Document:

Exhibit 10.17

Exhibit 10.17

	 	 	 
	 

	 	RCF Management L.L.C.
	 

	 	1400 Sixteenth Street
	 

	 	Suite 200

Denver, Colorado 80202 USA
	RESOURCE
	 	 
	CAPITAL FUNDS

	 	Telephone: 720-946-1444
	 

	 	Facsimile: 720-946-1450
	 

	 	E-mail: rcf@rcflp.com
	 

	 	www.resourcecapitalfunds.com

May 16, 2011

PP IV Mountain Pass II, LLC

PPIV MP AIV 1 LLC

PP IV MP AIV 2, LLC

PP IV PM AIV 3, LLC

(“Pegasus Entities”)

505 Park Avenue

21st Floor

New York, NY 10022

TNA Moly Group LLC

(“Traxys Entity”)

825 Third Avenue

9th Floor

New York, NY 10022

Molycorp, Inc.
(“Molycorp”)

5619 Denver Tech Center Parkway

Suite 1000

Greenwood Village, CO 80111

	 	 	 
	Re:

	 	Molycorp. Inc. — Registration Rights Agreement of April 15, 2010

Ladies and Gentlemen:

The Pegasus Entities, the Traxys Entities, Resource Capital Fund IV L.P. and Resource Capital Fund
V L.P. (together “RCF”) and Molycorp are parties to the Registration Rights Agreement of April 15,
2010 (the “Registration Rights Agreement”) pursuant to which Molycorp has granted to each of the
other parties (collectively, the “Initial Shareholders”) certain registration rights
with respect to their shareholdings in Molycorp. Terms used but not defined herein will have the
meanings given to them in the Registration Rights Agreement.

The Initial Shareholders wish to have Molycorp undertake an S-l Registration of certain of their
Registrable Securities pursuant to Section 2(b) of the Registration Rights Agreement (the “Current
Registration”). For purposes of the Registration Rights Agreement, the Traxys Entity will be deemed
to be the Initial Requesting Holder with respect to the Current Registration, and each of the other
Initial Shareholders wishing to have a portion of its share holdings in Molycorp included in the
Current Registration will be deemed to be a Participating Holder.

 

 

 

RESOURCE

CAPITAL FUNDS

The Initial Shareholders agree that if after the Current Registration any Initial Shareholder
(expressly including the Traxys Entities) wishes to request from Molycorp an additional Demand
Registration in accordance with Section 2 of the Registration Rights Agreement (a “Subsequent
Registration”), (a) such Initial Shareholder will first consult with the other Initial
Shareholders, (b) if after such consultation such Initial Shareholder wishes to persist with a
request to Molycorp for an additional Demand Registration, such Initial Shareholder will give
notice thereof to the other Initial Shareholders, and (c) the Pegasus Entities will request such
registration by Molycorp as the Initial Requesting Holder and each of the other Initial
Shareholders desiring to participate therein will be deemed to be a Participating Holder.

The Initial Shareholders further agree that if after the first Subsequent Registration any Initial
Shareholder (expressly including the Traxys Entities and the Pegasus Entities) wishes to request
from Molycorp an additional Demand Registration in accordance with Section 2 of the Registration
Rights Agreement, (a) such Initial Shareholder will first consult with the other Initial
Shareholders, (b) if after such consultation such Initial Shareholder wishes to persist with a
request to Molycorp for an additional Demand Registration, such Initial Shareholder give notice
thereof to the other Initial Shareholders, and (c) RCF will request such registration by Molycorp
as the Initial Requesting Holder with respect to the second Subsequent Registration and each of the
other Initial Shareholders desiring to participate therein will be deemed to be a Participating
Holder.

Unless the Initial Shareholders agree otherwise at the time of any Subsequent Registration, each
Initial Shareholder will be entitled to participate pro rata with the other Requesting Holders in
each Subsequent Registration based on the unregistered shareholdings of each Initial Shareholder in
Molycorp at the time of such Subsequent Registration. In the event any Subsequent Registration is
unsuccessful the costs of the Registration shall be borne pro rata by the Initial Shareholders who
are deemed Participating Holders in proportion to the number of Registrable Shares included in such
Registration Statement. All fees and expenses of each Initial Shareholder’s own counsel in
connection with such registration shall be borne and paid by such Initial Shareholder(other than
one counsel to all of the Initial Shareholders) unless the Initial Shareholders agree among
themselves otherwise, and in any event such fees and expenses shall not be borne or paid by
Molycorp.

