Document:

gmo_Ex_10_4

		
			Exhibit 10.4
		

		
			EMPLOYMENT AGREEMENT
		

		
			THIS EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of the 12th day of May, 2017 (the “Effective Date”), between GENERAL MOLY, INC., a Delaware corporation (the “Company”), and AMANDA J. CORRION (“Executive”).
		

		
			RECITALS
		

		
			A.        The Company is in the exploration, development and mining business.
		

		
			B.        Executive has been employed by the Company as its Corporate Controller since March 7, 2016 and has received the current appointment to Principal Accounting Officer (“PAO”) effective May 12, 2017, and prior thereto, has held other managerial positions in the Company’s accounting and Controller’s offices since August 13, 2008.
		

		
			C.        Executive and the Company entered into a Change of Control, Severance, Confidentiality, and Non-Solicitation Agreement effective January 16, 2015.
		

		
			D.        Executive and the Company intend to terminate the Change of Control, Severance, Confidentiality, and Non-Solicitation Agreement contemporaneous with the execution and effectiveness of this Agreement.
		

		
			E.         In connection with Executive’s employment with the Company, Executive has had and will continue to have access to confidential, proprietary and trade secret information of the Company and its Affiliates (as defined herein) and relating to the business of the Company and its Affiliates, which confidential, proprietary and trade secret information the Company and its Affiliates desire to protect from disclosure and unfair competition.
		

		
			F.         The Company and Executive now desire to enter into this Agreement. 
		

		
			AGREEMENT
		

		
			NOW, THEREFORE, in consideration of the foregoing, and the respective covenants and promises of the parties contained herein, the Company and Executive enter into this Agreement and agree as follows:
		

		
			1.         DESCRIPTION OF SERVICES. Executive shall, to the best of her ability, industriously and faithfully perform the responsibilities as Corporate Controller/PAO of the Company as specified in the Company’s by-laws and as may be prescribed from time to time by the Company’s Chief Executive Officer (the “CEO”) or the Board of Directors of the Company (the “Board”).  Executive shall devote all of her business time, attention, skill and efforts exclusively to the business and affairs of Company; provided, however, that Executive may serve on other boards as a director or trustee if such service, in the opinion of the Company, does not interfere with her ability to discharge her duties and responsibilities to Company and is not, in the opinion of the Company, in conflict with the specific thrust of the Company’s business plan.  The Executive shall report to the CEO.  Executive’s specific responsibilities and duties may be changed from time to time by the Company but she shall be primarily responsible for all aspects of the accounting affairs of the Company, and in conjunction with the CEO and CORPORATE 
		

		
			
		

		
			

		 

 

		

		
			CONTROLLER/PAO including, without limitation, financial reports and analysis, tax reporting and compliance, budget preparation, general accounting, payroll, billing, accounts payable, credit and collections, fixed asset and cash management, information systems, and management and supervision of staff assigned to report to Executive.  The Company may also establish goals for the Company and/or for Executive from time to time which Executive will be responsible to attain.
		

		
			2.         TERM.  Subject to the provisions for early termination as hereinafter provided, Executive’s employment under the terms and conditions of this Agreement shall commence as of the Effective Date and shall automatically renew for a successive twelve (12) month term on each annual anniversary of the Effective Date of this Agreement, unless upon ninety (90) days’ notice to Executive, Company shall notify Executive of its decision to not renew the Agreement for another successive twelve (12) month term and therefore this Agreement shall automatically terminate on December 31st of the year of such notice, provided that if a Change of Control occurs prior to the expiration of the Term specified in the preceding clause and the Term would otherwise expire during the one-year period immediately following the Change of Control (the “Transition Period”) as a result of application of the preceding clause, then the Term shall end upon expiration of the Transition Period.   If Executive remains employed by the Company after the Term has ended, then such continued employment will be based on such terms and conditions as may be established from time to time by the Company, with no agreement or assurance under this Agreement that Executive will be entitled to any separation pay or benefits upon any termination of such continued employment.
		

		
			3.         COMPENSATION.
		

		
			3.1.       Base Compensation. During the Term, base compensation shall be payable to Executive based on an annual rate determined by the Board from time to time (“Base Compensation”). As of the Effective Date, Executive’s Base Compensation shall be ONE HUNDRED FIFTY-FIVE THOUSAND DOLLARS ($155,000.00). Base Compensation shall be payable bi-weekly in arrears in accordance with the Company’s regular payroll procedures, policies and practices. Base Compensation may be reviewed and adjusted upward annually by the Board as it deems appropriate.
		

		
			3.2.       Incentive Compensation.
		

		
			(a)       Incentive Cash Awards. Executive shall be eligible to receive such incentive cash awards as the Board may determine from time to time.  All incentive cash awards shall be paid in a lump sum, on a date determined by the Company, on or before March 15 of the calendar year following the calendar year in which the incentive cash award is earned.
		

		
			(b)       Equity-Based Incentives.  Executive shall be eligible to receive such equity-based incentive awards from time to time under the Company’s 2006 Equity Incentive Plan, as may be amended from time to time (the “Equity Incentive Plan”), as the Board or the Compensation Committee of the Board determines in its discretion from time to time.
		

		
			
		

		
			

		 

		

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			3.3       Payments Subject to Deductions. All payments to Executive under Sections 3.1 and 3.2 shall be subject to the customary withholding taxes and the other employee taxes as required by law and deductions authorized by Executive. 
		

		
			3.4       Business Expenses/Reimbursement of Disallowed Expenses. During the Term, the Company shall reimburse Executive for other reasonable and necessary business expenses in connection with the performance by Executive of her duties or services hereunder, including business, entertainment and travel, subject to compliance with such policies regarding expenses and expense reimbursements as may be adopted from time to time by the Company. If any compensation payment, medical reimbursement, employee fringe benefit, expense allowance payment or other expense incurred by the Company for the benefit of Executive is disallowed in whole or in part as a deductible expense of the Company for federal or state income tax purposes for reasons other than the failure to qualify as “performance-based compensation” for purposes of Code Section 162(m), Executive shall reimburse the Company, upon notice and demand, to the full extent of the disallowance. In lieu of payment by Executive to the Company, Executive authorizes the Company to withhold amounts from Executive’s future compensation payments until the amount owed to the Company has been fully recovered. The Company shall not be required to legally defend any proposed disallowance and the amount required to be reimbursed by Executive shall be the amount, as finally determined by agreement or otherwise, which is actually disallowed as a deduction. This legally enforceable obligation is in accordance with the provisions of Revenue Ruling 69-115 and is for the purpose of entitling Executive to a business expense deduction for the taxable year in which the repayment is made to the Company. In this manner, the Company shall be protected from having to bear the entire burden of a disallowed expense item.
		

		
			3.5       Fringe Benefits. During the Term, Executive shall be entitled to participate in the retirement and health and welfare benefits offered generally by Company to its employees, to the extent that Executive’s position, tenure, salary, health, and other qualifications make Executive eligible to participate. Executive’s participation in such benefits shall be subject to the terms of the applicable plans, as the same may be amended from time to time. Company does not guarantee the adoption or continuance of any particular employee benefit during Executive’s employment, and nothing in this Agreement is intended to, or shall in any way restrict the right of Company, to amend, modify or terminate any of its benefits during the Term of this Agreement.  Executive also will be entitled to all normal and customary perquisites of employment, including paid-time-off of twenty (20) days per year, available to employees of the Company at Executive’s level, subject to the stated terms and conditions of such perquisites. 
		

		
			3.6       Indemnity. The Company agrees to indemnify Executive for acts or omissions pursuant to its current Indemnity Agreement, a copy of which has been provided to Executive.
		

		
			
		

		
			

		 

		

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			4.         TERMINATION; EFFECT OF TERMINATION.
		

		
			4.1.       Termination Date. Executive’s employment with the Company hereunder may be terminated as provided in Section 4.2.  Executive’s “Termination Date” shall be the date Executive’s “separation from service” with the Company has occurred for purposes of Section 409A of the Internal Revenue Code, as amended, and the regulations and guidance thereunder (“Code”).
		

		
			4.2.       Termination Events.
		

		
			(a)   Termination by the Company Without Cause.  The Company may terminate Executive’s employment with the Company without Cause upon thirty (30) days prior written notice.
		

