided that the Exercise Price shall not be less than the
Market Price. 
  

	3.6	ASSIGNMENT OF OPTIONS 

 Options may not be
assigned or transferred except by will, the laws of descent and distribution, and all Option Certificates will be so legended, provided however that the Personal Representatives of an Option Holder may, to the extent permitted by section 4.1,
exercise the Option within the Exercise Period. 
  

	3.7	ADJUSTMENTS 

 If prior to the complete
exercise of any Option the Shares are consolidated, subdivided, converted, exchanged or reclassified or in any way substituted for (collectively the “Event”), the Option, to the extent that it has not been exercised, shall be adjusted by
the Board in accordance with such Event in the manner the Board deems appropriate. No fractional Shares shall be issued upon the exercise of the Options and accordingly, if as a result of the Event an Option Holder would become entitled to a
fractional share, such Option Holder shall have the right to purchase only the next lowest whole number of shares and no payment or other adjustment will be made with respect to the fractional interest so disregarded. 

 

	3.8	EXERCISE RESTRICTIONS 

  

	 	(a)	The Board may, at the time an Option is awarded or upon renegotiation of the same, attach restrictions relating to the exercise of the Option, including vesting
provisions, if the Board may so determine. Any such restrictions shall be recorded on the applicable Option Certificate. 

  

	 	(b)	No lots of Shares in an amount less than 500 Shares shall be issued upon the exercise of the Options unless such amount of Shares represents the balance left to be
exercised under the Options. 

  
 - 8 -

	3.9	REPRESENTATIONS 

 For Options granted to
Employees, Consultants or Management Company Employees, the Company will represent that the Option Holder is a bona fide Employee, Consultant or Management Company Employee, as the case may be. 

 

	3.10	INCENTIVE STOCK OPTIONS 

 Only an Employee
may receive an Incentive Stock Option. The exercise price per Share of an Incentive Stock Option shall be fixed by the Board at the time of grant, but in no event shall the exercise price of an Incentive Stock Option be less than one hundred percent
(100%) of the Market Price of a Share on the date of grant. No Incentive Stock Option may be issued pursuant to the Plan to any individual who, at the time the Incentive Stock Option is granted, owns stock possessing more than ten percent
(10%) of the total combined voting-power of all classes of stock of the Company, or any of its subsidiaries, unless (i) the exercise price determined as of the date of grant is at least one hundred ten percent (110%) of the fair
market value on the date of grant of the Shares subject to such Incentive Stock Option and (ii) the Incentive Stock Option is not exercisable more than five (5) years from the date of grant thereof. To the extent the aggregate Market Price
of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Option Holder during any calendar year exceeds $100,000, such Options shall be treated as Options other than Incentive Stock Options. No Incentive
Stock Option may be granted under the Plan after the tenth anniversary of the effective date of the Plan. The terms of any Incentive Stock Option granted under the Plan shall comply in all respects with the provisions of Section 422 of the
Code, or any successor provisions thereto, as amended from time to time. The ability to exercise an Incentive Stock Option shall comply with section 3.4(c). 
 ARTICLE 4 
 EXERCISE OF OPTION 

 

	4.1	EXERCISE OF OPTION 

 An
Option may be exercised only by the Option Holder or his Personal Representative. Except as otherwise provided in section 3.4(c), an Option Holder or his Personal Representative may exercise an Option in whole or in part, subject to any
applicable exercise restrictions, including those set out in section 3.8, at any time or from time to time during the Exercise Period up to 5:00 p.m. (Mountain Standard time) on the Expiry Date by delivering to the Administrator an Exercise Notice,
the applicable Option Certificate and, subject to section 4.2 below, payment of the entire Exercise Price in cash or cash equivalents at the time when such Shares are purchased. 

