Document:

Exhibit
10.1

 

ARES CAPITAL CORPORATION

280 Park Avenue, 22nd Floor East

New York, NY 10017

 

March 2,
2010

 

Allied
Capital Corporation

1919
Pennsylvania Avenue, NW

Washington,
D.C. 20006

Attention:
John M. Scheurer

 

RE:                              Consent to Special Dividend

 

Dear
Mr. Scheurer:

 

Pursuant
to Section 5.2(b) of the Agreement and Plan of Merger, dated as of October 26,
2009 (the “Agreement”), among
Ares Capital Corporation (“Ares Capital”),
ARCC Odyssey Corp. and Allied Capital Corporation (“Allied Capital”), Ares Capital hereby consents to the
following proposed actions of Allied Capital:

 

(1)         declaration of a dividend,
to be paid in cash in an amount equal to $0.20 per share, to stockholders of
record of Allied Capital as of the date of the special meeting of stockholders
at which the Merger shall have been approved by the requisite affirmative vote
of the stockholders entitled to vote thereon, such dividend to be paid after
the Closing of the Merger as set forth in (3) below (the “Special Dividend”);

 

(2)         establishment of the date of
the special meeting of stockholders at which the Merger shall have been
approved by the requisite affirmative vote of the stockholders entitled to vote
thereon as the record date for the Special Dividend (the “Record Date”); and

 

(3)         payment by Allied Capital of
the aggregate amount of the Special Dividend to American Stock Transfer &
Trust Company, in its capacity as dividend paying agent (the “Paying Agent”), on the Closing Date,
with instructions that the Paying Agent shall disburse such amounts to Allied
Capital stockholders as of the Record Date as promptly as practicable after the
Effective Time.

 

Capitalized
terms used but not defined herein shall have the meanings ascribed to such
terms in the Agreement.

 

	
   

  	
  ARES
  CAPITAL CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Joshua M. Bloomstein

  
	
   

  	
   

  	
  Name:
  Joshua M. Bloomstein

  
	
   

  	
   

  	
  Title:
  Authorized SignatoryExhibit 10.48

 

STAY
BONUS AGREEMENT

 

THIS AGREEMENT is entered
into between GENERAL MOLY, INC., (“Company”), whose mailing address is
1726 Cole Blvd., Suite 115, Lakewood, Denver, CO 80401, and Lee
Shumway, (“Employee”), whose mailing address is 430 Mountain City Highway,
Elko, NV 89801.

 

RECITALS

 

WHEREAS, Company wishes to
have Employee continue his/her employment with Company through the critical
phase of obtaining permitting and construction financing for, and the
construction of, the Mt. Hope mine;

 

WHEREAS, Employee wishes to
continue employment with Company as Director, Business Process &
IT; and

 

WHEREAS, Company agrees to
provide a Stay Bonus and a Restricted Share Award to Employee, expressly
conditioned upon the terms and conditions described within this Agreement.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the foregoing recitals and for the covenants and conditions
hereinafter contained, the parties hereto agree as follows:

 

1.             Term of Agreement.  This Agreement shall be in effect from 7-May-2009
(“Beginning Date”), and end on January 1, 2011 (“End Date”).

 

2.             Value of Stay Bonus.  If Employee remains continuously employed as
an employee by Company from the Beginning Date through the End Date, Company
shall pay Employee a Stay Bonus in the amount of $43,945.00, less applicable withholding for taxes and
applicable payroll deductions.  Payment
of the Stay Bonus shall be made in a lump sum on a date determined by the
Company within sixty (60) days after the End Date, except as required by Section 5
regarding compliance with Section 409A.

 

3.             Restricted Stock Award.  Company agrees to grant an award of 54,732 shares of Restricted Stock (the “Shares”)
in accordance with the terms of the Company 2006 Equity Incentive Plan and
applicable Restricted Stock Award Agreement between Company and Employee, which
shall be incorporated by reference.  The
Shares shall vest in full in accordance with the terms of the Restricted Stock
Award Agreement on the End Date provided that Employee has remained
continuously employed by Company from the Beginning Date through the End
Date.  All terms and conditions of the
award of the Shares shall be governed by the Restricted Stock A ward Agreement.