		
			(b)   Termination by the Company With Cause. The Company may terminate Executive’s employment with the Company at any time with Cause, without notice (except as otherwise provided herein). For the purposes of this Agreement, “Cause” means the good faith determination by the Board that:
		

		
			(i)    Executive has neglected, failed or refused to perform her duties as Corporate Controller/PAO (other than as a result of physical or mental illness);
		

		
			(ii)   Executive has failed to timely attain the goals assigned to Executive by the Company, in its good faith judgment, from time to time;
		

		
			(iii)  Executive has committed an act of personal dishonesty including, without limitation, an act or omission intended to result in personal enrichment of Executive at the expense of the Company;
		

		
			(iv)  Executive has committed a willful or intentional act that could reasonably be expected to injure the reputation, business, or business relationships of the Company or Executive’s reputation or business relationships;
		

		
			(v)    Executive has perpetrated an intentional fraud against or affecting the Company or any customer, supplier, client, agent, or employee thereof; 
		

		
			(vi)  Executive has been convicted (including conviction on a nolo contendere, no contest, or similar plea) of a felony or any crime involving fraud, dishonesty, or moral turpitude; or
		

		
			(vii)  Executive materially breaches her obligations under Section 8 of this Agreement.
		

		
			
		

		
			

		 

		

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			With respect to any of the matters set forth in (i) or (ii) above, the Company shall give Executive notice of the deficiency and a reasonable opportunity to correct the deficiency (not to exceed sixty (60) days) prior to termination. In the event that the Company has given notice of a deficiency and makes a determination that the deficiency has not been cured within a reasonable period of time, Executive’s employment may be terminated for Cause.
		

		
			(c)   Resignation By Executive Without Good Reason.  Executive may terminate Executive’s employment with the Company without Good Reason upon ninety (90) days prior written notice to the Company, provided the Company may waive the notice period.  
		

		
			(d)   Resignation By Executive With Good Reason.  Executive may terminate Executive’s employment with the Company for Good Reason, subject to the notice and cure requirements provided below.  For purposes of this Agreement, “Good Reason” means:
		

		
			(i)    a material diminution in Executive’s base compensation;
		

		
			(ii)   a material diminution in Executive’s authority, duties or responsibilities; 
		

		
			(iii)  a material change of more than 50 miles in the geographic location at which Executive is required to perform services;
		

		
			(iv)  any direction or requirement that Executive engage in conduct that could reasonably be construed to violate local, state or federal law; or
		

		
			(v)   a material failure by the Company to pay Base Compensation due Executive pursuant to this Agreement in a timely manner. 
		

		
			With respect to any of the matters set forth above, Executive shall provide written notice to the Company within ninety (90) days of the initial existence of the Good Reason condition.  Upon receipt of such notice, the Company shall have a period of thirty (30) days during which it may remedy the condition and not be required to pay any amount payable under Sections 4.3(b) or 4.4(a) below in connection with a resignation with Good Reason.
		

		
			(e)   Termination Due to Executive’s Disability.  Executive’s employment with the Company shall terminate automatically upon the inability of Executive to satisfactorily perform the duties set forth in Section 1 or as assigned to him by the Company from time to time by reason of mental or non-industrial physical illness or injury for a period of one hundred eighty (180) consecutive days (“Disability”). 
		

		
			(f)   Termination Due to Executive’s Death.  Executive’s employment with the Company shall terminate automatically upon her death.
		

		
			
		

		
			

		 

		

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			(g)   Wind Up Activities.  Following any notice of termination required under this Section 4.2, the Company and Executive shall cooperate with each other in all matters relating to the winding up of Executive’s work on behalf of the Company.
		

		
			4.3.       Payments Upon Termination of Employment Prior to a Change of Control or After The Expiration of the Transition Period.
		

		
			(a)        Involuntary Termination By The Company For Non-Renewal of Annual Twelve (12) Month Term, or Without Cause Prior To a Change of Control or After the Expiration of the Transition Period. If (1) Company should elect not to renew the Term for a successive twelve (12) month term; or (2) Executive’s Termination Date occurs (y) during the Term, and (z) prior to a Change of Control or after the expiration of the Transition Period, and if such termination is involuntary at the initiative of the Company without Cause, then, in addition to such Base Compensation that has been earned but not paid to Executive as of the Termination Date, and in consideration of Executive’s obligations under Section 8.2 below, the Company shall provide to Executive the payments set forth in this Section 4.3(a), subject to the conditions described in Section 4.5:
		

		
			(i)      Separation Pay.  The Company shall pay to Executive an amount equal to One Half (1/2) of Executive’s Base Compensation as of the Termination Date, representing six (6) months annual base compensation, payable to Executive in approximately equal installments over six (6) months, with such period commencing on the first normal payroll date of the Company after the Termination Date and continuing thereafter in accordance with the Company’s regular payroll schedule, but in no event shall such amount paid under this Section 4.3(a)(i) exceed the lesser of two times (A) the limit of compensation set forth in section 401(a)(17) of the Code as in effect for the year in which the Termination Date occurs, or (B) Executive’s annualized compensation based upon the annual rate of pay for services to the Company for the calendar year prior to the calendar year in which the Termination Date occurs (adjusted for any increase during that year that was expected to continue indefinitely if the Employee had not separated from service).  The Company and Executive intend the payments under this Section 4.3(a)(i) to be a “separation pay plan due to involuntary separation from service” under Treas. Reg. § 1.409A-1(b)(9)(iii).  
		

		
			(ii)     Make-up Payment.  In the event that Executive’s separation pay under Section 4.3(a)(i) above is limited by application of clause (A) or (B) thereof, then the Company shall make an additional lump sum payment to Executive equal to the difference between (x) one half of Executive’s Base Compensation as of the Termination Date and (y) the amount payable to Executive under Section 4.3(a)(i).  Such lump sum payment shall be paid to Executive no later than sixty (60) days following the Termination Date, provided that Executive has satisfied the conditions
		

		
			
		

		
			

		 

		

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			described in Section 4.5. The Company and Executive intend the payment under this Section 4.3(a)(ii) to be a short-term deferral under Treas. Reg. § 1.409A-1(b)(4).
		

		
			(b)       Resignation By Executive For Good Reason Prior To a Change of Control.  If Executive’s Termination Date occurs (y) during the Term, and (z) prior to a Change of Control or after the expiration of the Transition Period, and if such termination is the result of Executive’s resignation for Good Reason, then, in addition to such Base Compensation that has been earned but not paid to Executive as of the Termination Date, and in consideration of Executive’s obligations under Section 8.2 below, the Company shall provide to Executive the payments set forth in this Section 4.3(b), subject to the conditions described in Section 4.5:
		

		
			(i)       Separation Pay.  The Company shall pay to Executive an amount equal to One Half (1/2) of Executive’s Base Compensation as of the Termination Date, representing six (6) months annual base compensation, payable to Executive in approximately equal installments over six (6) months, with such period commencing on the first normal payroll date of the Company after the Termination Date and continuing thereafter in accordance with the Company’s regular payroll schedule, but in no event shall such amount paid under this Section 4.3(b)(i) exceed the lesser of two times (A) the limit of compensation set forth in section 401(a)(17) of the Code as in effect for the year in which the Termination Date occurs, or (B) Executive’s annualized compensation based upon the annual rate of pay for services to the Company for the calendar year prior to the calendar year in which the Termination Date occurs (adjusted for any increase during that year that was expected to continue indefinitely if the Employee had not separated from service).  The Company and Executive intend the payments under this Section 4.3(b)(i) to be a “separation pay plan due to involuntary separation from service” under Treas. Reg. § 1.409A-1(b)(9)(iii).  
		

		
			(ii)      Make-up Payment.  In the event that Executive’s separation pay under Section 4.3(b)(i) above is limited by application of clause (A) or (B) thereof, then the Company shall make an additional lump sum payment to Executive equal to the difference between (x) one half of Executive’s Base Compensation as of the Termination Date and (y) the amount payable to Executive under Section 4.3(b)(i).  Such lump sum payment shall be paid to Executive no later than sixty (60) days following the Termination Date, provided that Executive has satisfied the conditions described in Section 4.5. The Company and Executive intend the payment under this Section 4.3(b)(ii) to be a short-term deferral under Treas. Reg. § 1.409A-1(b)(4).
		

		
			(c)       Other Termination Prior to a Change of Control or After Expiration of the Transition Period.  If Executive’s Termination Date occurs (y)
		

		
			
		

		
			

		 

		

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			during the Term, and (z) prior to a Change of Control or after the expiration of the Transition Period, and is the result of:
		

		
			(i)       Executive’s abandonment of or resignation from employment for any reason other than Good Reason; 
		

		
			(ii)      Termination of Executive’s employment by the Company for Cause; or
		

		
			(iii)     Executive’s death or Disability;
		

		
			then the Company will pay to Executive, or Executive’s beneficiary or Executive’s estate, as the case may be, such Base Compensation that has been earned but not paid to Executive as of the Termination Date, payable pursuant to the Company’s normal payroll practices and procedures, and Executive shall not be entitled to any additional compensation or benefits provided under this Section 4.  
		