 

	4.2	NET EXERCISE 

  

	 	(a)	 The Board may permit the net exercise of any Option into Shares by any Option Holder as provided in this section 4.2 (“Net Exercise”)
at any time, or from time to time, during the term of such Option. The decision of whether or not to permit Net Exercise for any Option is in the sole discretion of the Board and will be made on a case by case basis. Upon the Net Exercise of Options
(the “Converted Options”), the Company shall deliver to the Option Holder (without payment by the Option Holder of any Exercise Price or any cash or other consideration), that

  
 - 9 -

	 	 
number of fully paid and non-assessable Shares (X) equal to the number of Converted Options (Y) multiplied by the quotient obtained by dividing the result of the Fair Market Value of
one Share (B) less the Exercise Price per Share (A) by the Fair Market Value of one Share (B). Expressed as a formula, such conversion shall be computed as follows: 

 

							
		 	X = (Y)	 	 (B - A)
	  	
	 	 	B	  	

  

									
		 	 Where:
	  	 	X =	  	  	The number of Shares that will be issued to the Option Holder.
				
		 		  	 	Y =	  	  	The number of Converted Options.
				
		 		  	 	A =	  	  	The Exercise Price per Share.
				
		 		  	 	B =	  	  	The Fair Market Value of one Share.

 No
fractional Shares shall be issuable upon the Net Exercise of Options. 
  

	 	(b)	Net Exercise may be requested for the exercise of any Options by any Option Holder. The Option Holder must make the request by indicating on the Exercise Notice, which
must be submitted as specified in section 4.1 above, that the Option Holder wishes to exercise the Options through the Net Exercise method. 

  

	4.3	ISSUE OF SHARE CERTIFICATE 

 As soon as
practicable following the receipt of the Exercise Notice, the Administrator shall cause to be delivered to the Option Holder a certificate for the Shares so purchased. If the number of Shares so purchased is less than the number of Shares subject to
the Option Certificate surrendered, the Administrator shall forward a new Option Certificate to the Option Holder concurrently with delivery of the aforesaid share certificate for the balance of the Shares available under the Option. 

 

	4.4	CONDITION OF ISSUE 

 The issue of Shares
by the Company pursuant to the exercise of an Option is subject to this Plan, the terms of the Option Certificate, and compliance with the Securities Act of 1933 and the Securities Act, and all other laws, rules and regulations of all regulatory
bodies applicable to the issuance and distribution of such Shares and to the listing requirements of any stock exchange or exchanges on which the Shares may be listed. The Option Holder agrees to comply with all such laws, rules and regulations and
agrees to furnish to the Company any information representation, report and/or undertakings required to comply with and to fully cooperate with the Company in complying with such laws, rules and regulations. In particular in the event the Options or
Shares issued under the Plan are not registered under applicable securities laws but an exemption is available which requires an investment representation or other representation, the Option Holder shall represent and agree at the time of grant or
exercise, as applicable, that the Options or Shares being acquired are being acquired for investment, and not with a view to the sale or distribution thereof, and shall make such other representations as are deemed necessary or appropriate by the
Company and its counsel. 

  
 - 10 -

	4.5	LEGEND ON CERTIFICATE 

 The Board may, if
the Shares underlying an Option exercised by an Option Holder are not at the time of exercise registered with the Securities and Exchange Commission on Form S8, cause a legend or legends to be put on certificate for Shares purchased upon exercise of
the Option to make appropriate reference to restrictions as the Board may deem advisable or as may be required by the rules and regulations and other requirements of securities regulations, any exchange that lists the Shares and any applicable laws.
In particular, if required, for Option Holders who reside in the United States, the certificates shall bear the following or similar legend: 
 “THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE
REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.” 
 If, in the opinion of the Company and its counsel any legend placed on a certificate representing shares sold under this Plan is no longer required, the holder of such certificate shall be entitled to
exchange such certificate for a certificate representing the same number of Shares but without a legend. 
  

	4.6	SECTION 409A 

 Notwithstanding the
foregoing or any provision of the Plan, if any provision of the Plan contravenes Section 409A or could cause the Option Holder to incur any tax, interest or penalties under Section 409A, the Board may, in its sole discretion and without
the Option Holder’s consent, modify such provision to (i) comply with, or avoid being subject to, Section 409A, (ii) to avoid the incurrence of taxes, interest and penalties under Section 409A, and/or (iii) to maintain,
to the maximum extent practicable, the original intent and economic benefit to the Participant of the applicable provision without materially increasing the cost to the Company or contravening the provisions of Section 409A. Moreover, any
discretionary authority of the Board or the Administrator may have pursuant to the Plan shall not be applicable to an Option that is subject to Section 409A, to the extent such discretionary authority will contravene Section 409A. This
Section does not create an obligation on the part of the Company to modify the Plan and does not guarantee that the Options will not be subject to interest and penalties under Section 409A. 