Please confirm our agreement concerning the foregoing matters by executing a copy hereof in the
space provided below and returning it to RCF. Nothing herein shall be deemed to amend or modify the
Registration Rights Agreement, the terms of which are confirmed by each of the parties hereto as
remaining in full force and effect. For the avoidance of doubt, this agreement does not obligate
any of the Initial Shareholders to dispose, hold or vote any Registrable Securities. This agreement
may be executed in counterparts. Upon receipt of signed copies from all Initial Shareholders, RCF
will distribute a fully executed copy hereof to all of the Initial Shareholders.

 

2

 

RESOURCE

CAPITAL FUNDS

	 	 	 	 	 	 	 	 	 
	Yours sincerely,	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	RESOURCE CAPITAL FUND IV L.P.	 	RESOURCE CAPITAL FUND V L.P.	 	 
	By Resource Capital Associates IV L.P.	 	By Resource Capital Associates V L.P.	 	 
	General Partner	 	General Partner	 	 
	By RCA IV GP L.L.C. General Partner	 	By RCA V GP Ltd., General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	By

	 	/s/
	 	By
	 	/s/	 	 
	 

	 	 

Partner
	 	 	 	 

Partner
	 	 

 

3

 

RESOURCE

CAPITAL FUNDS

Agreement confirmed this 16th day of May, 2011

	 	 	 	 	 	 	 
	PP IV MOUNTAIN PASS II, LLC	 	 
	 
	 	 	 	 	 	 
	By: Pegasus Investors IV, L.P.

Managing Member	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Alec Machiels	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Alec Machiels	 	 
	 

	 	Title:
	 	Authorized Person	 	 
	 
	 	 	 	 	 	 
	PP IV MP AIV 1, LLC	 	 
	 
	 	 	 	 	 	 
	By: Pegasus Investors IV, L.P.

Managing Member	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Alec Machiels	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Alec Machiels	 	 
	 

	 	Title:
	 	Authorized Person	 	 
	 
	 	 	 	 	 	 
	PP IV MP AIV 2, LLC	 	 
	 
	 	 	 	 	 	 
	By: Pegasus Investors IV, L.P.

Managing Member	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Alec Machiels	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Alec Machiels	 	 
	 

	 	Title:
	 	Authorized Person	 	 
	 
	 	 	 	 	 	 
	PP IV MP AIV 3, LLC	 	 
	 
	 	 	 	 	 	 
	By: Pegasus Investors IV, L.P.

Managing Member	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Alec Machiels	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Alec Machiels	 	 
	 

	 	Title:
	 	Authorized Person	 	 

 

4

 

RESOURCE

CAPITAL FUNDS

Agreement confirmed this 17th day of May, 2011

	 	 	 	 	 	 	 
	TNA Moly Group LLC	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Mark Kristoff	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Mark Kristoff	 	 
	 

	 	Title:	 	 	 	 

Executed by Molycorp, Inc. for purposes of indicating its receipt of notice and acceptance of the
cooperative arrangements agreed among the Initial Shareholders concerning the exercise of certain
of their respective rights under the Registration Rights Agreement.

	 	 	 	 	 
	MOLYCORP, INC.	 	 
	 