		
			4.4.      Payments Upon Termination of Employment During the Transition Period.
		

		
			(a)       Involuntary Termination By The Company Without Cause or Resignation by Executive for Good Reason During the Transition Period. If Executive’s Termination Date occurs during the Transition Period, and if such termination is involuntary at the initiative of the Company without Cause or is the result of Executive’s resignation for Good Reason, then, in addition to such Base Compensation that has been earned but not paid to Executive as of the Termination Date, and in consideration of Executive’s obligations under Section 8.2 below, the Company shall provide to Executive the payments set forth in this Section 4.4(a), subject to the conditions described in Section 4.5:
		

		
			(i)       Lump Sum Separation Pay.  The Company shall pay to Executive an amount equal to 100% of Executive’s target annual incentive award for one year (as in effect immediately prior to the closing of the Change of Control), less applicable withholdings, payable to Executive in a lump sum no later than sixty (60) days following the Termination Date, provided that Executive has satisfied the conditions described in Section 4.5.  The Company and Executive intend the payment under this Section 4.4(a)(i) to be a short-term deferral under Treas. Reg. § 1.409A-1(b)(4).
		

		
			(ii)      Additional Separation Pay.  The Company shall pay to Executive an amount equal to two times Executive’s Base Compensation as of the Termination Date payable to Executive in approximately equal installments over twelve (12) months, with such period commencing on the first normal payroll date of the Company after the Termination Date and continuing thereafter in accordance with the Company’s regular payroll schedule, but in no event shall such amount paid under this Section 4.4(a)(ii) exceed the lesser of two times (A) the
		

		
			
		

		
			

		 

		

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			limit of compensation set forth in section 401(a)(17) of the Code as in effect for the year in which the Termination Date occurs, or (B) Executive’s annualized compensation based upon the annual rate of pay for services to the Company for the calendar year prior to the calendar year in which the Termination Date occurs (adjusted for any increase during that year that was expected to continue indefinitely if the Employee had not separated from service).  The Company and Executive intend the payments under this Section 4.4(a)(ii) to be a “separation pay plan due to involuntary separation from service” under Treas. Reg. § 1.409A-1(b)(9)(iii).  
		

		
			(iii)     Make-up Payment.  In the event that Executive’s separation pay under Section 4.4(a)(ii) above is limited by application of clause (A) or (B) thereof, then the Company shall make an additional lump sum payment to Executive equal to the difference between (x) two times Executive’s Base Compensation as of the Termination Date and (y) the amount payable to Executive under Section 4.4(a)(ii).  Such lump sum payment shall be paid to Executive no later than sixty (60) days following the Termination Date, provided that Executive has satisfied the conditions described in Section 4.5.  The Company and Executive intend the payment under this Section 4.4(a)(iii) to be a short-term deferral under Treas. Reg. § 1.409A-1(b)(4).
		

		
			(b)       Other Termination During the Transition Period.  If Executive’s Termination Date occurs during the Transition Period and is the result of:
		

		
			(i)       Executive’s abandonment of or resignation from employment for any reason other than Good Reason; 
		

		
			(ii)      termination of Executive’s employment by the Company for Cause; or
		

		
			(iii)     Executive’s death or Disability;
		

		
			then the Company will pay to Executive, or Executive’s beneficiary or Executive’s estate, as the case may be, such Base Compensation that has been earned but not paid to Executive as of the Termination Date, payable pursuant to the Company’s normal payroll practices and procedures, and Executive shall not be entitled to any additional compensation or benefits provided under this Section 4.  
		

		
			4.5       Separation Pay Conditions.  Notwithstanding anything above to the contrary, the Company will not be obligated to make any payments to Executive under Section 4.3(a), Section 4.3(b) or Section 4.4(a) unless: (i) Executive has signed a release of claims in favor of the Company and its Affiliates and related entities, and their directors, officers, insurers, employees and agents, in a form prescribed by the Company; (ii) all applicable rescission periods provided by law for releases of claims have expired
		

		
			
		

		
			

		 

		

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			and Executive has not rescinded the release of claims; and (iii) Executive is in strict compliance with the terms of this Agreement and any other written agreements between the Company and Executive as of the dates of such payments.  Any payments scheduled to be paid to Executive pursuant to Section 4.3(a), Section 4.3(b) or Section 4.4(a) on payroll dates occurring before the conditions set forth in clauses (i) and (ii) of this Section 4.5 are satisfied shall be held and paid to Executive as soon as practicable following satisfaction of such conditions.  
		

		
			4.6       Section 409A; Deferred Compensation.
		

		
			(a)   Delay in Payment. Notwithstanding anything in the Agreement to the contrary, if Executive is deemed by the Company at the time of Executive’s “separation from service” with the Company to be a “specified employee” under Section 409A of the Code, then any non-exempt deferred compensation which would otherwise be payable hereunder shall not be paid until the date which is the first business day following the six-month period after Executive’s separation from service (or if earlier, Executive’s death). Such delay in payment shall only be affected with respect to each separate payment of non-exempt deferred compensation to the extent required to avoid adverse tax treatment to Executive under Section 409A. Any payments or benefits not subject to such delay, shall be paid pursuant to the time and form of payment specified above. Any compensation which would have otherwise been paid during the delay period shall be paid to Executive (or her beneficiary or estate) in a lump sum payment on the first business day following the expiration of the delay period.
		

		
			(b)   Interpretation. The parties intend that all payments or benefits payable under the Agreement will not be subject to the additional tax imposed by Section 409A of the Code, and the provisions of the Agreement shall be construed and administered consistent with such intent. To the extent such potential payments could become subject to Section 409A of the Code, the Company and Executive agree to work together to modify the Agreement to the minimum extent necessary to reasonably comply with the requirements of Section 409A of the Code, provided that the Company shall not be required to provide any additional compensation amounts or benefits and Executive shall be responsible for payment of any and all taxes owed in connection with the consideration provided for under Section 4.3(a), Section 4.3(b) or Section 4.4(a) of this Agreement.
		

		
			5.         CHANGE OF CONTROL.
		

		
			5.1       Definition.  For purposes of this Agreement, “Change of Control” means:
		

		
			(a)       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
		

		
			
		

		
			

		 

		

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			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 Section 5.1(a), 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 Affiliate; or
		

		
			(b)       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, (i) 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 (ii) 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; or
		

		
			(c)       Individuals who, as of the date hereof, constitute the Board of Directors of the Company (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or
		

		
			
		

		
			

		 

		

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

		
			(e)       Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.
		

		
			5.2       Parachute Payment Restrictions.  
		

		
			(a)       If any payments or benefits (including payments and benefits pursuant to this Agreement or under other compensatory arrangements involving the Executive, including equity-based incentive awards (the “other arrangements”)) in the nature of compensation that the Executive would receive in connection with a change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company (collectively, “Transaction Payments”) would collectively constitute a “parachute payment” within the meaning of Section 280G of the Code, and if the “net after-tax amount” of such parachute payment to the Executive is less than what the net after-tax amount to the Executive would be if the Transaction Payments otherwise constituting the parachute payment were limited to the maximum “parachute value” of Transaction Payments that the Executive could receive without giving rise to any liability for any excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Transaction Payments otherwise constituting the parachute payment shall be reduced so that the parachute value of all Transaction Payments, in the aggregate, will equal the maximum parachute value of all Transaction Payments that the Executive can receive without any Transaction Payments being subject to the Excise Tax.  Should such a reduction in Transaction Payments be required, the Executive shall be entitled, subject to the following sentence, to designate those Transaction Payments under this Agreement or the other arrangements that will be reduced or eliminated so as to achieve the specified reduction in Transaction Payments to the Executive and avoid characterization of such Transaction Payments as a parachute payment.  The Company will provide the Executive with all information reasonably requested by the Executive to permit the Executive to make such designation.  To the extent that the Executive’s ability to make such a designation would cause any of the Transaction Payments to become subject to any additional tax under Code Section 409A, or if the Executive fails to make such a designation within ten business days of receiving the requested information from the Company, then the Company shall achieve the necessary reduction in the Transaction Payments by reducing them in the following order: (i) reduction of cash payments payable under this Agreement; (ii) reduction of other payments and benefits to be provided to the Executive; (iii) cancellation or reduction of accelerated vesting of equity-based awards that are subject to performance-based vesting conditions; and (iv) cancellation or reduction of accelerated vesting of equity-based awards that are subject only to service-based vesting conditions.  If the acceleration of the vesting of Executive’s equity-based awards is to be cancelled or reduced, such acceleration of vesting shall be reduced or cancelled in the reverse order of the date of grant.  For purposes of this Section 5.2, a “net after-tax amount” shall be
		

		
			
		

		
			

		 

		

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			determined by taking into account all applicable income, excise and employment taxes, whether imposed at the federal, state or local level, including the Excise Tax, and the “parachute value” of a Transaction Payment means the present value as of the date of the Change of Control for purposes of Section 280G of the Code of the portion of such Transaction Payment that constitutes a parachute payment under Section 280G(b)(2) of the Code.  
		

