Exhibit 10.1
WAIVER AND
RELEASE
I.
RECITALS
A.
Daniel G. Zang
(hereinafter referred to as
“Employee”) is employed by General Moly, Inc.
(formerly, Idaho General Mines, Inc.) (hereinafter referred to
as “Employer.”) Employee was hired on
June 25, 2007 , in the position of Corporate
Controller and Treasurer . Effective May 15,
2009, Employer is no longer in need of Employee’s
services, and therefore effective that date, Employee will be laid
off from his position under the terms of this Waiver and
Release.
B.
This Waiver and Release sets forth
below the terms and conditions of an amicable settlement and a full
accord and satisfaction of all claims and controversies between
Employee and Employer.
C.
This Waiver and Release is executed
in conjunction with the termination of Employee’s employment,
but the scope of this Waiver and Release is broader than
that. The parties intend to settle by this Waiver and Release
all matters between them relating to or arising out of events
occurring up to the date of this Waiver and Release.
II.
COVENANTS
A.
Employer agrees to pay Employee an
amount of $87,500.00 , representing six (6) months
wages , and to pay the cost of continuing health coverage under
COBRA for up to six (6) months, provided the Employee
enrolls in such coverage and continues to be eligible for COBRA
coverage, as consideration if all the terms of this agreement have
been maintained. This payment and offer of company-paid
health coverage under COBRA for six (6) months is a settlement
of any claims, except any claim that Employee has for reimbursement
for business-related expenses, which will be paid in accordance
with Employer’s normal corporate reimbursement policies, and
as the entire payment for all claims that might have been brought
in any lawsuit or in any state or federal judicial or
administrative forum up to the date of the
execution of this Waiver and
Release, including any claims for attorneys’ fees and
costs. The Employer shall apply appropriate withholdings
against these amounts.
B.
Employee will receive all unused,
unpaid vacation , minus applicable taxes.
C.
In consideration of the payment by
Employer to Employee of the sum described in paragraph II.A. above,
Employee, individually and on behalf of his successors, heirs, and
assigns, hereby forever releases, remises, waives, acquits, and
discharges Employer, together with any and all parent corporations
of Employer and their respective subsidiaries, successors,
predecessors, assigns, directors, officers, shareholders,
supervisors, employees, attorneys, agents, insurers, and
representatives, from any and all actions, causes of action,
claims, demands, losses, damages, costs, attorneys’ fees,
judgments, liens, indebtedness, and liabilities whatsoever, known
or unknown, suspected or unsuspected, past or present, arising from
or relating or attributable to Employee’s employment by
Employer, the termination of said employment, Employee’s
subsequent search for other employment to the date of this Waiver
and Release, and without limiting the generality of the foregoing,
from any and all matters asserted, or which could have been
asserted, in any state or federal judicial or administrative forum,
up to the date of this Waiver and Release, specifically, but not by
way of limitation, including claims under the Fair Labor Standards
Act, as amended, the National Labor Relations Act, as amended,
Title VII of the Civil Rights Act of 1964, as amended, the
Post-Civil War Reconstruction Acts, as amended, the Age
Discrimination in Employment Act, as amended, the Americans with
Disabilities Act, the Rehabilitation Act of 1973, as amended, the
Civil Rights Act of 1991, the Family and Medical Leave Act, the
Employee Retirement Income Security Act of 1974, any state civil
rights act, any state statutory claim, including wage and hour
claims, and any claim of wrongful discharge, tort or contract
arising out of the common law of any state. Employee agrees
not to pursue any claims he may have for pain and suffering,
intentional infliction of emotional distress, or similar
claims. Nevertheless, the parties agree that Employee is not
releasing any claim he has for reimbursement of business-related
expenses, which will be paid in accordance with Employer’s
normal corporate reimbursement policies. Likewise Employer on
its behalf, and on behalf of any and all parent corporations, and
their respective subsidiary corporations, hereby forever releases,
remises, waives, acquits, and discharges Employee and his
successors, assigns, or agents from any and all actions, causes of
action, claims, demands, losses,
2
damages, costs, attorneys’
fees, judgments, liens, indebtedness, and liabilities whatsoever,
known or unknown, suspected or unsuspected, past or present,
arising from or relating or attributable to Employee’s
employment by Employer, the termination of said employment,
Employee’s subsequent search for other employment to the date
of this Waiver and Release, and, without limiting the generality of
the foregoing, specifically from any and all matters asserted or
which could have been asserted in any lawsuit, up to the date of
this Waiver and Release.
D.
Employee hereby covenants and
warrants that he has not assigned or transferred to any person any
portion of any claims which are released, remised, waived,
acquitted, and discharged in paragraph II.C. above.
E.
Employer will not contest any
application Employee makes for unemployment compensation, but
Employer will answer truthfully any questions asked by any agency
concerning Employee and makes no guarantee concerning
Employee’s eligibility for un
