Document:

Contract for Professional and Technical Services

 Exhibit 10.17 
 CONTRACT FOR PROFESSIONAL AND TECHNICAL SERVICES 
 BETWEEN 

GEOVIC CAMEROON PLC 
 AND 
 GEOVIC, LTD. 

This Contract for Professional and Technical Services, and amendments thereto, together with the Schedules hereto (the “Services Contract”) is
made effective as of January 1, 2011 (the “Effective Date”), by and between Geovic Cameroon PLC, a company under Cameroonian Law, (hereinafter referred to as “Geovic Cameroon”) having a head office located at Bastos
– Yaoundé, P.O. Box 11555, Cameroon; and Geovic Ltd., a body incorporated under the laws of the Cayman Islands which holds a 60 percent equity ownership of Geovic Cameroon and which is a wholly-owned operating subsidiary of Geovic
Mining Corporation, (hereinafter together referred to as “Geovic”) having a head office located at 1200 Seventeenth Street, Suite 980, Denver, Colorado, 80202, USA (each a “Party” and collectively, the “Parties”).

 PREAMBLE 

WHEREAS, Geovic Cameroon, the exclusive holder of the mining rights and titles resulting from the Mining Convention of the
31st of July 2002 and Mining Permit N° 33 of
11 April 2003, intends to procure as necessary professional and technical services from Geovic (the “Services”); 

WHEREAS, Geovic Cameroon is in need of Services to advance its Nkamouna and Mada cobalt-nickel-manganese projects and related projects within the
Mining Permit area (collectively the “Project”) in southeastern Cameroon; 
 WHEREAS, Geovic is duly qualified and willing to
perform the Services set forth in this Services Contract to Geovic Cameroon in support of the development and administration of certain aspects of Geovic Cameroon’s Project in southeastern Cameroon; 

WHEREAS, in order to provide these Services in a proficient and cost-effective manner, Geovic will capitalize on its unique strength in
management, planning and developing the operating competencies of mining companies and mining projects; Geovic has developed these strengths through the extensive experience of its management and staff with many mining companies, public and private,
and a multitude of resource-related projects located around the world; and 
 MINDFUL of the fact that the Services to be performed by
Geovic under this Services Contract are based on each Geovic Cameroon annual work program and budget approved and adopted by the Geovic Cameroon Board of Directors (the “Geovic Cameroon Annual Budget”), beginning with the Geovic Cameroon
Annual Budget for the year commencing January 2011, and continuing for each year thereafter until this Services Agreement is terminated in the manner described herein; and the Geovic Cameroon Annual Budget for

 
each year thereafter, when approved and adopted by the Geovic Cameroon Board of Directors, shall establish the basis for updating Schedule A, Scope of Services, and Schedule B, Financial Terms,
to the Services Contract replacing Schedules A and B for the prior year; 
 NOW THEREFORE WITNESSES that in consideration of the mutual
covenants and agreements contained herein, the Parties agree that this Services Contract shall be implemented in accordance with the following terms and conditions: 
 1. SERVICES TO BE PERFORMED 
 Geovic agrees to perform Services in accordance with the needs
and requirements of the Project development cycle as may be requested by Geovic Cameroon. Based on the Geovic Cameroon Annual Budget most recently adopted and approved by the Geovic Cameroon Board of Directors, Geovic agrees to perform the Services
requested by Geovic Cameroon as described and attached hereto as Schedule A; and the Parties acknowledge and agree that Schedule A may be revised annually upon the mutual written agreement of the Parties, consistent with the Geovic Cameroon Annual
Budget then in effect. 
 The general Services to be performed by Geovic and the anticipated quarterly deliverables to be accomplished and/or
presented are described on Schedule A. A quarterly report concerning the Services performed under the Services Contract shall be provided to the Geovic Cameroon General Manager by or before the last day of the month following the end of the quarter.
The Parties recognize that the quarterly deliverables defined on Schedule A represent the best available information at the time the Geovic Cameroon Annual Budget was approved. The Parties further recognize that the specific actions and/or schedule
and/or budget may change during the term of the Services Agreement. Geovic will use the quarterly reports to advise Geovic Cameroon of any deviations or modifications to the deliverable actions and/or schedule and/or budget. Geovic will not exceed
the authorized budget amount without prior authorization by Geovic Cameroon. 
 2. REMUNERATION 

The remuneration for the performance of Services by Geovic during the term of this Services Contract shall be based on the total man-hours involved for
carrying out the said Services. The man-hours, utilization, hourly charge rates, and total budget estimate for the Geovic Team are detailed and attached hereto as Schedule B. Schedule B may, and is intended to be modified from time to time to
reflect changes in rates of compensation, difficulty of services, changing nature of services required and provided, and other factors. The Parties shall mutually agree to all material changes in Schedules B and shall negotiate changes in good
faith; until so changed, the charge rates shown of Schedule B shall continue to apply, notwithstanding that a Geovic Cameroon Annual Budget for a succeeding year may have been adopted. 

  
 Contract for Professional and
Technical Services – Page 2 of 6 

 3. GEOVIC TEAM 
 Key members of the Geovic Team are identified on Schedule C (the “Geovic Team”) along with a brief summary of their relevant qualifications and experience. Geovic will give Geovic Cameroon at
least 30 days prior written notice of any changes to the Geovic Team on Schedule C. The Geovic Team will be supported by a qualified group of technical and administrative personnel. Technical and administrative staff may be Geovic employees or
independent service providers. All Services provided under this Services Contract will be accomplished by properly qualified personnel and supervised by Geovic. 
 4. OUTSIDE CONTRACTORS AND OTHER PROJECT COSTS 
 All agreements with, and obligations to,
outside contractors and consultants relating to the Project within the scope of this Services Contract shall be signed by Geovic Cameroon and all related costs shall be paid directly by Geovic Cameroon. 

Geovic shall be reimbursed by Geovic Cameroon for its cost and expenses. Geovic will report to Geovic Cameroon on work programs, budgets and delivery
schedule of outside contractors and consultants in its quarterly report to Geovic Cameroon. 
 5. TERMS AND CONDITIONS OF PAYMENT

 The financial terms of this Services Contract are presented on Schedule B. The remuneration for performance of Services by Geovic under
this Services Contract has been negotiated for 2011 on reasonable commercial terms for a total budgeted amount of $1,500,000 (one million, five hundred thousand) in consideration of arm’s length principles and the OHADA Uniform Acts, as
well as in accordance with Article 3 and Article 7, Section 7.3 of the Geovic Cameroon Shareholders Agreement. Each future revision to Schedule B will likewise be so negotiated. 
 Normal costs and expenses (notably transportation, lodging, telecommunications, meals, and incidentals) incurred by the Geovic Team in respect of this Services Contract shall be paid directly by Geovic
Cameroon or reimbursed on an actual cost reimbursable basis. 
 Geovic shall invoice Geovic Cameroon quarterly for Services performed and
reimbursable expenses or other costs incurred subject to the terms outlined above in this Service Contract. Any payment not received within thirty (30) days of the date of the invoice will be subject to late payment fees of one percent
(1%) per month delinquent. Such late payment fees will not be accounted against Geovic’s authorized budget under this Services Agreement. 
 All payments made by Geovic Cameroon pursuant to this Services Contract shall be paid by Geovic Cameroon in U.S. Dollars unless otherwise agreed to by the Parties. 