		
			(b)       The independent registered public accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date of the Change of Control may be utilized by the Compensation Committee to make all determinations required to be made under this Section 5.2.  If the independent registered public accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group affecting the Change of Control, the Compensation Committee may appoint another nationally recognized independent registered public accounting firm to make the determinations required hereunder.  The Company shall bear all expenses with respect to the determinations by any such independent registered public accounting firm retained hereunder.  Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive.
		

		
			5.3       Effect of Change of Control on Equity Awards.  Notwithstanding anything to the contrary in any award agreement pursuant to which an equity-based compensation award has been made to Executive, the effect of a Change of Control (as defined in the Equity Incentive Plan) on any equity-based compensation award granted to Executive during the Term of this Agreement or the term of the Prior Agreement shall be as provided in Section 12(c) of the Equity Incentive Plan.  If and to the extent the vesting and exercisability of any such equity-based compensation award has not already been accelerated in full in connection with a Change of Control, as contemplated by clause (ii) of Section 12(c) of the Equity Incentive Plan, then the vesting and exercisability of any such award shall be accelerated in full if Executive’s Termination Date occurs during the Transition Period under the circumstances described in 4.4(a) of this Agreement.
		

		
			6.         DISCLOSURE OF INFORMATION.
		

		
			6.1.       Executive acknowledges that she has received and will continue to receive access to non-public, confidential and proprietary business information and trade secrets about the Company and its Affiliates (“Confidential Information”), that this Confidential Information was and will be obtained or developed by the Company at great expense and is zealously guarded by the Company from unauthorized disclosure, and that Executive’s possession of this Confidential Information is due solely to Executive’s employment with the Company. In recognition of the foregoing, Executive will not at any time during employment or following termination of employment for any reason, disclose, use or make otherwise available to any third party any Confidential Information relating to the Company’s or any of its Affiliates’ business, including their products, production methods and development; manufacturing and business methods and techniques; trade secrets, data, specifications, developments, inventions, engineering and research activity;
		

		
			
		

		
			

		 

		

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			marketing and sales strategies, information and techniques; long and short term plans; current and prospective dealer, customer, vendor, supplier and distributor lists, contacts and information; financial, personnel and information system information; and any other information concerning the business of the Company or its Affiliates. During the term of Executive’s employment with the Company and at all times thereafter, Executive shall take reasonable steps to protect the confidentiality of Confidential Information and shall refrain from any acts or omissions that would reduce the value of Confidential Information to the Company or any of its Affiliates.  Executive’s foregoing obligations regarding Confidential Information do not apply to any knowledge or information to the extent that it (i) is now or subsequently becomes generally publicly known or generally known in the industry in which the Company operates in the form in which it was obtained from the Company (or its applicable Affiliate), (ii) is independently made available to Executive in good faith by a third party who has not violated an obligation of confidentiality to the Company or any of its Affiliates, or (iii) is required by law to be disclosed (but only to the extent such disclosure is required).  In the latter event, Executive shall disclose to the Company the event and authority requiring disclosure “required by law” at the first opportunity upon learning of the disclosure request.  Nothing contained in the preceding sentence shall be interpreted to legitimize any disclosure of Confidential Information by Executive that occurs outside of any of the events described in items (i) through (iii) above.   The parties acknowledge and agree that Executive’s obligations under this Section 6 to maintain the confidentiality of the Confidential Information are in addition to any obligations of Executive under applicable statutory or common law.
		

		
			6.2.      Upon termination of employment with the Company, Executive shall deliver to a designated Company representative all records, documents, hardware, software, and all other property of the Company or any of its Affiliates in whatever form and all copies thereof in Executive’s possession. Executive acknowledges and agrees that all such materials are the sole property of the Company or its Affiliates and that Executive will certify in writing to the Company at the time of termination that Executive has complied with this obligation.
		

		
			6.3       For purposes of this Section 6 and this entire Agreement, Affiliate” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, or an unincorporated organization, that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the Company.  
		

		
			6.4       Executive acknowledges that Confidential Information constitutes a unique and valuable asset of the Company and its Affiliates and represents a substantial investment of time and expense by the Company and its Affiliates.  Executive further acknowledges that the provisions of this Section 6 are reasonable and necessary to protect the legitimate interests of the Company and its Affiliates, and that any violation of this Section 6 by Executive would cause substantial and irreparable harm to the Company and its Affiliates to such an extent that monetary damages alone would be an inadequate remedy.  Therefore, in the event that Executive violates any provision of this Section 6, the Company and its Affiliates shall be entitled to immediate injunctive relief (without
		

		
			
		

		
			

		 

		

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			the necessity of proving actual damages or posting bond, or if a bond is required, a bond in the amount of $1,000 is deemed sufficient), in addition to all the other remedies it or they may have, restraining Executive from violating or continuing to violate such provision.
		

		
			7.         DISCLOSURE AND ASSIGNMENT OF INVENTIONS.
		

		
			7.1.       Executive agrees to promptly disclose to the Company inventions, ideas, processes, writings, designs, developments and improvements, whether or not protectable under the applicable patent, trademark or copyright statutes, which Executive has made, conceived, reduced to practice or learned during her employment with the Company or which Executive makes, conceives, reduces to practice or learns during the period of employment by Company, either alone or jointly with others, relating to any business in which the Company, during the period of Executive’s employment, has been, is or may be concerned (“the Inventions”). Such disclosures shall be made by Executive to the Company in a written report, setting forth in detail the structures, procedures and methodology employed and the results achieved.
		

		
			7.2.       Consistent with and to the extent permitted by applicable law, Executive hereby assigns and agrees to assign to the Company all rights in and to the Inventions and proprietary rights therein, based thereon or related thereto, including, but not limited to, applications for United States and foreign patents and resulting patents.
		

		
			7.3.       Executive further agrees, without charge to the Company but at its expense, to assist the Company in every proper way and execute, acknowledge and deliver, during and after employment by the Company, all such documents necessary and perform such other legal acts as may be necessary, in the opinion of the Company, to obtain or maintain United States or foreign patents or other proprietary protection, for any and all Inventions made during her employment by the Company in any and all countries, and to vest title therein to the Company.
		

		
			7.4.       Executive acknowledges notice from the Company that this foregoing obligation to assign rights in and to any Inventions does not apply to an Invention for which no equipment, supplies, facility or trade secret information of Company was used and which was developed entirely on Executive’s own time and (y) which does not relate (A) directly to the business of the Company, or (B) to the Company’s actual or demonstrably anticipated research or development; or (z) which does not result from any work performed by Executive for the Company.
		

		
			7.5.       Executive further agrees that prior to separation from employment with the Company for any reason, Executive shall disclose to the Company, in a written report, all Inventions, the rights to which Executive has agreed to assign to the Company under Sections 7.1 and 7.2 above, and which Executive has not previously disclosed.
		

		
			
		

		
			

		 

		

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			8.         RESTRICTIVE COVENANTS.
		

		
			8.1.       Non-Solicitation.
		

		
			(a)   Executive specifically acknowledges that the Confidential Information described in Section 6.1 includes confidential and trade secret data pertaining to current and prospective customers of the Company, that such data is a valuable and unique asset of the Company’s business and that the success or failure of the Company’s specialized business is dependent in large part upon the Company’s ability to establish and maintain close and continuing personal contacts and working relationships with such customers and to develop proposals which are specifically designed to meet the requirements of such customers. Therefore, during Executive’s employment with the Company and for the twelve (12) months following termination of employment for any reason, except on behalf of the Company or with the Company’s prior written consent, Executive is prohibited from soliciting, either directly or indirectly, on her own behalf or on behalf of any other person or entity, all such customers with whom Executive had contact during the twenty-four (24) months preceding Executive’s termination of employment.
		

