Exhibit 10.1
FORM OF
STAY BONUS
AGREEMENT
THIS AGREEMENT is entered into
between GENERAL MOLY, INC., (“Company”), whose mailing
address is 1726 Cole Blvd., Suite 115, Lakewood, Denver, CO
80401, and
,
(“Employee”), whose mailing address
is .
RECITALS
WHEREAS, Company wishes to have
Employee continue his/her employment with Company through the
critical phase of obtaining permitting and construction financing
for, and the construction of, the Mt. Hope mine;
WHEREAS, Employee wishes to continue
employment with Company as
;
and
WHEREAS, Company agrees to provide a
Stay Bonus to Employee, expressly conditioned upon the terms and
conditions described within this Agreement.
AGREEMENT
NOW, THEREFORE, in consideration of
the foregoing recitals and for the covenants and conditions
hereinafter contained, the parties hereto agree as
follows:
1.
Term of Agreement . This Agreement shall be in effect from
(“Beginning Date”), and end on January 1, 2011
(“End Date”).
2.
Value of Stay Bonus . If Employee remains continuously employed
as an employee by Company from the Beginning Date through the End
Date, Company shall pay Employee a Stay Bonus in the amount of
$ ,
less applicable withholding for taxes and applicable payroll
deductions. Payment of the Stay Bonus shall be made in a lump
sum on a date determined by the Company within sixty (60) days
after the End Date, except as required by Section 5 regarding
compliance with Section 409A.
3.
Employment Status . This Agreement is not an employment
agreement and does not guarantee Employee employment with Company
for any specific period of time. Employee shall remain at all
times an employee at will whose employment may be terminated by
either party at any time, with or without cause.
4.
Confidentiality . Employee expressly agrees to keep the
substance and terms of this Agreement strictly confidential
. With the exception of immediate family, tax advisors, and
attorneys, Employee further agrees that he will not communicate
(orally or in writing) or in any way disclose the terms of this
Agreement to any person without the prior express written consent
of Company, unle
