General Moly,Inc. (NYSEMKT:GMO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
Approval of New Personnel Retention
Program
Effective January16, 2017, the Compensation Committee of the
Board of Directors (the Board) of General Moly,Inc. (the Company)
approved a new personnel retention program (the Program) for
Bruce D. Hansen, the Companys Chief Executive Officer, Robert I.
Pennington, the Companys Chief Operating Officer and R. Scott
Roswell, the Companys Chief Legal Officer (collectively, the
Covered Executives). The Program includes restricted stock unit
(RSU) grants in the amounts listed below for the Covered
Executives who remain with the company through the earliest to
occur of a financing plan for the Mt. Hope Project approved by
the Board, a Change of Control (as defined in the employment
agreements between the Company and each of the Covered
Executives); involuntary termination (absent cause); or
January16, 2018 (the Vesting Date):
|
Name |
|
RSUs |
|
|
Bruce D. Hansen |
360,000 |
||
|
Robert I. Pennington |
300,000 |
||
|
R. Scott Roswell |
240,000 |
The RSUs will vest on the Vesting Date.
As a condition to receipt of the RSU grants, each of the Covered
Executives executed a new Stay Incentive Agreement with the
Company, covering the period from January16, 2017 through
January16, 2018.
The Company previously announced the resignation of Lee M.
Shumway, the Companys Chief Financial Officer, effective May12,
2017.
The Program also includes retention RSU grants for other
employees.
The temporary salary reductions to Messrs.Hansen, Pennington,
Shumway and Roswell previously announced effective January16,
2016, by the Board remain in effect.
About General Moly, Inc. (NYSEMKT:GMO)
General Moly, Inc. is engaged in the business of the exploration, development and mining of properties containing molybdenum. The Company, through its subsidiary, Eureka Moly, LLC, holds interest in the Mt. Hope Project, a molybdenum property, located in Eureka County, Nevada. The Mt. Hope Project contains molybdenum reserves totaling approximately 1.4 billion pounds of which 1.2 billion pounds are estimated to be recoverable. It also owns a molybdenum and copper project, the Liberty Project, located in Nye County, Nevada. Its other mining properties include over 100 acres of fee simple land in the Little Pine Creek area of Shoshone County, Idaho; six patented mining claims known as the Chicago-London group, located near the town of Murray in Shoshone County, Idaho; 30 unpatented mining claims in Marion County, Oregon, known as the Detroit property, and 80 unpatented mining claims in Sanders and Madison County, Montana. General Moly, Inc. (NYSEMKT:GMO) Recent Trading Information
General Moly, Inc. (NYSEMKT:GMO) closed its last trading session 00.000 at 0.317 with 74,303 shares trading hands.