		
			(b)   Executive specifically acknowledges that the Confidential Information described in Section 6.1 also includes confidential and trade secret data pertaining to current and prospective employees and agents of the Company, and Executive further agrees that during Executive’s employment with the Company and for the twelve (12) months following termination of employment for any reason, Executive will not directly or indirectly solicit, on her own behalf or on behalf of any other person or entity, the services of any person who is an employee or agent of the Company or solicit any of the Company’s employees or agents to terminate their employment or agency with the Company.
		

		
			(c)   Executive specifically acknowledges that the Confidential Information described in Section 6.1 also includes confidential and trade secret data pertaining to current and prospective vendors and suppliers of the Company, Executive agrees that during Executive’s employment with the Company and for the twelve (12) months following termination of employment for any reason, Executive will not directly or indirectly solicit, on her own behalf or on behalf of any other person or entity, any Company vendor or supplier for the purpose of either providing products or services to competitors of the Company, as described in Section 8.2(b), or terminating such vendor’s or supplier’s relationship or agency with the Company.
		

		
			(d)   Executive further agrees that, during Executive’s employment with the Company and for the twelve (12) months following termination of employment for any reason, Executive will do nothing to interfere with any of the Company’s business relationships.
		

		
			
		

		
			

		 

		

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			8.2.       Non-Competition.
		

		
			(a)   Executive represents to the Company that Executive is not a party to any agreement with a prior employer or otherwise which would prohibit Executive from employment with the Company. Executive further represents that she has provided to the Company copies of any and all agreements (e.g., non-competition, non-solicitation, or non-disclosure agreements) that might limit Executive’s ability, in any way, to perform the duties of Executive’s position on behalf of the Company, and Executive agrees to act at all times on behalf of the Company in a manner consistent with any such agreements. Executive acknowledges and understands that the Company will have no obligation to provide legal representation to Executive in the event a prior employer or other third party brings or threatens to bring an action against Executive for violating any such agreements; that the Company may elect, at its sole discretion, to provide legal representation to Executive but Executive may be required to reimburse the Company for any legal expenses paid on Executive’s behalf in the event Executive is found to have violated any such agreements; and that Executive may be terminated in the event the Company determines that Executive may have violated any such agreements. Despite anything to the contrary herein, termination based upon the Company’s determination that Executive has violated this Section 8.2 shall be considered termination for Cause.
		

		
			(b)   Executive covenants and agrees that during Executive’s employment with the Company and for the twenty-four (24) months following termination of employment for any reason during the Transition Period, and six (6) months outside of the Transition Period, she will not, in any state in which Executive worked on behalf of the Company or in any state or country where the Company has a material ownership or possessory interest in molybdenum, engage in or carry on, directly or indirectly, as an owner, employee, agent, associate, consultant or in any other capacity, a business competitive with that conducted by the Company.  A “business competitive with that conducted by the Company” shall mean any business or activity involved in the discovery or mining of molybdenum or any similar ore with properties for strengthening or hardening steel, or any other ore with which the Company is in the business of discovering or mining at the time of Executive’s termination. To “engage in or carry on” shall mean to have ownership in such business or consult, work in, direct or have responsibility for any area of such business, including but not limited to the following areas: operations, sales, marketing, manufacturing, procurement or sourcing, purchasing, customer service, distribution, product planning, research, design or development.
		

		
			(c)   For the twelve (12) months following termination of employment for any reason, Executive certifies and agrees that she will notify the Chairman of the Board of the Company of her employment or other affiliation
		

		
			
		

		
			

		 

		

			17

		

 

		

		
			with any potentially competitive business or entity prior to the commencement of such employment or affiliation.
		

		
			8.3       Executive acknowledges that the provisions of this Section 8 are reasonable and necessary to protect the legitimate interests of the Company and its Affiliates, including without limitation trade secrets, customer and supplier relationships, goodwill and loyalty, and that any violation of this Section 8 by Executive would cause substantial and irreparable harm to the Company and its Affiliates to such an extent that monetary damages alone would be an inadequate remedy.  Therefore, in the event that Executive violates any provision of this Section 8, the Company and its Affiliates shall be entitled to immediate injunctive relief (without the necessity of proving actual damages or posting bond, or if a bond is required, a bond in the amount of $1,000 is deemed sufficient), in addition to all the other remedies it or they may have, restraining Executive from violating or continuing to violate such provision.
		

		
			8.4       If the duration of, the scope of or any business activity covered by any provision of this Section 8 is in excess of what is valid and enforceable under applicable law, such provision shall be construed to cover only that duration, scope or activity that is valid and enforceable.  Executive and the Company agree that this Section 8 shall be given the construction which renders its provisions valid and enforceable to the maximum extent, not exceeding its express terms, possible under applicable law.
		

		
			9.        NOTICES.  Any notice, consent, approval, request, demand or other communication required or permitted hereunder must be in writing to be effective and shall be deemed delivered and received (i) if personally delivered or if delivered by telex or telecopy with electronic confirmation when actually received by the party to whom sent, or (ii) if delivered by mail (whether actually received or not), at the close of business on the fifth business day next following the day when placed in the federal mail, postage prepaid, certified or registered mail, return receipt requested, addressed as follows:
		

			
					
						If to Executive:

					
					
						Amanda J. Corrion

				
	
					
						 

					
					
						6040 Wright Street

				
	
					
						 

					
					
						Arvada, CO  80004

				
	
					
						 

					
					
						 

				
	
					
						If to Employer:

					
					
						General Moly, Inc.

				
	
					
						 

					
					
						Attn:  Chief Legal Officer

				
	
					
						 

					
					
						1726 Cole Blvd, Suite 115

				
	
					
						 

					
					
						Lakewood, CO  80401

				
	
					
						 

					
					
						 

				
	
					
						Copy to:

					
					
						Bryan Cave, LLP

				
	
					
						 

					
					
						Attn:  Charles Maguire, Jr.

				
	
					
						 

					
					
						1700 Lincoln Street

				
	
					
						 

					
					
						Suite 4100

				
	
					
						 

					
					
						Denver, CO  80202

				

		
			 
		

		
			(or to such other address as any party shall specify by written notice so given).
		

		
			
		

		
			

		 

		

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			10.      LEGAL REQUIREMENTS. Executive represents and warrants that, during the Term (and thereafter for so long as Executive remains an employee of the Company), Executive shall use her best efforts to comply in all material respects with, and shall use her best efforts, within the scope of her duties to comply with all legal requirements imposed by environmental laws imposed by any local, state or federal authority and the rules and regulations promulgated by any such entity. For the purposes of this Agreement, environmental law shall mean all local, state or federal law, now or hereafter existing, that relate to health, safety or environmental protection. Executive shall use her best efforts to comply in all material respects with, and shall use her best efforts, within the scope of her duties, to cause the Company to comply with, all other applicable laws and regulations governing the Company including, without limitation, all environmental laws and regulations.
		

		
			11.      NO IMPLIED WAIVERS. Neither party shall waive any breach of any provision of this Agreement except in writing, and any waiver so granted in any single instance shall not thereby be deemed to be a waiver of any preceding or succeeding breach of the same or any other provision of this Agreement.
		

		
			12.      HEADINGS. The headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof, nor to affect the meaning thereof.
		

		
			13.       GOVERNING LAW; JURISDICTION. This Agreement shall be governed by and construed under Colorado law, without regard to its conflict of laws principles. The parties agree that any litigation in any way relating to this Agreement shall be venued in either federal or state court in Jefferson County, Colorado, and Executive hereby consents to the personal jurisdiction of these courts and waives any objection that such venue is inconvenient or improper.
		

		
			14.       WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT PERMITTED BY LAW, EXECUTIVE AND COMPANY HEREBY IRREVOCABLY AND EXPRESSLY WAIVE ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR ENFORCEMENT THEREOF.
		

		
			15.       EXECUTIVE’S RIGHT TO RECOVER ATTORNEYS' FEES AND COSTS.  In the event of any litigation concerning any controversy, claim or dispute between the parties hereto, arising out of or relating to this Agreement, the breach hereof or the interpretation hereof, Executive will be entitled to recover from the Company Executive’s reasonable expenses, attorneys' fees, and costs incurred therein or in the enforcement or collection of any judgment or award rendered therein if (and only if) Executive is the prevailing party.  The "prevailing party" means the party determined by the court to have most nearly prevailed, even if such party did not prevail in all matters, not necessarily the party in whose favor a judgment is rendered.  
		