  
 Contract for Professional and
Technical Services – Page 3 of 6 

 6. RESPONSIBILITY OF GEOVIC 
 Geovic shall perform its duties under this Services Contract in compliance with the laws and regulations of the Republic of Cameroon, the Mining Convention, and the Mining Permit in a prudent manner and
with a comparable degree of care and skill as would be expected of a reputable third party service provider. 
 7. LIMITATION OF LIABILITY

 In provision of the Services hereunder and subject to the application of the rules of agency, neither Geovic nor any of its affiliates nor
any employees or agents of any of them shall be liable for any act or omission resulting in loss or damage to Geovic Cameroon, or any of its respective affiliates, except to the extent that such loss or damage is caused by the gross negligence or
willful misconduct of Geovic, nor any of its affiliates nor any employees or agents of any of them in the course of their employment or agency. Notwithstanding the foregoing, neither Geovic, nor any of its affiliates, nor any employees or agents of
any of them shall be liable for any indirect, consequential or punitive damages, including without limitation, damages for lost profits or lost business opportunities. 
 8. OWNERSHIP OF DOCUMENTS AND INTELLECTUAL PROPERTY RIGHTS 
 Geovic Cameroon is the owner of
all rights, titles, and interests in all of the intellectual property rights, including copyrights, patents, trade secrets, trademarks, and service marks in the Services, Works and Documents created under this Services Contract. 

Services and Works means all inventions, improvements, discoveries (whether or not patentable), databases, computer programs, reports, notes, studies,
photographs, negatives, designs, drawings, specifications, materials, tapes, and disks conceived, reduced to practice, created or originated by Geovic, its employees, agents, consultants, subcontractors, and offshore contractors, either individually
or jointly with others in the performance of this Services Contract. 
 Services and Works include “Documents.” Documents are the
originals of any databases, computer programs, reports, notes, studies, photographs, negatives, designs, drawings, specifications, materials, tapes, disks, or other materials, whether in tangible or electronic forms, prepared by Geovic, its
employees, agents, consultants, or subcontractors and offshore contractors, in the performance of this Services Contract. The Documents will be the exclusive property of Geovic Cameroon and all such Documents must be immediately returned to Geovic
Cameroon by Geovic upon completion or cancellation of this Services Contract. Notwithstanding other provisions of this Section 8, Geovic shall be entitled to retain copies of Documents and to make reasonable use of them provided such use is not
inconsistent with the successful commercialization of the Project by Geovic Cameroon. 

  
 Contract for Professional and
Technical Services – Page 4 of 6 

 9. EMPLOYEES AND CONSULTANTS ON SECONDMENT 
 Notwithstanding any provisions to the contrary in this Services Contract, when Geovic provides its employee(s), consultant(s) or individual(s) to Geovic Cameroon to perform Services under the supervision,
direction and control of Geovic Cameroon under this Services Contract (hereinafter “Seconded Employees or/and Consultants”), the Seconded Employees or/and Consultants shall be advised by Geovic Cameroon of all office, Project and facility
rules, regulations, safety and health applicable procedures, and all laws and regulations of the Republic of Cameroon applicable to such persons. 
 Except as the agent of Geovic Cameroon under this Services Agreement, Geovic shall retain no right to supervise, direct or control the Seconded Employees and/or Consultants with respect to their
performance of Services and all such supervision, direction and control shall only come from Geovic Cameroon but with technical coordination from Geovic as may be needed and appropriate. 
 10. TAXES 
 Any registration or tax requirements arising from the Services Contract or from
Services performed under this Services Contract, notably the Special Tax on Revenue and Value Added Tax of the Republic of Cameroon shall be paid by Geovic Cameroon if and when applicable. 
 11. TERM OF THE SERVICES CONTRACT 
 The term of this Services Contract
shall be one (1) year from the Effective Date (January 1st, 2011). 
 12. GENERAL PROVISIONS 

The persons for each Party to whom notices are to be delivered are specified as follows: 
 Geovic Cameroon PLC 
 P.O. Box 11555, 

Bastos – Yaoundé, Cameroon 

Attention: General Manager 
 Telephone:
+237-22 21 45 18 
 Facsimile: +235-22 21 18 02 
 Geovic, Ltd. 
 1200 Seventeenth Street, Suite 980 

Denver, Colorado, USA 80202 
 Attention: Chief
Executive Officer 
 Telephone: +303-476-6455 
 Facsimile: +303-476-6456 

  
 Contract for Professional and
Technical Services – Page 5 of 6 

 13. ATTACHMENTS 
 Schedules A, B, and C, which are attached hereto, are incorporated by this reference into this Services Contract as fully set forth herein. 
 Schedule A: Scope of Services 
 Schedule B: Financial Terms 

Schedule C: Geovic Team 
 IN WITNESS WHEREOF,
the Parties hereto have caused this Services Contract to be duly executed by their duly authorized representatives, effective as of the Effective Date, signed in four (4) original copies in English. 

 

			
	GEOVIC CAMEROON PLC,
		
	By:	 	     /s/    PHILLIP R. MASON

	Name:	 	        Phillip R. MASON
	Title:	 	        General Manager

 GEOVIC, LTD., 
  

			
	By:	 	     /s/    JOHN E. SHERBORNE

	Name:	 	        John E. SHERBORNE
	Title:	 	        President and CEO

  
 Contract for Professional and
Technical Services – Page 6 of 6 

 Schedule A 
 SCOPE OF SERVICES 
 2011 

Services Generally Requested by Geovic Cameroon 
 Under the overall management, supervision and control of the Geovic Cameroon General Manager, Geovic will provide a range of services to Geovic Cameroon. These Services shall generally include:

  

	a)	Assist in the professional development and of key Geovic Cameroon employees; 

 

	b)	Assist in the planning, analysis, and interpretation and provide general oversight and supervision for exploration operations and other work relating to geology and
geologic interpretations for the Project; 

  

	c)	Assist in the analysis of and planning for development operations, mine construction operations and mining operations including work related to the feasibility study
due diligence, optimization and detailed engineering and necessary documents for project financing; 

  

	d)	Assist in the preparation of tender materials, reviewing bids and interviewing and selecting the engineering, architectural and construction firms that may work on any
aspect of the Project; 

  

	e)	Assist in negotiating contracts on behalf of Geovic Cameroon with any engineering, architectural and construction firms so selected; 

 

	f)	Assist in arranging for and supervising any mine planning, engineering, pre-stripping, site development and other work as requested by Geovic Cameroon.