ARTICLE 5 

ADMINISTRATION 
  

	5.1	ADMINISTRATION 

 The Plan shall be
administered by the Board, an Administrator on the instructions of the Board or the Compensation Committee of the Board (the “Committee”). The Board or the Committee may make, amend or repeal, at any time and from time to time, such
regulations not inconsistent 

  
 - 11 -

 
with this Plan as it may deem necessary or advisable for the proper administration and operation of this Plan and such regulations shall form part of this Plan. The Board may delegate to the
Committee, the Administrator or any officer of the Company such duties and powers in connection with this Plan as it may see fit. In this Plan, unless the context indicates otherwise, references to the Board shall be deemed to include references to
the Administrator or the Committee, if the Board shall have delegated obligations or duties to an Administrator or the Committee. Notwithstanding the foregoing, all actions by an Administrator or the Committee shall be subject to final approval by
the Board. 
  

	5.2	INTERPRETATION 

 The interpretation by the
Board or its authorized committee of any of the provisions of this Plan and any determination by it pursuant thereto shall be final and conclusive and shall not be subject to any dispute by any Option Holder. No member of the Board or any person
acting pursuant to authority delegated by the Board hereunder shall be liable for any action or determination in connection with this Plan made or taken in good faith and each member of the Board and each such person shall be entitled to
indemnification with respect to any such action or determination in the manner provided for by the Company. 
 ARTICLE 6

 APPROVALS, AMENDMENTS AND TERMINATION 

 

	6.1	APPROVALS REQUIRED FOR PLAN 

 Prior to its
implementation by the Company, this Plan is subject to the receipt of approval by the shareholders of the Company at a general meeting and approval of the Exchange within 12 months after the Plan is adopted by the Board. Thereafter, the Company
shall obtain shareholder approval of any Plan amendment to the extent necessary and desirable to comply with applicable laws. 
  

	6.2	AMENDMENT 

 The Board may, without notice
to the shareholders and without further shareholder approval, at any time and from time to time, amend the Plan or any provisions thereof, or the form of Option Certificate or instrument to be executed pursuant to the Plan, in such manner as the
Board, in its sole discretion, determines appropriate: 
  

	 	(a)	for the purposes of making formal minor or technical modifications to any of the provisions of the Plan; 

 

	 	(b)	to correct any ambiguity, defective provisions, error or omission in the provisions of the Plan; 

 

	 	(c)	to change any vesting provisions of Options; 

  

	 	(d)	to change the termination provisions of the Options or the Plan; 

  

	 	(e)	to change the persons who qualify as eligible Directors, Employees and Consultants under the Plan; 

  
 - 12 -

	 	(f)	to change the Net Exercise feature of the Plan; 

  

	 	(g)	to add a cashless exercise feature to the Plan; and 

  

	 	(h)	to add or change provisions relating to any form of financial assistance provided by the Company to Directors, Employees and Consultants that would facilitate the
purchase of securities under the Plan; 

 provided, however, that: 

 

	 	(i)	no such amendment of the Plan may be made without the consent of such affected Director, Employee or Consultant if such amendment would adversely affect the rights of
such affected Director, Employee or Consultant under the Plan, except that as provided in section 4.6, an amendment to an outstanding Option to comply with the provisions of Section 409A of the Code shall not be deemed to adversely affect the
rights of such affected Director, Employee or Consultant; and 

  

	 	(j)	shareholder approval shall be obtained in accordance with the requirements of the Exchange for any amendment that results in: 

 

	 	(i)	an increase in the number of Shares issuable under Options granted pursuant to the Plan; 

 

	 	(ii)	a reduction in the exercise price of an Option granted to an Insider of the Company; or 

 

	 	(iii)	an extension of the term of an Option granted under the Plan benefiting an Insider of the Company. 