	 	 	 	 
	By

	 	/s/ Mark A. Smith
	 	Date: May 17, 2011
	 

	 	 

[Name] Mark A. Smith
	 	 
	 

	 	[Title] CEO	 	 

 

5Exhibit 10.1

Exhibit 10.1

			
	 	 	 
	
	 	Corporate Headquarters

14651 North Dallas Parkway

Suite 500

Dallas, TX 75254

Telephone 214-357-6181

FAX 214-351-0194

www.peerlessmfg.com

May 24, 2011

Mr. Henry Schopfer, III

4503 Briargrove Lane

Dallas, Texas 75287

			
	Re:	 	Separation Agreement (this “Agreement”) by and between Peerless Mfg. Co. and Mr. Henry Schopfer, III (“you”)

Dear Henry:

As you are aware, you will separate from your employment relationship with Peerless Mfg. Co.
(“Peerless” or the “Company”) on April 22, 2011. To aid you in your transition to your next
employment opportunity, Peerless hereby offers you the following separation package, in exchange
for your agreement to the terms and conditions set forth below:

1. You will receive a total gross amount of $128,750.05 (the “Separation Payment”) which amount is
equal to six months of your base salary. The Separation Payment shall be paid to you in a lump sum
on the business day following the expiration of the Revocation Period as described below (the
“Payout Date”). The Separation Payment will be subject to such deductions and withholdings as may
be required by law. You hereby acknowledge that the Separation Payment is a sum to which you are
not otherwise entitled.

2. Your medical/dental benefits have ceased as of April 30, 2011. All other employee benefits will
cease as of the Separation Date. However, this provision will not affect any vested rights you may
have in any Peerless retirement or savings plans in which you were participating as of the
Separation Date. If you have any questions regarding this Agreement or the compensation or
benefits due you hereunder, you will only communicate with Mike McGee at 214-353-5520.

3. You shall be eligible to continue the medical coverage in which you and your dependents
currently participate to the extent of current coverage, pursuant to applicable federal COBRA
regulations and/or applicable medical continuation coverage authorized by the State of Texas. You
will be responsible for any and all COBRA premiums. The company will issue you a lump sum check
for $6,199.56 which represents 6 months of COBRA premiums. The check will be issued on the Payout
Date. The COBRA check will be subject to such deductions and withholdings as may be required by
law. You hereby acknowledge that the COBRA payment is a sum to which you are not otherwise
entitled.

4. You have been paid within 6 days of your separation date for granted, unused PTO (Paid time off)
equal to 154 hours.

					
	 	 	 	 	 
	
	 	
	 	

 

 

 

			
	 	 	 
	
	 	Corporate Headquarters

14651 North Dallas Parkway

Suite 500

Dallas, TX 75254

Telephone 214-357-6181

FAX 214-351-0194

www.peerlessmfg.com

5. Any company stock currently vested and/or which would normally vest by July 18, 2011 will be
permitted to vest in accordance with its regular vesting schedule. Therefore, you will be
entitled to the following amounts of vested restricted stock on the vesting dates as set forth
below:

	 	 	 	 	 
	Date of Vesting	 	Amount of Restricted Stock	 
	July 1, 2011
	 	 	1,771	 
	July 9, 2011
	 	 	2,861	 
	July 11, 2011
	 	 	4,172	 
	July 17,2011
	 	 	845	 

The company stock will be issued to you as soon as possible following the applicable vesting
date; provided that the stock payment will be subject to such deductions and withholdings as may
be required by law and you will be responsible for paying all taxes owed on the restricted stock at
the time of vesting, as indicated by Peerless. You agree that Peerless is under no obligation to
transfer your shares of restricted stock to you until it has received payment from you for the
applicable tax withholding due; provided that Peerless agrees you may be permitted to sell enough
shares of restricted stock immediately following the applicable vesting date to generate proceeds to pay the withholding tax due. You hereby acknowledge that the stock payment is a sum to
which you are not otherwise entitled. All other grants of restricted stock that are not vested by
July 18, 2011 are hereby forfeited. You further agree, as a condition to receiving the vested
restricted stock as set forth above, to cooperate with the Company and to provide assistance in any
business or legal related activities. Notwithstanding the foregoing, the Company agrees that all
such requests for assistance will be reasonable in time and scope and will not be unduly
burdensome.

6. Peerless will provide you with a neutral employment reference, provided you direct all future
potential employers to Mike McGee.