  

	g)	Assist in coordinating and scheduling the work of any outside service providers selected to perform offshore work, and supervising the performance of such service
providers as requested by Geovic Cameroon; 

  

	h)	Assist in procuring materials, supplies, equipment or services as may be needed or required in connection with the Project when suppliers are located abroad;

  

	i)	Assist in marketing minerals produced by or for the Project; 

  

	j)	Assist in securing insurance coverage for the Project as requested by Geovic Cameroon; 

 

	k)	Assist in applying for, obtaining and maintaining, all necessary governmental approvals or permits necessary in connection with any activity of the Project;

  

	l)	Assist in conducting relations with international entities in connection with the Project; and 

  
 Contract for
professional and Technical Services – Schedule A – Page 1 of 7 

	m)	Perform other such services as may be reasonably requested by Geovic Cameroon within the limits of the authorized budget in connection with any aspect or activity of
the Project. 

 Deliverables for the First Quarter (January 1 through March 31, 2011): 

 

	Q1.1.	Not later than April 31, 2011, provide the Geovic Cameroon General Manager with a report concerning the Services performed and budget status under the Services
Contract for the quarter ending December 31, 2010. 

  

	Q1.2.	Oversee the mine planning effort by SRK for removing overburden and ore from the tailings facility basin. 

 

	Q1.3.	Assist with the completion of the refinery solvent extraction testwork by Ammtec, and with the interpretation and integration of program results in determining the
adequacy of the refinery engineering represented in the Lycopodium Feasibility Study Update (FSU). Provide input, comment, and modifications as required based on the results. 

 

	Q1.4.	Oversee the detailed tailings facility design effort by Knight Piésold. 

 

	Q1.5.	Provide technical input and management support to any follow-on work that may be required, including due diligence support, which by Lycopodium following FSU delivery.

  

	Q1.6.	Provide technical input as required to support the lender’s due diligence process being carried out by Chlumsky, Ambrust and Meyer LLC (CAM) and Environmental
Resource Management (ERM). 

  

	Q1.7.	Provide oversight and direction to Standard Chartered Bank as Geovic Cameroon’s financial advisor, and participate in the process of obtaining debt financing for
the project as requested by Geovic Cameroon. 

  

	Q1.8.	Assist in the selection of legal representation to support the project financing effort. 

 

	Q1.9.	Assist with the coordination of efforts by the Technical Advisory Panel as advisors on the metallurgical process and John Marsden as advisor on the feasibility study
process. 

  

	Q1.10.	Assist with the oversight and management of Knight Piésold and SRK in the consolidation of the 2007 Environmental and Social Assessment (ESA), the 2010 ESA
Update Report, the FSU, and any other pertinent documents in anticipation of issuing an up-to-date ESA at the end of Q1. 

  
 Contract for
professional and Technical Services – Schedule A – Page 2 of 7 

	Q1.11.	Provide assistance and capacity-building support to the HSSE programs and Geovic Cameroon’s HSSE Manager. 

 

	Q1.12.	Assist with the oversight and management of the GeoAid service contract. 

  

	Q1.13.	Participate in the selection and contract negotiation with the mining contractor. 

 

	Q1.14.	Participate in the selection and contract negotiation with the equipment supplier. 

 

	Q1.15.	Participate and in the selection and contract negotiation with the logistics and transportation contractor. 

 

	Q1.16.	Assist in the development of a “Request for Proposal” for soliciting suitably qualified Engineering, Procurement, and Construction Management (EPCM)
contractors. 

  

	Q1.17.	Assist as needed in the selection process for strategic hires for Geovic Cameroon. 

 

	Q1.18.	Participate in marketing, financing, insurance and/or strategic alliance initiatives aimed at identifying potential metal sales agreements, identifying Project
financing strategies, limiting political and business risks, and other arrangements as may be appropriate and beneficial to furthering the Project’s business arrangements. 

 

	Q1.19.	Participate in Geovic Cameroon Board of Director meetings, Ordinary General Shareholder meetings, Extraordinary General Shareholder meetings, and Shareholder Management
Committee meetings as may be duly organized and called. 

  

	Q1.20.	Assist in the ongoing implementation, training, and utilization of the J.D. Edwards financial software. 

 

	Q1.21.	Assist with the financial closing of the Geovic Cameroon books for the quarter ended December 31, 2010 in accord with generally accepted accounting procedures.

 Deliverables for the Second Quarter (April 1 through June 30, 2011): 

 

	Q2.1.	Not later than May 31, 2011, provide the Geovic Cameroon General Manager with a report concerning the Services performed and budget status under the Services
Contract for the first quarter ending March 31, 2011. 

  

	Q2.2.	Oversee the mine planning effort by SRK for removing overburden and ore from the tailings facility basin. 

  
 Contract for
professional and Technical Services – Schedule A – Page 3 of 7 

	Q2.3.	Oversee the detailed tailings facility design effort by Knight Piésold. 

 

	Q2.4.	Provide technical input and management support to any follow-on work, including due diligence support, which may be required by Lycopodium following FSU delivery.

  

	Q2.5.	Provide technical input as required to support the lender’s due diligence process being carried out by CAM and ERM. 

 

	Q2.6.	Provide oversight and direction to Standard Chartered Bank as Geovic Cameroon’s financial advisor, and participate in the process of obtaining debt financing for
the project as requested by Geovic Cameroon. 

  

	Q2.7.	Assist in the selection of legal representation to support the project financing effort. 

 

	Q2.8.	Assist with the coordination of efforts by the Technical Advisory Panel as advisors on the metallurgical process and John Marsden as advisor on the feasibility study
process. 

  

	Q2.9.	Assist with any follow-up or regulatory discussions that may be required following the delivery of the 2011 Final ESA. 

 

	Q2.10.	Provide assistance and capacity-building support to the HSSE programs and Geovic Cameroon’s HSSE Manager. 

 

	Q2.11.	Assist with the oversight and management of the GeoAid service contract. 

  

	Q2.12.	Participate in the equipment maintenance contract negotiation. 

  

	Q2.13.	Participate and in the selection and contract negotiation with the logistics and transportation contractor. 

