Document:

Exhibit 10.36

 

	
  

  	
   

  
	
   

  
	
   

  	
   

  
	
  1726
  Cole Blvd., Suite 115

  
	
  Lakewood,
  CO 80401

  
	
  Phone:

  	
  303-928-8599

  
	
  Fax:

  	
  303-928-8598

  
	
  Website:

  	
  www.generalmoly.com

  
	
   

  	
   

  
				

 

December 18,
2008

 

Gregory E McClain

PO Box 13046

Casa Grande, AZ 85223

 

Re:          Amendment
to Offer Letter, and Change of Control Letter

 

Previously General Moly (the “Company”)
furnished you with an Offer Letter and a Change of Control Letter, both dated July 25,
2007, which you accepted (the “Offer Letter”, and the “Change of
Control Letter”).

 

The time and form of payment provided in
the Offer Letter and Change Of Control Letter must now be amended to comply
with the requirements for nonqualified deferred compensation arrangements under
Section 409A of the Internal Revenue Code of 1986, as amended and the final
Treasury Regulations thereunder and other applicable guidance (“Section 409A”).

 

Offer Letter

 

The eligibility for annual bonus is hereby amended to add the following
sentence at the end of the first paragraph of the Offer Letter:

 

All bonuses 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 Employee earned such bonus payment,
pursuant to the terms of the Annual Incentive Bonus Plan.

 

Change Of Control Letter

 

If your employment is terminated by the Company as a result of a “Change
of Control,” the time and form of payment for the amount set forth in your
Change of Control shall be as follows:

 

Time and Form of Payment.  The annual salary amount payable as a result
of a Change of Control, if any, shall be paid in a lump sum, on a date
determined by the Company, within 60 days following your separation from
service within two years following the effective date of the closing of the
Change of Control event, provided such event also constitutes a “change in
control” event for purposes of Treasury Regulation Section 1.409A-3(i)(5) otherwise, such payment shall be made in a
lump sum, on a date determined by the Company, within 60 days following your
separation from service after the effective date of the closing of the Change
of Control, except as required below.

 

 

Delay in Payment.  Notwithstanding anything in the Change of
Control to the contrary, if you are deemed by the Company at the time of your “separation
from service” to be a “specified employee,” 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 your separation from service (or if earlier, your death).  Such delay in payment shall only be effected
with respect to each separate payment of non-exempt deferred compensation to
the extent required to avoid adverse tax treatment to you under Section 409A.

 

Key Definitions.  For purposes of the Offer Letter and Change
of Control, the term “termination of employment” means “separation from service”
and the terms “separation from service,” “specified employee” and “nonqualified
deferred compensation” shall have the meanings determined under Section 409A.

 

Interpretation.  You and the Company intend that all payments
or benefits payable under the Offer Letter and the Change of Control Letter
will not subject you to the additional tax imposed by Section 409A of the
Code, and the provisions of the documents shall be construed and administered
consistent with such intent.  To the
extent such potential payments could become subject to Section 409A, the
Company and you agree to work together to modify the documents to the minimum
extent necessary to reasonably comply with the requirements of Section 409A,
provided that the Company shall not be required to provide any additional
compensation amounts or benefits.

 

The Company and you hereby agree to this amendment
to your Offer Letter and Change of Control to be effective as of January 1,
2009.

 

	
  GENERAL
  MOLY, INC.

  	
  Employee

  
	
  The
  Company

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  David A. Chaput

  	
   

  	
  By:

  	
  /s/
  Gregory E. McClain

  
	
   

  	
  Dave
  Chaput, CFO

  	
   

  	
   

  	
  Gregory
  E McClain

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  December 18,
  2008

  	
   

  	
  Date:Exhibit 10.37

 

 

	
   

  	
  June 20,
  2007

  

 

Mr. Daniel
G. Zang

4430
N. Heritage Woods Way

Meridian, ID 83646

 

Dear
Daniel:

 

Congratulations!
Idaho General Mines, Inc. is pleased to offer you the position of
Controller. The basic terms of our offer follow. You will report directly to
me. Your base salary will be $12,500 per month ($150,000 annually) paid
monthly. In addition, you will be eligible for an annual bonus up to 25% of
base pay based on the Company’s determination of your achievement of assigned
objectives.

 

During
the transition of the corporate office from Spokane to Denver, you will be
required to travel to Spokane to facilitate the transition. Assuming you choose
to accept our offer, we would like to set a tentative start date on or before July 2,
2007.