		
			16.       COMPLETE AGREEMENT - AMENDMENTS - PRIOR AGREEMENTS. The foregoing is the entire agreement of the parties with respect to the subject matter hereof, excepting those documents identified herein to be signed by the Executive and the Company, and may not be amended, supplemented, canceled or discharged except by written instrument executed by both parties hereto. This Agreement supersedes any and all prior agreements among
		

		
			
		

		
			

		 

		

			19

		

 

		

		
			the Company and Executive with respect to the matters covered herein, including without limitation the Prior Agreement.
		

		
			17.       INVALIDITY. The invalidity or lack of enforceability of any particular provision in this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed in all other respects as though such invalid or unenforceable provisions were permitted. Moreover, the parties agree to replace or have a Court replace such invalid provisions with a substitute provision that will satisfy the intent of the parties.
		

		
			18.       SURVIVAL. Upon the expiration or termination of this Agreement for any reason, the provisions of Section 8 and the covenants of the parties herein shall survive and remain in full force and effect.
		

		
			19.       BINDING OBLIGATIONS. The Executive and the Company acknowledge and understand that, unless expressly stated above, Executive’s obligations hereunder shall not be affected by the reasons for, circumstances of, or identity of the party who initiates the termination of Executive’s employment with the Company.
		

		
			20.       FORFEITURE AND COMPENSATION RECOVERY.
		

		
			20.1       Forfeiture Conditions.  Notwithstanding anything to the contrary in this Agreement, if the Executive breaches any of the restrictions applicable to the Executive under Section 8 of this Agreement after Executive’s Termination Date, then (i) the Executive shall immediately forfeit her right to receive any separation pay under Sections 4.3(a), 4.3(b) or 4.4(a) of this Agreement, and to the extent any portion of such payments has been received, the Executive will be required to repay to the Company the amount of such payments previously received.
		

		
			20.2       Compensation Recovery Policy.  To the extent that any compensation provided pursuant to this Agreement is considered “incentive-based compensation” within the meaning and subject to the requirements of Section 10D of the Securities Exchange Act of 1934 (the “Exchange Act”), any such compensation shall be subject to potential forfeiture or recovery by the Company in accordance with any compensation recovery policy adopted by the Board or its Compensation Committee in response to the requirements of Section 10D of the Exchange Act and any implementing rules and regulations thereunder adopted by the Securities and Exchange Commission or any national securities exchange on which the Company’s common stock is then listed.  This Agreement may be unilaterally amended by the Company to comply with any such compensation recovery policy. 
		

		
			21.       TERMINATION OF CHANGE OF CONTROL, SEVERANCE, CONFIDENTIALITY, AND NON-SOLICITATION AGREEMENT.  Executive and the Company each agree to the termination of the Change of Control, Severance, Confidentiality, and Non-Solicitation Agreement dated January 1, 2012, and agree that such Change of Control, Severance, Confidentiality, and Non-Solicitation Agreement shall be of no further force and effect.
		

		
			
		

		
			

		 

		

			20

		

 

		

		
			IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the dates set forth below, effective as of the Effective Date first set forth above.
		

			
					
						 

					
					
						COMPANY:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						GENERAL MOLY, INC.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 /s/ R. Scott Roswell

				
	
					
						 

					
					
						Its:

					
					
						Chief Legal Officer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						EXECUTIVE:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						/s/ Amanda J. Corrion

				
	
					
						 

					
					
						AMANDA J. CORRION

				

		
			 
		

		 

		

			21EXHIBIT 10.1

 

INDEMNITY AGREEMENT

 

This
Indemnity Agreement (this “Agreement”) dated as of ___________ _____, 20__, is made by and between
_________________, Inc., a
Nevada corporation (the “Company”), and _________________ (“Indemnitee”).

 

Recitals

 

A.       The
Company desires to attract and retain the services of highly qualified individuals as directors, officers, employees and agents.

 

B.       The
Company’s bylaws (the “Bylaws”) require that the Company indemnify its directors and officers, and empowers
the Company to indemnify its employees and agents, as authorized by the Nevada Corporation Law, as amended (the “Code”),
under which the Company is organized and such Bylaws expressly provide that the indemnification provided therein is not exclusive
and contemplates that the Company may enter into separate agreements with its directors, officers and other persons to set forth
specific indemnification provisions.

 

C.       Indemnitee
does not regard the protection currently provided by applicable law, the Company’s governing documents and available insurance
as adequate under the present circumstances, and the Company has determined that Indemnitee and other directors, officers, employees
and agents of the Company may not be willing to serve or continue to serve in such capacities without additional protection.

 

D.       The
Company desires and has requested Indemnitee to serve or continue to serve as a director, officer, employee or agent of the Company,
as the case may be, and has proffered this Agreement to Indemnitee as an additional inducement to serve in such capacity.

 

E.       Indemnitee
is willing to serve, or to continue to serve, as a director, officer, employee or agent of the Company, as the case may be, if
Indemnitee is furnished the indemnity provided for herein by the Company.

 

Agreement

 

Now
Therefore, in consideration of the mutual covenants and agreements set forth herein, the parties hereto, intending to
be legally bound, hereby agree as follows:

 

1.       Definitions.

 

(a)       Agent.
For purposes of this Agreement, the term “agent” of the Company means any person who: (i) is or was a director,
officer, employee or other fiduciary of the Company or a subsidiary of the Company; or (ii) is or was serving at the request
or for the convenience of, or representing the interests of, the Company or a subsidiary of the Company, as a director, officer,
employee or other fiduciary of a foreign or domestic corporation, partnership, joint venture, trust or other enterprise. 

 

(b)       Expenses.
For purposes of this Agreement, the term “expenses” shall be broadly construed and shall include, without limitation,
all direct and indirect costs of any type or nature whatsoever (including, without limitation, all attorneys’, witness, or
other professional fees and related disbursements, and other out-of-pocket costs of whatever nature), actually and reasonably incurred
by Indemnitee in connection with the investigation, defense or appeal of a proceeding or establishing or enforcing a right to indemnification
under this Agreement, the Code or otherwise, and amounts paid in settlement by or on behalf of Indemnitee, but shall not include
any judgments, fines or penalties actually levied against Indemnitee for such individual’s violations of law. The term “expenses”
shall also include reasonable compensation for time spent by Indemnitee for which he is not compensated by the Company or any subsidiary
or third party (i) for any period during which Indemnitee is not an agent, in the employment of, or providing services for compensation
to, the Company or any subsidiary; and (ii) if the rate of compensation and estimated time involved is approved by the directors
of the Company who are not parties to any action with respect to which expenses are incurred, for Indemnitee while an agent of,
employed by, or providing services for compensation to, the Company or any subsidiary.

 

 

    	 	1	 

     

    

 

 

(c)       Proceedings.
For purposes of this Agreement, the term “proceeding” shall be broadly construed and shall include, without limitation,
any threatened, pending, or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry,
administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or
otherwise and whether of a civil, criminal, administrative or investigative nature, and whether formal or informal in any case,
in which Indemnitee was, is or will be involved as a party or otherwise by reason of: (i) the fact that Indemnitee is or was a
director or officer of the Company; (ii) the fact that any action taken by Indemnitee or of any action on Indemnitee’s part
while acting as director, officer, employee or agent of the Company; or (iii) the fact that Indemnitee is or was serving at the
request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise, and in any such case described above, whether or not serving in any such capacity at the time
any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses may be provided under
this Agreement.

 

(d)       Subsidiary.
For purposes of this Agreement, the term “subsidiary” means any corporation or limited liability company of which more
than 50% of the outstanding voting securities or equity interests are owned, directly or indirectly, by the Company and one or
more of its subsidiaries, and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit
plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, employee,
agent or fiduciary.

 

(e)       Independent
Counsel. For purposes of this Agreement, the term “independent counsel” means
a law firm, or a partner (or, if applicable, member) of such a law firm, that is experienced in matters of corporation law and
neither presently is, nor in the past five (5) years has been, retained to represent: (i) the Company or Indemnitee in any matter
material to either such party, or (ii) any other party to the proceeding giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term “independent counsel” shall not include any person who, under the applicable
standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee
in an action to determine Indemnitee’s rights under this Agreement.