 

	Q2.14.	Participate in proposal review and evaluation, candidate contractor interviews, and the selection and contract negotiation with the preferred EPCM contractor.

  

	Q2.15.	Assist as needed in the selection process for strategic hires for Geovic Cameroon. 

 

	Q2.16.	Participate in marketing, financing, insurance, and/or strategic alliance initiatives as defined in Item 1.18. Focus on securing reliable off-take commitments.

  

	Q2.17.	Participate in Geovic Cameroon Board of Director meetings, Ordinary General Shareholder meetings, Extraordinary General Shareholder meetings, and Shareholder Management
Committee meetings as may be duly organized and called. 

  
 Contract for
professional and Technical Services – Schedule A – Page 4 of 7 

	Q2.18.	Assist in the ongoing implementation, training, and utilization of the J.D. Edwards financial software. 

 

	Q2.19.	Assist with the financial closing of the Geovic Cameroon books for the quarter ended March 30, 2011 in accord with generally accepted accounting procedures.

 Deliverables for the Third Quarter (July 1 through September 30, 2011): 

 

	Q3.1.	Not later than July 31, 2011, provide the Geovic Cameroon General Manager with a report concerning the Services performed and budget status under the Services
Contract for the second quarter ending June 30, 2011. 

  

	Q3.2.	Provide technical input and management support to any follow-on work, final initiation of engineering and optimization, which may be required by Lycopodium following
FSU delivery. 

  

	Q3.3.	Provide technical input in support of the lender’s independent technical engineer and independent environmental and social consultant teams associated with
finalizing and follow-up from the due diligence review of the Project documents by CAM and ERM. 

  

	Q3.4.	Provide assistance and direction to Geovic Cameroon and the sponsor’s legal counsel and local legal counsel regarding project financial arrangements, follow-up,
and success fees owed to Standard Chartered Bank for successfully securing the financial arrangements. 

  

	Q3.5.	Provide assistance and capacity-building support to the HSSE programs and Geovic Cameroon’s HSSE Manager. 

 

	Q3.6.	Assist with the oversight and management of the GeoAid service contract. 

  

	Q3.7.	Assist with the engineering, procurement, logistics, and development of a temporary construction camp. 

 

	Q3.8.	Assist in the contractual arrangements and ordering of certain mining and other earthmoving equipment. 

 

	Q3.9.	Assist with the planning, engineering, and implementation of certain road and bridge upgrades. 

 

	Q3.10.	Assist with the planning, engineering, procurement and installation of fuel storage and maintenance facilities. 

 

	Q3.11.	Assist in the contractual arrangements and ordering of certain equipment to support the development of the on-site quarry. 

  
 Contract for
professional and Technical Services – Schedule A – Page 5 of 7 

	Q3.12.	Assist with contractual arrangements, kickoff meetings and initiation of final engineering efforts with the selected EPCM contractor. 

 

	Q3.13.	Assist as needed in the selection process for strategic hires for Geovic Cameroon. 

 

	Q3.14.	Participate in marketing, insurance, and/or strategic alliance initiatives as defined in Item 1.18, and assist with any follow-on initiatives associated with
project finance. 

  

	Q3.15.	Participate in Geovic Cameroon Board of Director meetings, Ordinary General Shareholder meetings, Extraordinary General Shareholder meetings, and Shareholder Management
Committee meetings as may be duly organized and called. 

  

	Q3.16.	Assist in the ongoing implementation, training, and utilization of the J.D. Edwards financial software; 

 

	Q3.17.	Assist with the financial closing of the Geovic Cameroon books for the quarter ended June 30, 2011 in accord with generally accepted accounting procedures.

 Deliverables for the Fourth Quarter (October 1 through December 31, 2011): 

 

	Q4.1.	Not later than October 30, 2011, provide the Geovic Cameroon General Manager with a report concerning the Services performed and budget status under the Services
Contract for the third quarter ending September 30, 2011. 

  

	Q4.2.	Provide technical input in support of the lender’s independent technical engineer and independent environmental and social consultant teams associated with
finalizing and follow-up from the due diligence review of the Project documents by CAM and ERM. 

  

	Q4.3.	Provide assistance and capacity-building to the HSSE programs and support to Geovic Cameroon’s HSSE Manager. 

 

	Q4.4.	Assist with the oversight and management of the GeoAid service contract. 

  

	Q4.5.	Assist with the planning, engineering and design for the infill drilling programs and offsite laboratory analytical arrangements. 

 

	Q4.6.	Assist in the oversight and management of the pre-mining and civil earthworks in the plant site and tailings storage facility area. 

 

	Q4.7.	Assist with the planning, engineering, and implementation of certain road and bridge upgrades. 

  
 Contract for
professional and Technical Services – Schedule A – Page 6 of 7 

	Q4.8.	Assist with the planning, engineering, procurement and installation of fuel storage and maintenance facilities. 

 

	Q4.9.	Assist with the planning, engineering, development, and operation of the on-site quarry. 

 

	Q4.10.	Assist with the management and oversight of the final engineering, procurement and construction management activities provided by the selected EPCM contractor.

  

	Q4.11.	Assist as needed in the selection process for strategic hires for Geovic Cameroon. 

 

	Q4.12.	Participate in marketing, financing, insurance, and/or strategic alliance initiatives as defined in Item 1.18. 

 

	Q4.13.	Participate in Geovic Cameroon Board of Director meetings, Ordinary General Shareholder meetings, Extraordinary General Shareholder meetings, and Shareholder Management
Committee meetings as may be duly organized and called. 

  

	Q4.14.	Assist in the ongoing implementation, training, and utilization of the J.D. Edwards financial software; 

 

	Q4.15.	Assist with the financial closing of the Geovic Cameroon books for the quarter ended September 31, 2011 in accord with generally accepted accounting procedures.

  
 Contract for
professional and Technical Services – Schedule A – Page 7 of 7 

 Schedule C 
 GEOVIC TEAM 
 2011 

Key members of the Geovic Team: 

Mr. John E. Sherborne, Geovic’s President and Chief Executive Officer (CEO), will be responsible for overall direction of the
Services. Mr. Sherborne has held the CEO position since 2004 and before that served as the company’s Executive Vice President since 2002. Previously, he worked as an independent consultant for petroleum and mining companies specializing in
strategic planning and new business development. Earlier, Mr. Sherborne served in a number of senior executive and management positions with Unocal Corporation over a career spanning 30 years. Mr. Sherborne will lead the marketing effort
alongside Geovic Cameroon’s other marketing consultants. 
 Ms. Barbara A. Filas, Geovic’s Executive Vice
President and Chief Administrative Officer (CAO), will be responsible for oversight and administration of social and environmental issues, assistance with technical programs and budgets, and participation in Board of Directors matters.
Ms. Filas is a licensed professional mining engineer who has been EVP and CAO of the Company since May 2009. Ms. Filas has been a Director of Geovic Cameroon PLC since December 2009. Prior to joining Geovic, Ms. Filas was the
President of Knight Piesold and Co., a privately held Colorado corporation, which provided consulting services to the Company. 

