General Moly,Inc. (TSE:GMO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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General Moly,Inc. (TSE:GMO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

General Moly,Inc. (TSE: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.

Amendments to Executive Officer Employment Agreements and Stay Incentive Grants

Effective December1, 2018, General Moly,Inc. (the “Company”) entered into amendments to its employment agreements with Bruce D. Hansen, the Company’s Chief Executive Officer, Robert I. Pennington, the Company’s Chief Operating Officer and R. Scott Roswell, the Company’s Chief Legal Officer (the “Employment Agreement Amendments”). The Employment Agreement Amendments provide for additional temporary base salary reductions for Messrs.Hansen, Pennington and Roswell, in addition to the temporary salary reductions that were already in effect. The additional temporary base salary reductions, which are set forth below, were approved by the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) and are effective as of December1, 2018:

Name

PercentageReduction

NewBaseSalary

Bruce D. Hansen

%

$

247,500

Robert I. Pennington

%

$

190,800

R. Scott Roswell

%

$

242,250

The Employment Agreement Amendments provide that the reduced base salary shall not be used for purposes of calculating any severance payments due to any executive under his employment agreement. Instead, the executive’s severance payment, if any, would be determined by reference to his base salary as in effect prior to all temporary reductions.

The base salary for Amanda Corrion, the Company’s Controller and Principal Accounting Officer, is not subject to the temporary salary reductions and remains $155,000.

In addition, the Company and each of its named executive officers, including Messrs.Hansen, Pennington and Roswell and Ms.Corrion, entered into amendments to the Restricted Stock Unit Agreements covering stay incentive grants to each officer made on January16, 2018 which are scheduled to vest on January16, 2019 (the “RSU Amendments”). The RSU Amendments provide that, upon vesting of the award, shares will be issued to the officer within six months of the vesting date (rather than 30 days).

The foregoing descriptions are qualified in their entirety by reference to the full text of the Employment Agreement Amendments, which are attached hereto as Exhibits 10.1, 10.2 and 10.3, and the full text of the form of RSU Amendment, which is attached hereto as Exhibit10.4.

Amendments to Director and Secretary Compensation Program

Also effective December1, 2018, the Compensation Committee approved an additional 40% reduction to the annual cash retainer and cash meeting fees payable under the Company’s director and secretary compensation program. These reductions are in addition to the 25% reductions to cash compensation previously implemented in September2013 as part of the Company’s cash conservation program.


General Moly, Inc Exhibit
EX-10.1 2 a18-41039_1ex10d1.htm EX-10.1 Exhibit 10.1   FOURTH AMENDMENT EMPLOYMENT AGREEMENT   This Fourth Amendment to the Employment Agreement (“Fourth Amendment”) is entered into between General Moly,…
To view the full exhibit click here

About General Moly,Inc. (TSE: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.