 

	6.3	TERMINATION 

 The Board may terminate this
Plan at any time provided that such termination shall not alter the terms or conditions of any Option or materially impair any right of any Option Holder pursuant to any Option awarded prior to the date of such termination except with the consent of
such Option Holder and notwithstanding such termination the Company, such Options and such Option Holders shall continue to be governed by the provisions of this Plan. Notwithstanding anything in the Plan to the contrary, the Plan shall continue in
effect for a term of ten (10) years from the earlier of its adoption by the Board or its approval by the shareholders, unless terminated earlier. 
  

	6.4	AGREEMENT 

 The Company and every person
to whom an Option is awarded hereunder shall be bound by and subject to the terms and conditions of this Plan. 

  
 - 13 -

 Schedule A 

OPTION CERTIFICATE 
 This
certificate is issued pursuant to the provisions of the GEOVIC MINING CORP. (the “Company”) Stock Option Plan (the “Plan”) and evidences that (Name of Option Holder)
                     is the holder of an option (the “Option”) to purchase up to
         (Number of Shares) common shares (the “Shares”) in the capital stock of the Company at a purchase price of $         per Share.

 Subject to the provisions of the Plan: 
  

	(a)	the Award Date of this Option is                     
(insert date of grant); and 

  

	(b)	the Expiry Date of this Option is                     
(insert date of expiry). 

  

	(c)	this Option is intended to be an Incentive Stock Option. Yes              No
             

 Additional Vesting or Other
Restrictions: (insert as applicable) 
 Other Applicable Terms: (insert as applicable) 

This Option may not be assigned or transferred except by will, divorce settlement, the laws of descent and distribution, and all Option Certificates will
be so legended, provided however that the Personal Representatives of an Option Holder may, to the extent permitted by section 4.1, exercise the Option within the Exercise Period. 
 Except as otherwise provided in section 3.4(c) of the Plan, this Option may be exercised in accordance with its terms and the terms of the Plan at any time and from time to time from and including the
Award Date through and until 5:00 p.m. (Mountain Standard Time) on the Expiry Date, by delivering to the Company an Exercise Notice, in the form provided in the Plan, together with this certificate and a certified cheque or bank draft payable
to the Company in an amount equal to the aggregate of the Exercise Price of the Shares in respect of which this Option is being exercised. 

 This certificate is issued for convenience only and in the case of any dispute with regard to any matter in
respect hereof, the provisions of the Plan and the records of the Company shall prevail. 
 This certificate and the Option evidenced hereby is
subject to the detailed terms and condition contained in the Plan. 
 Signed this      day of
        , 20    . 
  

			
	GEOVIC MINING CORP.
	 by its authorized signatory:

	
	  

		
	NAME:	 	  

		
	TITLE:	 	  

  
 2 

 Schedule B 

Election to Exercise 

The undersigned hereby irrevocably elects to exercise the Options of Geovic Mining Corp. as provided in the attached Option Certificate for the number of
Shares set forth below: 
  

							
		 	 Number of Shares to be Acquired:
	  	  
	  	
	 	  
 Exercise Price per
Share:
	  	  

$        
	  
	 	  
 Aggregate Purchase
Price
	  	  

$        
	  

 and either: 

 

	1.	hereby tenders a certified cheque, bank draft or cash for such aggregate purchase price; or 

 

	2.	requests that the Options be exercised through the Net Exercise method. 

 The undersigned acknowledges that the Board of Directors of Geovic Mining Corp. may decide, for any reason, that the Options may not be exercised through the Net Exercise method. In such case, this
Exercise Notice will be returned to the Option Holder, along with the Option Certificate(s) and the Option Holder may re-submit the Exercise Notice and Option Certificate(s) with a certified cheque, bank draft or cash, as provided in item 1 above.

 The undersigned irrevocably hereby directs that the Shares be issued, registered and delivered as follows: 

 

									
	  Name in Full	 		  	  Address	  		  	  Number of Shares
	  
	 		  	  
	  		  	  

	  
	 		  	  
	  		  	  

 DATED this      day of         , 200    .

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