Mr. Greg C. Hill, Geovic’s Chief Financial Officer (CFO), will be responsible for all finance related needs of Geovic
Cameroon, as well as participate in certain marketing, offtake, and legal functions. Mr. Hill joined the Geovic team in 2006 following more than 30 years of finance related experience with energy, mining and information and medical technology
companies. Mr. Hill holds an MBA from the Harvard Business School. 
 Mr. Brian K. Briggs, Geovic’s Manager of
Technical Services, will oversee the mine tailings engineering aspects, as well as contract negotiations with mining contractors, equipment suppliers, and transportation/logistics providers. Mr. Briggs is a mining engineer and licensed
professional engineer who joined Geovic in 2009 with over 20 years of experience in a variety of civil, mining and construction settings. 

Ms. Diane Hartnett, Geovic’s Controller, will be responsible for capacity-building and financial oversight of Geovic
Cameroon’s accounting staff, as well as budget and variance tracking. Ms. Hartnett is a chartered accountant with strong experience at operating mining and processing facilities. 
 The above-named key members of the Geovic Team will be supported by a highly-qualified group of engineers, scientists, technicians and administrative staff. All support staff will work under the direct
supervision of the above-named Geovic Team. 
 Contract for Professional and Technical Services – Schedule CMichael Mason Employment Agreement, dated January 21, 2011

 Exhibit 10.22 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 This EXECUTIVE EMPLOYMENT AGREEMENT
(“Agreement”) between GEOVIC MINING CORP. (“Company”) and Michael T. Mason (“Executive”) is effective as of 21 January, 2011 and remains in effect through the Term of this Agreement (as
hereinafter defined). The Company and the Executive are in some places herein referred to individually as a Party and collectively as the Parties. 
 WHEREAS: 
  

	 	A.	The Company is a publicly-listed mining company incorporated in Delaware and headquartered in Colorado, whose shares are publicly traded on the Toronto Stock Exchange
(TSX) and the Over the Counter Bulletin Board (OTCBB); 

  

	 	B.	The Company through various subsidiary entities is involved in all aspects of the international mining industry and, in particular, is assisting its wholly-owned
subsidiary, Geovic, Ltd., a private corporation incorporated in the Cayman Islands and its majority-owned subsidiary, Geovic Cameroon PLC (“GeoCam”), a private corporation incorporated in Cameroon to develop a cobalt-nickel-manganese
mining project (“Project”) in the Republic of Cameroon; 

  

	 	C.	In addition, the Company, through its wholly-owned subsidiaries Geovic Energy Corp. and Geovic Mineral Sands Corp., engages in exploration and development activities in
the United States, New Caledonia and elsewhere; 

  

	 	D.	The Company has no full time employees, as all its officers are employees of Geovic, Ltd. which also is the employer of all other persons involved in the Company’s
business; and 

  

	 	E.	The Company desires to employ the Executive as the Chief Executive Officer of the Company and of Geovic Ltd. and as a full-time employee of Geovic Ltd. and Executive
desires to be employed in such capacities, all pursuant to the terms and conditions set forth in this Agreement; 

 NOW
THEREFORE, IT IS HEREBY AGREED as follows: 
  

	1.	Appointment, Duties and Term of Employment. 

  

	 	1.1	Job Description. Geovic, Ltd., the Company’s 100%-owned operating subsidiary, agrees to employ the Executive as Chief Executive Officer (CEO) of Geovic,
Ltd. Executive is expected to perform his duties and provide the services (“Services”) to the Company and Geovic Ltd. as more specifically outlined in Schedule I.  

  
 Page 1 of 13

	 	1.2	Appointment as Officer. Upon approval of this Agreement by the Board of Directors of the Company (“Board”), the Executive shall be appointed as Chief
Executive Officer (CEO) of the Company and Geovic Ltd. and shall become an employee of Geovic Ltd. In addition, Executive shall perform all such other duties for the Company and its subsidiaries and affiliates as may from time to time be authorized
or directed by the Board, or the Executive Committee of the Board. 

  

	 	1.3	Term. The Executive shall be engaged by the Company in all such capacities for an employment term (“Term”) beginning 21 January 2011 and ending
21 January 2012, and continued thereafter for annual periods subject to 60 days written notice of termination by either party, and subject to all the covenants and conditions hereinafter set forth. 

 

	 	1.4	The Executive shall report primarily to the Board and Executive Committee of the Board and to the Chairman of the Board on certain special matters. The Executive shall
keep the Executive Committee and the Board well informed regarding the Company’s development and operating activities and other Company matters and shall promptly respond to any reasonable requests by the Executive Committee and the Board in
this regard. 

  

	 	1.5	The Executive shall not be engaged in other activity which would prevent the performance of the obligations hereunder. Any other activities shall be performed by
Executive only in a manner and time which assures that Executive is able to timely and fully perform all duties and obligations to the Company under this Agreement. 

 

	 	1.6	The Executive shall not conduct any unethical or illegal activities on behalf of the Company and agrees to comply with the Company’s Code of Business Conduct and
Ethics. 

  

	 	1.7	The Executive shall be an officer of the Company and an employee of Geovic Ltd. with the authority, autonomy and responsibility customary for a Chief Executive Officer.
The Executive may perform as an Outside Director on the Boards or member of the advisory boards of up to three other companies. Such activities shall conform to Company’s priorities during the Term of this Agreement. The Executive also agrees
to serve, if requested by the Board as an officer and/or director of any subsidiary or affiliate of the Company. 

  

	2.	Consideration and expenses. 

  

	 	2.1	 During the Term of this Agreement, in consideration of the Executive’s Services hereunder, including, without limitation, service as an officer or
director of any subsidiary or affiliate thereof and as a full-time employee of Geovic Ltd., the Company shall pay the Executive according to the attached Schedule II payable monthly in arrears on the last working day of

  
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each month or more frequently in accordance with the Company’s pay practices. All payments of consideration and expenses shall be made by direct deposit to an account in the name of
Executive at a financial institution selected by Executive and located in the United States. All currency herein is expressed in US dollars. 