 

Our
offer also includes a sign-on bonus of $25,000 which will be paid after 30 days
of consecutive employment.

 

Additionally,
you will be granted options to purchase 65,000 shares of Common Stock in the
Company effective the date of your employment. The shares will vest as follows:
40,000 on the first anniversary of the grant date and 25,000 on the second
anniversary of your grant date. (You must be an employee of the Company on the
vesting date.) The exercise of options will be in accordance with a Stock Option
Agreement and the Company’s 2006 Equity Incentive Plan.

 

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

 

Idaho General Mines, Inc. 10 N.
Post Street, Suite 610, Spokane, WA 
99201

Phone (509) 838-1213, Fax (509)
838-0457, www.idahogeneralmines.com AMEX:GMO

 

 

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

 

Your
total compensation includes an opportunity to participate in the Idaho General
Mines, Inc. retirement and health and welfare benefit plans, subject to
the terms of the applicable plans.

 

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

 

I
look forward to working with you as a member of our Idaho General Mines, Inc.
team. If you have any questions regarding this offer, please call me at (509)
227-6868.

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
  /s/
  David A. Chaput

  
	
   

  	
   

  
	
   

  	
  David
  Chaput

  
	
   

  	
  Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  Accepted:

  	
  /s/
  Daniel G. Zang

  	
   

  	
  Date:

  	
  June 25,
  2007

  
					

 

 

 

	
   

  	
  June 20, 2007

  

 

Mr. Daniel G. Zang

4430
N. Heritage Woods Way

Meridian, ID 83646

 

Dear
Daniel:

 

This
is a follow up to my letter to you dated June 20, 2007 and our subsequent
conversations. Please consider the offer extended to you by our June 20,
2007 letter to be amended by this letter. More specifically, your employment
with the Company shall contain a change of control provision. If your
employment is terminated by the Company as a result of a “Change of Control,”
the Company shall pay to you, upon the effective date of the “Change of Control”
event, two (2) years of your annual salary. Furthermore, all granted stock
options will vest upon the effective date of the closing of the Change of
Control event. For the purposes of this obligation a “Change of Control” shall
mean:

 

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

 

(2)          consummation
of a reorganization, merger, statutory share exchange or consolidation or
similar corporate transaction involving the Company or the acquisition of
assets or stock of another entity by the Company (each, a “Business Combination”),
in each case unless, following such Business Combination, (A) all or
substantially all of the individuals and entities that were the beneficial
owners of the Outstanding Company Common Stock and the Outstanding Company
Voting Securities immediately prior to such Business Combination beneficially own,
directly or indirectly, more than 50% of the then-outstanding shares of common stock and the

 

Idaho General Mines, Inc. 10 N.
Post Street, Suite 610, Spokane, WA 
99201

Phone (509) 838-1213, Fax (509)
838-0457, www.idahogeneralmines.com AMEX:GMO

 

 

combined
voting power of the then-outstanding voting securities entitled to vote
generally in the election of directors, as the case may be, of the corporation
resulting from such Business Combination (including, without limitation, a
corporation that, as a result of such transaction, owns the Company or all or
substantially all of the Company’s assets either directly or through one or
more subsidiaries) in substantially the same proportions as their ownership
immediately prior to such Business Combination of the Outstanding Company
Common Stock and the Outstanding Company Voting Securities, as the case may be,
and (B) no Person (excluding any corporation resulting from such Business
Combination or any employee benefit plan (or related trust) of the Company or
such corporation resulting from such Business Combination) beneficially owns,
directly or indirectly, 50% or more of, respectively, the then-outstanding
shares of common stock of the corporation resulting from such Business
Combination or the combined voting power of the then-outstanding voting
securities of such corporation, except to the extent that such ownership
existed prior to the Business Combination;

 

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

 

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

 

Except
as specifically modified by this letter, the terms and conditions of your
employment shall be as stated in the Company’s letter to you of June 20,
2007.

 

	
   

  	
  Very
  Truly Yours,

  
	
   

  	
   

  
	
   

  	
  /s/
  David A. Chaput

  
	
   

  	
   

  
	
   

  	
  David
  Chaput

  
	
   

  	
  Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  Accepted:

  	
  /s/
  Daniel G. Zang

  	
   

  	
  Date:

  	
  June 25,
  2007

  
					

 

2

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