 

4.             Employment Status.  This Agreement is not an employment agreement
and does not guarantee Employee employment with Company for any specific period
of time.  Employee 

 

 

shall
remain at all times an employee at will whose employment may be terminated by
either party at any time, with or without cause.

 

5.             Confidentiality.  Employee expressly agrees to keep the
substance and terms of this Agreement strictly confidential.  With the exception of immediate family, tax
advisors, and attorneys, Employee further agrees that he will not communicate
(orally or in writing) or in any way disclose the terms of this Agreement to
any person without the prior express written consent of Company, unless
compelled to do so by law.  Employee
acknowledges that Company may be required to disclose the terms, and file a
copy of, this Agreement pursuant to applicable securities laws or other legal
requirements.

 

6.             Compliance with Section 409A.  The parties intend that payment of the Stay
Bonus will not be subject to additional taxes pursuant to Section 409A of
the Internal Revenue Code of 1986, as amended (“Section 409A”).  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” within the meaning of Section 409A
as of the date of Employee’s separation from service with Company, payment of
the Stay Bonus shall be delayed six months following Employee’s date of
separation from service.  In any event,
except for the responsibility of Company to withhold applicable income and
employment taxes, Company shall not be responsible for the payment of any
applicable taxes incurred by Employee pursuant to this Agreement.

 

7.             Additional Provisions.

 

A.            This Agreement constitutes the
entire agreement between the parties concerning the payment of the Stay
Bonus.  This Agreement and the Restricted
Stock Award Agreement constitute the entire agreement between the parties
concerning the award of the Shares.  This
Agreement does not affect any other agreements between Company and
Employee.  This Agreement may not be
modified or amended except by a written instrument signed by both parties.

 

B.            This Agreement and the provisions
hereof shall be construed, given effect and governed by the laws of the State
of Colorado, and in the event of a breach of this Agreement by any of the
parties, in addition to other specific remedies herein, the other party shall
have all remedies at law or equity provided by the laws of the State of
Colorado.  Venue for any action shall be
in the United States District Court for the District of Colorado or the
District Court of Jefferson County, Colorado. 
Each party waives any objection he/she/it might have to the laying of
venue in such courts, including but not limited to objections based on lack of
personal jurisdiction, improper venue, or inconvenience of the forum.

 

C.            Each party has reviewed this
Agreement and has had the opportunity to consult with counsel regarding the
provisions thereof, and accordingly, the normal rule of construction to
the effect that any ambiguities are to be resolved against the drafting party
shall not be employed in the interpretation of the Agreement.

 

2

 

D.            The parties hereby unconditionally
waive their right to a jury trial of any claim or cause of action based upon or
arising out of, directly or indirectly, this Agreement.

 

E.             If any provision of this Agreement
is held to be invalid or unenforceable, the remaining provisions shall remain
fully enforceable according to their terms.

 

F.             This Agreement may be executed in
counterparts, including fax counterparts, and all counterparts together shall
constitute one executed agreement.

 

DATED this 7 day of May,
2009.

 

	
  GENERAL MOLY, INC.:

  	
   

  	
  EMPLOYEE:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By

  	
  /s/David
  Chaput

  	
   

  	
   

  	
  /s/Lee
  M. Shumway

  	
  5/7/09

  
	
   

  	
   

  	
  date

  	
   

  	
  Employee

  	
  date

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title

  	
  CFO

  	
  5-7-09

  	
   

  	
   

  	
   

  

 

3Exhibit 10.49

 

[GENERAL MOLY LETTERHEAD]

 

November 6, 2007

 

Mr. Lee M. Shumway

430 Mountain City Highway, #12

Elko, NY 89801

 

Dear Lee:

 

Congratulations! General
Moly is pleased to offer you the position of Director Business
Process/Information Technology.  You will
report to me.  The basic terms of our
offer follow.  Your base salary will be
$13,750 per month ($165,000 annually), paid semi-monthly.  In addition, you will be eligible for an
annual bonus target of 25% of base pay based on the Company’s determination of
your achievement of assigned objectives.

