Exhibit 10.17
FIRST AMENDMENT
IDAHO GENERAL MINES, INC.
2003 STOCK OPTION PLAN
GENERAL MOLY, INC., a Delaware
corporation (the “ Company ”) adopted the Idaho
General Mines, Inc. 2003 Stock Option Plan. This First
Amendment to the Plan is made effective as of January 1, 2009
(the “ Effective Date ”).
RECITALS
A.
Section 14 of the Plan permits
the Company (the successor to Idaho General Mines, Inc.) to
amend the Plan from time to time.
B.
Section 409A of the Internal
Revenue Code of 1986, as amended (the “ Code ”)
requires a nonqualified deferred compensation plan to meet
specified design and operational requirements. Certain awards
granted under the Plan may provide for nonqualified deferred
compensation within the meaning of Section 409A of the
Code.
C.
The Company hereby amends the Plan
for the purpose of compliance with Section 409A of the Code
and the final Treasury Regulations thereunder (“
Section 409A ”).
AMENDMENT
1.
A new Section 19,
SECTION 409A , is hereby added to the Plan to read as
follows:
19.
SECTION 409A.
(a)
Time and Form of Payment
. Notwithstanding anything contained in this Plan
or and Option Agreement to the contrary, the time and form of
payment of an Option that is subject to the limitations imposed by
Section 409A of the Code, shall be set forth in the applicable
Option Agreement on or before the time at which the Participant
obtains a legally binding right to the Option (or such other time
permitted under Section 409A of the Code) and such time and
form of payment shall comply with the requirements of
Section 409A of the Code.
(b)
Delay in Payment .
Notwithstanding
anything contained in this Plan or an Option Agreement to the
contrary, if the Participant is deemed by the Company at the time
of the Participant’s “separation from service”
with the Company to be a “specified empl