  

	 	2.2	The Company or Geovic Ltd. shall pay or reimburse to the Executive for: 

  

	 	2.2.1	All costs reasonably and properly expended by his on behalf of the Company for performance of Services, if proper documentation of such expenses is received by the
Company in accordance with the Company’s normal expense reimbursement procedures; 

  

	 	2.2.2	During the Term of this Agreement, the Executive shall be entitled to participate in employee benefit plans or programs, if any, to the extent that Executive is
eligible to participate in such plans or programs; 

  

	 	2.2.3	During the Term of this Agreement, Executive shall be entitled to participate in the Company’s Employee Stock Option and Stock Awards Plans and the Company’s
Annual bonus program for Executives, subject to recommendations of the Compensation Committee and approval by the Company’s Board; 

  

	 	2.2.4	The Executive shall be entitled to reimbursement of the Executive’s medical insurance expense in an amount not to exceed $1000 per month; 

 

	 	2.2.5	Expense reimbursement for Executive’s personal vehicle use shall be at a rate of the prevailing IRS mileage rate, but shall exclude the mileage associated with
business commuting; 

  

	 	2.2.6	Executive shall be reimbursed for costs reasonably and properly expended by him when representing the Company at relevant Meetings provided that proper documentation of
such expenses is received by the Company in accordance with the Company’s normal expense reimbursement procedures. 

  

	 	2.2.7	Such payments or reimbursements shall be made within 7 days of a request for reimbursement by the Executive together with provision by the Executive of such additional
evidence and information as the Company or Geovic Ltd. shall reasonably require. 

  

	 	2.3	The Executive shall be entitled to take four (4) calendar weeks of paid vacation annually during the Term of this Agreement, subject to the dates being previously
agreed by the Executive Committee. Executive shall not be entitled to additional compensation if he fails to use this vacation provided that up to two (2) weeks of annual vacation may be carried over to a succeeding year. The Executive shall
also be entitled to take paid holidays in accordance with standard Company or Geovic Ltd. policy. 

  
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	 	2.4	Executive shall accrue one (1) day of sick leave time per pay period, up to a maximum of 20 days, to be used only in connection with illness or medical conditions
which interfere with providing Services. 

  

	3.	Termination. 

  

	 	3.1	Either Party may terminate this Agreement and Executive’s employment with the Company by providing written notice to the other Party at least sixty (60) days
prior to the termination date. 

  

	 	3.2	The Company may by notice in writing immediately terminate this Agreement and Executive’s employment with Geovic Ltd. without obligation to the Executive by
providing written notice to the Executive at any time upon the occurrence of any one or more of the following events: 

  

	 	3.2.1	Executive’s breach of any material obligation owed the Company or Geovic Ltd. in this Agreement; 

 

	 	3.2.2	Executive’s gross neglect of duties to be performed under this Agreement; 

 

	 	3.2.3	Executive’s intentional failure or refusal to follow the reasonable and lawful directions given by the Executive Committee or the Board; 

 

	 	3.2.4	Executive’s dishonest conduct or conduct that has damaged or will likely damage the reputation of the Company, or conduct which is clearly contrary to the
Company’s Code of Business Conduct and Ethics; 

  

	 	3.2.5	Executive being convicted of a felony; 

  

	 	3.2.6	Executive engaging in any act of moral turpitude that has damaged or will likely damage the reputation of the Company; 

 

	 	3.2.7	The death of Executive; or 

  

	 	3.2.8	Executive becoming permanently disabled for a period of six (6) consecutive months that would prevent Executive from performing the duties of his employment.

  

	 	3.3	 Anything contained in Section 3.2 to the contrary notwithstanding, the Company shall not terminate this Agreement and Executive’s employment
with the Company pursuant to Section 3.2(1), (2) or (3) unless the 

  
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Company shall have first given the Executive twenty-one (21) days’ prior written notice of such termination, which sets forth the grounds of such termination, and the Executive shall
have failed to cure such grounds for termination within the twenty-one (21) day period. 

  

	 	3.4	Upon Executive’s disability under Section 3.2.8, you would be entitled to receive an amount or amounts received by the Company under disability insurance on
you held by the Company for the remaining term of this Agreement, but not less than 6 months based on your annual salary of $275,000 in lieu of any other payment or right to payment from the Company or Geovic Ltd.. If your salary increases in future
years, it is not expected that the amount of disability insurance will increase. 

  

	 	3.5	Executive may terminate this Agreement and Executive’s employment by the Company by providing written notice to the Company at any time upon the occurrence of any
one or more of the following events: 

  

	 	3.5.1	The Company’s or Geovic Ltd.’s breach of any material obligation owed the Executive in this Agreement; 

 

	 	3.5.2	The Company or Geovic Ltd. requiring Executive to perform illegal activities; 

 

	 	3.5.3	Bankruptcy of the Company; 

  

	 	3.5.4	Inability of Executive to substantially perform his essential duties under this Agreement because of a disability. 

 

	 	3.5.5	In the event of merger, consolidation, divestiture, takeover, significant sale, change in control or any similar business circumstance with Company or its subsidiaries
during the Term of this agreement, including any later extension of the Term, which results in either (i) a termination or threatened termination of Executive’s employment or a reduction in compensation to be paid to Executive, or
(ii) a significant change in the duties of Executive reasonably deemed unacceptable by Executive. 

 The term
“change in control” shall mean either: (1) any one Person (or group of affiliated persons) holds a sufficient number of Voting Shares of the Company or Resulting Issuer to affect materially the control of the Company or Resulting
Issuer, or (2) any combination of Persons, acting in concert by virtue of an agreement, arrangement, commitment or understanding, hold in total a sufficient number of the Voting Shares of the Company or Resulting Issuer to affect materially the
control of the Company or Resulting Issuer, where such Person or combination of Persons did not previously hold a sufficient number of Voting Shares to affect materially the control of the Company or Resulting Issuer. In the

  
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absence of evidence to the contrary, any Person or combination of Persons acting in concert by virtue of an agreement, arrangement, commitment or understanding, holding more than 20% of the
Voting Shares of the Company is deemed to materially affect the control of the Company or Resulting Issuer. Capitalized terms in this change in control paragraph have the same meaning as used in the TSX Corporate Finance Manual. “Change in
control” shall include any event described in (1) or (2) of this paragraph, whether or not such event occurs in conjunction with bankruptcy proceedings involving either the Company or Geovic Ltd. 

 

	 	3.6	Anything contained in Section 3.4 to the contrary notwithstanding, the Executive shall not terminate this Agreement and Executive’s employment with the
Company pursuant to Section 3.4(1) or (2) unless the Executive shall have first given the Company twenty-one (21) days’ prior written notice of such termination, which sets forth the grounds of such termination, and the Company
shall have failed to cure such grounds for termination within the twenty-one (21) day period. 