7. You, for yourself and your heirs, hereby release Peerless, any subsidiary, affiliate, or related
business entities and their respective partners, shareholders, directors, officers, employees and
independent contractors (the “Released Parties”) from all claims that you have or had, related to
your employment with Peerless and/or your separation from such employment, including but not
limited to any claims you may have based upon federal, state or municipal law or regulation,
including but not limited to the Age Discrimination in Employment Act of 1967 (the “ADEA”) and/or
in contract, tort, common law or other theories of recovery. This release provision will not apply
to the terms and conditions of this Agreement. Notwithstanding the foregoing, by signing this
Agreement, you are not releasing any right to enforce this Agreement or any right or claim that may
arise under the ADEA after the date that this Agreement is executed.

8. You will not bring any causes of action against the Released Parties relating to your employment
by, or separation from, Peerless, nor will you allow any such causes of action to be brought on
your behalf.

9. You hereby acknowledge that the Separation Payment amount contained in Paragraph 1 of this
Agreement does not constitute an “exit incentive or other employment termination program offered to
a group or class of employees” within the meaning of federal law.

10. You represent that you have returned to Mike McGee all items in your possession or under your
control belonging to Peerless or to its clients, including, but not limited to (i) any equipment or
personal property and (ii) all written or
electronic material. You also shall not disclose to anyone nor utilize for your own purposes any
confidential and proprietary business information belonging to Peerless.

 
					
	 	 	 	 	 
	
	 	
	 	

 

 

 

			
	 	 	 
	
	 	Corporate Headquarters

14651 North Dallas Parkway

Suite 500

Dallas, TX 75254

Telephone 214-357-6181

FAX 214-351-0194

www.peerlessmfg.com

11. The furnishing of money under this Agreement will not be deemed to be an admission of
wrongdoing or liability by Peerless.

12. You will not in the future disparage the reputation or business acumen of any of the Released
Parties.

13. You will not apply for employment with Peerless in the future, and you recognize that Peerless
has no obligation to employ you in the future.

14. If any provision of this Agreement is determined by any court of competent jurisdiction to be
illegal, invalid, or unenforceable under law, such provision shall be fully severable; this
Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision
had never comprised a part of this Agreement.

Both you and Peerless acknowledge the following:

15. THIS AGREEMENT IS GOVERNED BY, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF TEXAS.

16. This Agreement sets forth the entire agreement between you and Peerless related to your
employment and the voluntary termination of the employment relationship.

17. By signing below, you expressly covenant and warrant that (i) you personally have read this
Agreement; (ii) you fully understand the contents of this Agreement; (iii) you have been advised in
writing to consult with an attorney prior to executing this Agreement; (iv) Peerless has given you
the option of considering this Agreement, prior to your executing it, for a period of at least
twenty-one (21) days; (v) you have freely and voluntarily entered into this Agreement; and (vi) the
enhanced separation benefit package contained in the Agreement does not constitute an “exit
incentive or other employment termination program offered to a group or class of employees” within
the meaning of federal law.

18. In accordance with the ADEA, you shall be allowed a seven (7) day period following the date of
your signature to revoke this Agreement (the “Revocation Period”). This Agreement shall not become
effective or enforceable by either Peerless or you until the first business day following the
expiration of the Revocation Period. If you wish to revoke this Agreement, you must deliver a
written statement of revocation to Mike McGee before the revocation period expires. If you agree
with the terms and conditions of this Agreement, please sign in the appropriate space below, and
return the enclosed copy of the Agreement to Mike McGee no later than close of business on May 31,
2011.

					
	 	 	 	 	 
	
	 	
	 	

 

 

 

			
	 	 	 
	
	 	Corporate Headquarters

14651 North Dallas Parkway

Suite 500

Dallas, TX 75254

Telephone 214-357-6181

FAX 214-351-0194

www.peerlessmfg.com

	 	 	 	 	 
	 	Sincerely,

Peerless Mfg. Co.

 	 
	 	By:  	/s/
Peter Burlage	 
	 	 	Peter J. Burlage 	 
	 	 	President and Chief Executive Officer 	 

ACCEPTED AND AGREED:

	 	 	 
	/s/ Henry
Schopfer 
 

Henry
Schopfer, III

	 	 
	

May 25, 2011 

(Date)

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