 

2.       Agreement
to Serve. Indemnitee will serve, or continue to serve, as a director, officer, employee
or agent of the Company or any subsidiary, as the case may be, faithfully and to the best of his or her ability, at the will of
such corporation (or under separate agreement, if such agreement exists), in the capacity Indemnitee currently serves as an agent
of such corporation, so long as Indemnitee is duly appointed or elected and qualified in accordance with the applicable provisions
of the bylaws or other applicable charter documents of such corporation, or until such time as Indemnitee tenders his or her resignation
in writing; provided, however, that nothing contained in this Agreement is intended as an employment agreement between Indemnitee
and the Company or any of its subsidiaries or to create any right to continued employment of Indemnitee with the Company or any
of its subsidiaries in any capacity.

 

The Company acknowledges
that it has entered into this Agreement and assumes the obligations imposed on it hereby, in addition to and separate from its
obligations to Indemnitee under the Bylaws, to induce Indemnitee to serve, or continue to serve, as a director, officer, employee
or agent of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director,
officer, employee or agent of the Company.

 

3.       Indemnification.

 

(a)       Indemnification
in Third Party Proceedings. Subject to Section 10 below, the Company shall indemnify
Indemnitee to the fullest extent permitted by the Code, as the same may be amended from time to time (but, only to the extent that
such amendment permits Indemnitee to broader indemnification rights than the Code permitted prior to adoption of such amendment),
if Indemnitee is a party to or threatened to be made a party to or otherwise involved in any proceeding, for any and all expenses,
actually and reasonably incurred by Indemnitee in connection with the investigation, defense, settlement or appeal of such proceeding.

 

 

 

    	 	2	 

     

    

 

 

(b)       Indemnification
in Derivative Actions and Direct Actions by the Company. Subject to Section 10 below,
the Company shall indemnify Indemnitee to the fullest extent permitted by the Code, as the same may be amended from time to time
(but, only to the extent that such amendment permits Indemnitee to broader indemnification rights than the Code permitted prior
to adoption of such amendment), if Indemnitee is a party to or threatened to be made a party to or otherwise involved in any proceeding
by or in the right of the Company to procure a judgment in its favor, against any and all expenses actually and reasonably incurred
by Indemnitee in connection with the investigation, defense, settlement, or appeal of such proceedings, if Indemnitee acted in
good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. No indemnification
for Expenses shall be made under this Section 3(b) in respect of any claim, issue or matter as to which Indemnitee shall have been
finally adjudged by a court competent jurisdiction to be liable to the Company, unless and only to the extent that the Chancery
Court of the State of Delaware or any court in which the proceeding was brought shall determine upon application that, despite
the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to
indemnification.

 

4.       Indemnification
of Expenses of Successful Party. Notwithstanding any other provision of this Agreement,
to the extent that Indemnitee is a party to (or a participant in) any proceeding and has been successful on the merits or otherwise
in defense of any proceeding or in defense of any claim, issue or matter therein, including the dismissal of any action without
prejudice, the Company shall indemnify Indemnitee against all expenses actually and reasonably incurred in connection with the
investigation, defense or appeal of such proceeding.

 

5.       Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification
by the Company for some or a portion of any expenses actually and reasonably incurred by Indemnitee in the investigation, defense,
settlement or appeal of a proceeding, but is precluded by applicable law or the specific terms of this Agreement to indemnification
for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is
entitled.

 

6.       Advancement
of Expenses. To the extent not prohibited by law, the Company shall advance the expenses
incurred by Indemnitee in connection with any proceeding, and such advancement shall be made within twenty (20) days after the
receipt by the Company of a statement or statements requesting such advances (which shall include invoices received by Indemnitee
in connection with such expenses but, in the case of invoices in connection with legal services, any references to legal work performed
or to expenditures made that would cause Indemnitee to waive any privilege accorded by applicable law shall not be included with
the invoice) and upon request of the Company, an undertaking to repay the advancement of expenses if and to the extent that it
is ultimately determined by a court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not
entitled to be indemnified by the Company. Advances shall be unsecured, interest free and without regard to Indemnitee’s
ability to repay the expenses. Advances shall include any and all expenses actually and reasonably incurred by Indemnitee pursuing
an action to enforce Indemnitee’s right to indemnification under this Agreement, or otherwise and this right of advancement,
including expenses incurred preparing and forwarding statements to the Company to support the advances claimed. Indemnitee acknowledges
that the execution and delivery of this Agreement shall constitute an undertaking providing that Indemnitee shall, to the fullest
extent required by law, repay the advance if and to the extent that it is ultimately determined by a court of competent jurisdiction
in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by the Company. The right to advances
under this Section shall continue until final disposition of any proceeding, including any appeal therein. This Section 6 shall
not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 10(b).

 

7.       Notice
and Other Indemnification Procedures.

 

(a)       Notification
of Proceeding. Indemnitee will notify the Company in writing promptly upon being served
with any summons, citation, subpoena, complaint, indictment, information or other document relating to any proceeding or matter
which may be subject to indemnification or advancement of expenses covered hereunder. The written notification to the Company shall
include a description of the nature of the proceeding and the facts underlying the proceeding. The failure of Indemnitee to so
notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise.

 

(b)       Request
for Indemnification and Indemnification Payments. Indemnitee shall notify the Company
promptly in writing upon receiving notice of any demand, judgment or other requirement for payment that Indemnitee reasonably believes
to be subject to indemnification under the terms of this Agreement, and shall request payment thereof by the Company. Indemnification
payments requested by Indemnitee under Section 3 hereof shall be made by the Company no later than sixty (60) days after receipt
of the written request of Indemnitee. Claims for advancement of expenses shall be made under the provisions of Section 6 herein.

 

 

 

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(c)       Application
for Enforcement. In the event the Company fails to make timely payments as set forth in
Sections 6 or 7(b) above, Indemnitee shall have the right to apply to any court of competent jurisdiction for the purpose of enforcing
Indemnitee’s right to indemnification or advancement of expenses pursuant to this Agreement. In such an enforcement hearing
or proceeding, the burden of proof shall be on the Company to prove that indemnification or advancement of expenses to Indemnitee
is not required under this Agreement or permitted by applicable law. Any determination by the Company (including its Board of Directors,
shareholders or independent counsel) that Indemnitee is not entitled to indemnification hereunder, shall not be a defense by the
Company to the action nor create any presumption that Indemnitee is not entitled to indemnification or advancement of expenses
hereunder.

 

(d)       Indemnification
of Certain Expenses. The Company shall indemnify Indemnitee against all expenses incurred
in connection with any hearing or proceeding under this Section 7 unless the Company prevails in such hearing or proceeding
on the merits in all material respects.

 

8.       Assumption
of Defense. In the event the Company shall be requested by Indemnitee to pay the expenses
of any proceeding, the Company, if appropriate, shall be entitled to assume the defense of such proceeding, or to participate to
the extent permissible in such proceeding, with counsel reasonably acceptable to Indemnitee. Upon assumption of the defense by
the Company and the retention of such counsel by the Company, the Company shall not be liable to Indemnitee under this Agreement
for any fees of counsel subsequently incurred by Indemnitee with respect to the same proceeding, provided that Indemnitee shall
have the right to employ separate counsel in such proceeding at Indemnitee’s sole cost and expense. Notwithstanding the foregoing,
if Indemnitee’s counsel delivers a written notice to the Company stating that such counsel has reasonably concluded that
there may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense or the Company shall
not, in fact, have employed counsel or otherwise actively pursued the defense of such proceeding within a reasonable time, then
in any such event the fees and expenses of Indemnitee’s counsel to defend such proceeding shall be subject to the indemnification
and advancement of expenses provisions of this Agreement.

 

9.       Insurance.
To the extent that the Company maintains an insurance policy or policies providing liability
insurance for directors, officers, employees, or agents of the Company or of any subsidiary (“D&O Insurance”),
Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage
available for any such director, officer, employee or agent under such policy or policies. If, at the time of the receipt of a
notice of a claim pursuant to the terms hereof, the Company has D&O Insurance in effect, the Company shall give prompt notice
of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies.
The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all
amounts payable as a result of such proceeding in accordance with the terms of such policies.