  

	4.	Severance. 

  

	 	4.1	Within ninety (90) days of this Agreement and Executive’s employment being terminated by the Company or Geovic Ltd. pursuant to Section 3.1 (termination
without cause) or Section 3.2.8 (disability) or by the Executive pursuant to Section 3.4.1, 3.4.2, 3.4.4 or 3.4.5, the Company or Geovic Ltd. shall pay Executive a lump sum severance equal to one (1) year of the minimum base salary
pursuant to Schedule II, section 1, plus any earned bonus approved by the Board of Directors accrued to the time of such voluntary or involuntary termination. In addition, the Executive shall immediately become one hundred percent (100%) vested
with respect to any options to purchase the Company’s capital stock that he then holds and/or any restrictions with respect to restricted shares of the Company’s capital stock that he then holds shall immediately lapse, subject to any
applicable rules or restrictions imposed by any stock exchange or securities regulatory authority, subject to applicable terms of the Company’s then effective Stock Option or Stock Award Plans. 

 

	 	4.2	 Within ninety (90) days of this Agreement and Executive’s employment with the Company or Geovic Ltd. being terminated by the Company or
Geovic Ltd. pursuant to Section 3.2.7 (Death of Executive during the Term), Executive’s trustee named in Executive’s last will and testament, if any, and if none, then Executive’s estate, shall immediately become one hundred
percent (100%) vested with respect to any options to purchase the Company’s capital stock that the Executive held at the time of his death and/or any restrictions with respect to restricted shares of the Company’s capital stock the
Executive held at the time of his death shall immediately lapse, subject to any applicable rules or restrictions imposed by any stock exchange or securities regulatory authority or pooling restrictions entered

  
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into by the Company. In addition, Executive or Executive’s estate shall be paid an amount equal to the net proceeds received by the Company from life insurance on the life of Executive held
by the Company at the time of death in the face amount of the initial base salary under this Agreement, payable within 10 days of receipt by the Company. The Company shall use reasonable means to secure such life insurance within 45 days of the
effective date of this Agreement. 

  

	 	4.3	Upon any severance for death under Section 4.2, your survivors or your estate will be entitled only to receive an amount or amounts received by the Company under
life insurance on your life held by the Company (. If your salary increases in future years, it is not expected that the amount of life insurance will increase. 

 These Sections 4.1 and 4.2 and other Sections of this Agreement shall comply with all laws, rules and regulations of securities commissions and stock exchanges to which the Company may be subject, or with
which it must comply. Otherwise the Executive and the Company agree to reasonably modify this Agreement in a manner that meets such requirements. 
  

	5.	Confidentiality. 

  

	 	5.1	In this Agreement, all information and data (“Information”) includes oral or written, computer file or other permanent form relating to the Company, Geovic
Ltd., GeoCam and any other subsidiaries and affiliates of the Company (together the “Group”) and their businesses and assets or any part thereof disclosed or provided to the Executive and all documents, computer files or other records
prepared by the Executive which contain or are based on any such information or data, together with all confidential information and data concerning the business of the Group, and information to the Group that is furnished by a third party and
deemed confidential and that was furnished by the third party after assurance of confidential treatment. 

  

	 	5.2	The Executive shall keep all Information strictly confidential and shall not disclose the Information, in whole or in part, to any person other than directors or
employees of the Group and outside personnel that need to know such Information for their performance of services on behalf of the Company. 

  

	 	5.3	The Executive shall not use the Information for any purpose whatsoever other than for the purpose of providing the Services herein, and as may be required or beneficial
in the performance of the Services herein. 

  

	 	5.4	The provisions of Clauses 5.2 and 5.3 shall not apply to Information: 

  

	 	5.4.1	which at the time of disclosure is available to the public generally; 

  
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	 	5.4.2	which after disclosure becomes available to the public generally, other than by reason of a breach by the Executive of his obligations under this Agreement; or

  

	 	5.4.3	subject to any disclosure if such disclosure is the requirement of a court of competent jurisdiction. 

 

	 	5.5	The obligations in Clauses 5.2 and 5.3 shall remain in effect for three (3) years after termination of this Agreement, and for such longer term as may reasonably
be required to maintain the confidentiality of Information material to the Group’s business. 

  

	6.	Company property. 

  

	 	6.1	The products and results of the Services shall be the exclusive property of the Company. 

 

	 	6.2	On the expiration or termination of the Term of this Agreement (for whatever reason and howsoever caused) the Executive shall promptly deliver to the Company all copies
of all Information in the possession or under the control of Executive and all other property belonging to the Company which may be in possession or under his control. 

 

	7.	Taxes. 

 Federal and state
taxes will be withheld by the company from Executive’s monthly salary and, if required by law, from other payments made to Executive, and Executive shall be eligible for workers compensation and unemployment insurance benefits to the extent
provided by law. For all purposes under this Agreement, Executive is deemed to be a resident of the State of Colorado. 
  

	8.	Evacuation. 

 The Company
and Geovic Ltd. shall make all available efforts to ensure the release, evacuation and/or medical care of the Executive and/or members of his family if the Executive and/or members of his family are kidnapped, held hostage, require emergency medical
evacuation or are caught up in any kind of civil unrest or violence during Executive’s performance of Services to the Company or Geovic Ltd. 
  

	9.	Notices. 

  

	 	9.1	Any notice to be given under this Agreement must be in writing and must be delivered to the addressee in person or left at the address of the addressee or sent by
facsimile to the facsimile number of the addressee which in each case is specified in this clause, and marked for the attention of the person so specified, or to such other address or facsimile number and/or marked for the attention of such other
person as the relevant Party may from time to time specify by notice given in accordance with this clause. 

  
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 The details of each party at the date of this Agreement are: 

 

			
	To the Company:	  	Geovic Mining Corp.
		  	1200 17th St., Suite 980
		  	Denver, CO 80202 USA
		  	Facsimile: 303 476 6456
		  	Attention: President
		
	To the Executive:	  	Michael T. Mason
		  	142 Stratford Avenue
		  	Garden City, NY 11530

  

	 	9.2	A notice shall take effect from the time it is deemed to be received as follows: 

 

	 	9.2.1	in case of a notice delivered to the addressee in person, upon delivery; 

  

	 	9.2.2	in the case of a notice left at the address of the addressee, upon delivery at that address; 

 

	 	9.2.3	in the case of facsimile, on production of a transmission report from the machine from which the facsimile was sent which indicates the facsimile number of the
recipient. 

  

	10.	Governing law and venue. 

This Agreement shall be governed by and interpreted in accordance with the laws of Colorado, United States, and venue for any action
relating to or arising out of this Agreement shall only be proper in the City and County of Denver, Colorado, USA. 
  