 

Assuming you choose to accept our offer, we would
like to set a tentative start date of December 3, 2007.

 

You will be granted options to purchase
100,000 shares of Common Stock in the Company effective the date of your
employment.  Shares will vest 50% each on
the first and second anniversary of the grant date.  (You must be an employee of the Company in
order for the options to vest.)  The
exercise of options will be in accordance with a Stock Option Agreement and the
Company’s 2006 Equity Incentive Plan.

 

In the event of a Change of Control of the company
(see attached definition), you will receive two years of salary ($330,000) and
vesting and acceleration of all stock options.

 

You are granted three weeks of vacation per
year.  In accordance with current Company
policy, vacation is accrued at the rate of ten (10) hours per month.

 

Your total compensation includes an opportunity to
participate in the General Moly health benefit plans, and others as they become
available, subject to the terms of the applicable plans.

 

Our offer and your employment are contingent upon
satisfactory completion of a background check and drug screen.  As part of your employment paperwork, federal
law requires that we verity your eligibility for employment in the United
States.  You will need to present your
original social security card or valid passport.

 

While we hope that you are with us for a long time,
it is important that you understand that this is dependent upon both you and
General Moly continuing to consider the employment relationship to be of mutual
benefit.  Either you or General Moly may
terminate the employment relationship at will at any time.

 

 

I look forward to working with you as a member of
our General Moly team.  If you have any
questions regarding this offer, please call me at (303)928-8593.

 

	
   

  	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  David Chaput

  
	
   

  	
   

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
  Accepted:

  	
  /s/ Lee M. Shumway

  	
   

  	
  Date:

  	
  11/7/07

  
					

 

 

Lee Shumway

Offer Letter November 6, 2007

 

Change Of Control
Definition

 

If your employment is terminated by the Company as a
result of a “Change of Control,” the Company shall pay to you, upon tile
effective date of the “Change of Control” event, two (2) years of
your annual salary.  Furthermore, all
granted stock options will vest upon the effective date of the closing of the
Change of Control event.  For the
purposes of this obligation a “Change of Control” shall mean:

 

(1)           The acquisition by any individual,
entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”)
of beneficial ownership (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) of 50% or more of either (A) the then-outstanding
shares of common stock of the Company (the “Outstanding Company Common Stock”)
or (B) the combined voting power of the then-outstanding voting securities
of the Company entitled to vote generally in the election of directors (the “Outstanding
Company Voting Securities”); provided, however, that, for purposes of this
paragraph (1), the following acquisitions shall not constitute a Change of
Control: (i) any acquisition directly from the Company, (ii) any
acquisition by the Company, or (iii) any
acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any affiliated company;

 

(2)           consummation of a reorganization,
merger, statutory share exchange or consolidation or similar corporate
transaction involving the Company or the acquisition of assets or stock of
another entity by the Company (each, a “Business Combination”), in each case
unless, following such Business Combination, (A) all or substantially all
of the individuals and entities that were the beneficial owners of the
Outstanding Company Common Stock and the Outstanding Company Voting Securities
immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 50% of the then-outstanding shares of common stock and
the combined voting power of the then-outstanding voting securities entitled to
vote generally in the election of directors, as the case may be, of the
corporation resulting from such Business Combination (including, without
limitation, a corporation that, as a result of such transaction, owns the
Company or all or substantially all of the Company’s assets either directly or
through one or more subsidiaries) in substantially the same proportions as
their ownership immediately prior to such Business Combination of the
Outstanding Company Common Stock and the Outstanding Company Voting Securities
as the case may be, and (B) no Person (excluding any corporation resulting
from such Business Combination or any employee benefit plan (or related trust)
of the Company or such corporation resulting from such Business Combination)
beneficially owns, directly or indirectly 50% or more of, respectively, the
then-outstanding shares of common stock of the corporation resulting from such
Business Combination or the combined voting power of the then-outstanding
voting securities of such corporation, except to the extent that such ownership
existed prior to the Business Combination;

 

(3)           a sale or disposition of all or
substantially all of the operating assets of the Company to an unrelated party;
or

 

(4)           approval by the shareholders of the
Company of a complete liquidation or dissolution of the Company.

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