 

10.       Exceptions.

 

(a)       Certain
Matters. Any provision herein to the contrary notwithstanding, the Company shall not be
obligated pursuant to the terms of this Agreement to indemnify Indemnitee on account of any proceeding with respect to (i) remuneration
paid to Indemnitee if it is determined by final judgment or other final adjudication that such remuneration was in violation of
law (and, in this respect, both the Company and Indemnitee have been advised that the Securities and Exchange Commission believes
that indemnification for liabilities arising under the federal securities laws is against public policy and is, therefore, unenforceable
and that claims for indemnification should be submitted to appropriate courts for adjudication, as indicated in Section 10(d) below);
(ii) a final judgment rendered against Indemnitee for an accounting, disgorgement or repayment of profits made from the purchase
or sale by Indemnitee of securities of the Company against Indemnitee or in connection with a settlement by or on behalf of Indemnitee
to the extent it is acknowledged by Indemnitee and the Company that such amount paid in settlement resulted from Indemnitee's conduct
from which Indemnitee received monetary personal profit, pursuant to the provisions of Section 16(b) of the Securities Exchange
Act of 1934, as amended, or other provisions of any federal, state or local statute or rules and regulations thereunder; (iii) a
final judgment or other final adjudication that Indemnitee’s conduct was in bad faith, knowingly fraudulent or deliberately
dishonest or constituted willful misconduct (but only to the extent of such specific determination); or (iv) on account of conduct
that is established by a final judgment as constituting a breach of Indemnitee’s duty of loyalty to the Company or resulting
in any personal profit or advantage to which Indemnitee is not legally entitled. For purposes of the foregoing sentence, a final
judgment or other adjudication may be reached in either the underlying proceeding or action in connection with which indemnification
is sought or a separate proceeding or action to establish rights and liabilities under this Agreement. 

 

 

 

    	 	4	 

     

    

 

(b)       Claims
Initiated by Indemnitee. Any provision herein to the contrary notwithstanding, the Company
shall not be obligated to indemnify or advance expenses to Indemnitee with respect to proceedings or claims initiated or brought
by Indemnitee against the Company or its directors, officers, employees or other agents and not by way of defense, except (i) with
respect to proceedings brought to establish or enforce a right to indemnification under this Agreement or under any other agreement,
provision in the Bylaws or Articles of Incorporation or applicable law, or (ii) with respect to any other proceeding initiated
by Indemnitee that is either approved by the Board of Directors or Indemnitee’s participation is required by applicable law.
However, indemnification or advancement of expenses may be provided by the Company in specific cases if the Board of Directors
determines it to be appropriate.

 

(c)       Unauthorized
Settlements. Any provision herein to the contrary notwithstanding, the Company shall not
be obligated pursuant to the terms of this Agreement to indemnify Indemnitee under this Agreement for any amounts paid in settlement
of a proceeding effected without the Company’s written consent. Neither the Company nor Indemnitee shall unreasonably withhold
consent to any proposed settlement; provided, however, that the Company may in any event decline to consent to (or to otherwise
admit or agree to any liability for indemnification hereunder in respect of) any proposed settlement if the Company is also a party
in such proceeding and determines in good faith that such settlement is not in the best interests of the Company and its shareholders.

 

(d)       Securities
Act Liabilities. Any provision herein to the contrary notwithstanding, the Company shall
not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee or otherwise act in violation of any undertaking
appearing in and required by the rules and regulations promulgated under the Securities Act of 1933, as amended (the “Act”),
or in any registration statement filed with the SEC under the Act. Indemnitee acknowledges that paragraph (h) of Item 512
of Regulation S-K currently generally requires the Company to undertake in connection with any registration statement filed under
the Act to submit the issue of the enforceability of Indemnitee’s rights under this Agreement in connection with any liability
under the Act on public policy grounds to a court of appropriate jurisdiction and to be governed by any final adjudication of such
issue. Indemnitee specifically agrees that any such undertaking shall supersede the provisions of this Agreement and to be bound
by any such undertaking.

 

11.       Nonexclusivity
and Survival of Rights. The provisions for indemnification and advancement of expenses
set forth in this Agreement shall not be deemed exclusive of any other rights which Indemnitee may at any time be entitled under
any provision of applicable law, the Company’s Articles of Incorporation, Bylaws or other agreements, both as to action in
Indemnitee’s official capacity and Indemnitee’s action as an agent of the Company, in any court in which a proceeding
is brought, and Indemnitee’s rights hereunder shall continue after Indemnitee has ceased acting as an agent of the Company
and shall inure to the benefit of the heirs, executors, administrators and assigns of Indemnitee. The obligations and duties of
the Company to Indemnitee under this Agreement shall be binding on the Company and its successors and assigns until terminated
in accordance with its terms. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation
or otherwise) to all or substantially all of the business or assets of the Company, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken
place.

 

No amendment, alteration
or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in
respect of any action taken or omitted by such Indemnitee in his or her corporate status prior to such amendment, alteration or
repeal. To the extent that a change in the Code, whether by statute or judicial decision, permits greater indemnification or advancement
of expenses than would be afforded currently under the Company’s Articles of Incorporation, Bylaws and this Agreement,
it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.
No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy
shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity
or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, by Indemnitee shall not prevent the concurrent
assertion or employment of any other right or remedy by Indemnitee.

 

12.       Term.
This Agreement shall continue until and terminate upon the later of: (a) five (5) years after the date that Indemnitee shall have
ceased to serve as a director or and/or officer, employee or agent of the Company; or (b) one (1) year after the final termination
of any proceeding, including any appeal then pending, in respect to which Indemnitee was granted rights of indemnification or advancement
of expenses hereunder. 

 

No legal action shall
be brought and no cause of action shall be asserted by or in the right of the Company against an Indemnitee or an Indemnitee's
estate, spouse, heirs, executors or personal or legal representatives after the expiration of five (5) years from the date of accrual
of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted
by the timely filing of a legal action within such five-year period; provided, however, that if any shorter period of limitations
is otherwise applicable to such cause of action, such shorter period shall govern.

 

 

 

    	 	5	 

     

    

 

13.       Subrogation.
In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who, at the request and expense of the Company, shall execute all papers required and shall do everything
that may be reasonably necessary to secure such rights, including the execution of such documents necessary to enable the Company
effectively to bring suit to enforce such rights.

 

14.       Interpretation
of Agreement. It is understood that the parties hereto intend this Agreement to be interpreted
and enforced so as to provide indemnification to Indemnitee to the fullest extent now or hereafter permitted by law.

 

15.       Severability.
If any provision of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (a) the
validity, legality and enforceability of the remaining provisions of the Agreement (including without limitation, all portions
of any paragraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves
invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible,
the provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any
such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall be
construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable and to give effect
to Section 14 hereof.

 

16.       Amendment
and Waiver. No supplement, modification, amendment, or cancellation of this Agreement
shall be binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall be
deemed or shall constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver constitute a continuing
waiver. 

 

17.       Notice.
Except as otherwise provided herein, any notice or demand which, by the provisions hereof, is required or which may be given to
or served upon the parties hereto shall be in writing and, if by electronic transmission, shall be deemed to have been validly
served, given or delivered when sent, if by overnight delivery, courier or personal delivery, shall be deemed to have been validly
served, given or delivered upon actual delivery and, if mailed, shall be deemed to have been validly served, given or delivered
three (3) business days after deposit in the United States mail, as registered or certified mail, with proper postage prepaid and
addressed to the party or parties to be notified at the addresses set forth on the signature page of this Agreement (or such other
address(es) as a party may designate for itself by like notice). If to the Company, notices and demands shall be delivered to the
attention of the Secretary of the Company.

 

18.       Governing
Law. This Agreement shall be governed exclusively by and construed according to the laws
of the State of Nevada, as applied to contracts between Nevada residents entered into and to be performed entirely within Nevada.

 

19.       Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but
all of which together shall constitute but one and the same Agreement. Only one such counterpart need be produced to evidence the
existence of this Agreement.

 

20.       Headings.
The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction hereof.

 

21.       Entire
Agreement. This Agreement constitutes the entire agreement between the parties with respect
to the subject matter hereof and supersedes all prior agreements, understandings and negotiations, written and oral, between the
parties with respect to the subject matter of this Agreement; provided, however, that this Agreement is a supplement to and in
furtherance of the Company’s Articles of Incorporation, Bylaws, the Code and any other applicable law, and shall not be deemed
a substitute therefor, and does not diminish or abrogate any rights of Indemnitee thereunder. 

 

 

 

    	 	6	 

     

    

 

In
Witness Whereof, the parties hereto have entered into this Agreement effective as of the date first above written.

 

	 	
        COMPANY

         

        By:   __________________________

        Name:___________________

        Title: ___________________

	 	 
	 	
        INDEMNITEE

         

         

        _____________________________

        Signature of Indemnitee

         

         

        _____________________________

        Print or Type Name of Indemnitee

 

 

 

 

 

 

    	 	7

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