	11.	No waiver. 

 The failure
of any Party to insist upon the strict performance of any of the terms, conditions or provisions of this Agreement shall not be construed as a waiver of relinquishment of future compliance therewith, and said terms, conditions and provisions shall
remain in full force and effect. 
  

	12.	Rights, obligations and assignment. 

 The rights and obligations of the Company and Geovic Ltd. under this Agreement shall inure to the benefit of, and shall be binding upon, their respective successors and assigns. 

  
 Page 9 of 13

	13.	Severability 

 If any of
the provisions of this Agreement shall for any reason be adjudged by any court of competent jurisdiction to be invalid or unenforceable, such judgment shall not affect, impair or invalidate the remainder of this Agreement, but shall be confined to
such invalid or unenforceable provision. 
  

	14.	Captions. 

 The captions
inserted in this Agreement are for convenience only and in no way define, limit or describe the scope or intent of this Agreement, or any provision hereof, nor in any way affect the interpretation of this Agreement. 

 

	15.	Entire Agreement 

 This
Agreement and the schedules hereto embody the entire understanding between the Parties hereto pertaining to the subject matter hereto and supersede all prior agreements and understandings of the Parties in connection therewith. 

IN WITNESS whereof the Parties hereto have executed the Agreement this      day of February, 2011 effective as of
21 January, 2011. 
  

			
	Signed	 	 /s/    WADE NESMITH

		 	Wade Nesmith, Chairman
		 	for and on behalf of
		 	GEOVIC MINING CORP. and Geovic Ltd.
		
	Signed	 	 /s/    MICHAEL T. MASON

		 	Michael T. Mason
		 	Executive

  
 Page 10 of 13

 SCHEDULE I 
 THE SERVICES 
 Services to be provided by the Executive include: 

 

	1.	In accordance with the directives of the Executive Committee and the Board, provide leadership and develop and guide the strategic objectives of the Company and Geovic
Ltd. in connection with the financing of Geovic Ltd. and its Nkamouna Cobalt, Nickel and Manganese Project (“Project”), including any disposition of assets and capital raising and in accordance therewith, shall assume corporate authority
and responsibility, including but not limited to establishing priorities and policies; engaging, hiring, managing and directing corporate and administrative employees, consultants and contractors in connection with initiating and advancing financing
of Geovic Ltd. and Geovic Cameroon, PLC and sale of products from the Project, to implement programs and activities to significantly enhance the values of all stakeholders, particularly with respect to corporate objectives; and overseeing and
assuring that the performance of all such activities are conducted under global corporate governance standards and laws of appropriate jurisdiction. 

  

	2.	Schedule and organize communications with the Executive Committee, and to assist the President and the Executive Committee to address and comply with requirements
related to compensation, corporate governance and auditing matters and other policies, laws and regulations pertaining to the Company and Geovic Ltd. and compliance thereto. 

 

	3.	Initiate, oversee and actively participate in arranging, negotiating and closing debt and public or private equity financings. 

 

	4.	Coordinate and actively participate in the production and review of documents and reports required to be filed by the Company with any Securities Exchange or securities
regulatory authority, including the U.S. Securities and Exchange Commission. 

  

	5.	Assist the Executive Committee to plan and direct the Company’s public and investor relations activities and advocate and promote the attributes and value of the
Company and its subsidiaries and affiliates to public, financial and technical communities. Present information or respond to government authorities and other parties on an as-needed basis. 

 

	6.	Provide any other executive, management, administrative, financial and business service or undertake any other action requested by the Executive Committee or otherwise
reasonably believed to be in the best interest of the Company, its subsidiaries, business interests and stockholders. 

  
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 SCHEDULE II 
 COMPENSATION 
  

	1.	In accordance with Section 2.1 of this Agreement, the Executive shall be paid a salary at an annual rate of US$275,000 per year effective January 21, 2011.
The Executive’s performance and compensation package shall be reviewed annually by the Compensation Committee of the Board and the Board of Directors. 

 

	2.	Executive has received, upon approval by the Compensation Committee of the Board and the Board itself, a grant of options to purchase up to 500,000 Shares in accordance
with the Company’s Amended and Restated Stock Option Plan and may receive subsequent annual grants of Options or Shares in accordance with option compensation arrangements established by the Compensation Committee and the Board of the Company
during the Term of this Agreement to be completed in compliance with regulations of the appropriate regulatory authorities. The options shall become exercisable if, and only if the Executive earns the cash bonus described in Section 3 below,
and shall be represented by a written Option Certificate that includes other terms and conditions consistent with the Amended and Restated Stock Option Plans. In the event that options held by Executive become vested for any of the reasons described
in this Section 2 of this Schedule II or in Section 4.1 of the Agreement, all options then held by Executive shall be deemed automatically at that time to be non-qualified options and not Incentive Stock Options under the Amended and
Restated Stock Option Plan and may be exercised at any time during the original 10 year term of the option. 

  

	3.	Executive shall be eligible to receive a one time cash incentive bonus in an amount equal to one and one-half (150%) the base salary rate described in
Section 1 above in the event that, during the Term of this Agreement, including any extension of the Term approved by the Executive Committee or the Board, any of the following are approved by the Board of Directors of the Company:

  

	 	(i)	a transaction by which the Company would be acquired by, or merged into, directly or indirectly, another business or entity, or 

 

	 	(ii)	a transaction or series of transactions by which a controlling interest in Geovic Cameroon PLC is transferred by its shareholders to a third party, or

  

	 	(iii)	Geovic Cameroon enters into final conditional Project Debt Funding Agreements, and the Company directly or indirectly completes arrangements to meet the Company’s
obligations to contribute additional equity to Geovic Cameroon PLC in satisfaction of a condition of the Project Debt Funding Agreements, or 

  

	 	(iv)	the Company transfers more than 50% of its ownership interest in Geovic, Ltd to a non-affiliated entity or 

 

	 	(v)	 GeoCam enters into binding off-take contracts with qualified purchasers under which at least 50% of the products form the Project are to be sold at
prices equal or greater than market value of 85% of the metal content for the Project’s mixed sulfide product (“MSP”) and 100% of the fair market value 

  
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of the manganese carbonate product, and the Company completes one or more equity or debt financings by which it satisfies its obligations to contribute equity to GeoCam as a condition precedent
to Project debt financing, or 

  

	 	(vi)	the Company’s Board of Directors adopts a resolution to the effect that a Change of Control has occurred or is imminent. 

If the Board puts into place a restricted stock or deferred share plan, the Executive shall have the option to receive any portion of such bonus awarded
as fully vested common stock. 

  
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