Consideration and Expenses. 2.1 During the Term of this Agreement, in consideration of the Executive’s Services hereunder, including, without limitation, service as an officer or director of the Company or of any subsidiary or affiliate thereof and as a full-time employee of Geovic Ltd., the Company shall pay the Executive according to the attached Schedule II payable monthly in arrears on the last working day of each month or as otherwise stipulated in Schedule II. All payments of consideration and expenses shall be made by direct deposit to an account in the name of Executive at a financial institution selected by Executive and located in the United States. All currency herein is expressed in US dollars. 2.2 The Company or Geovic Ltd. shall pay or reimburse to the Executive: 2.2.1 All costs reasonably and properly expended by him on behalf of the Company for performance of Services, if proper documentation of such expenses is received by the Company in accordance with the Company’s normal expense reimbursement procedures; 2.2.2 During the Term of this Agreement, the Executive shall be entitled to participate in employee benefit plans or programs, if any, to the extent that Executive is eligible to participate in such plans or programs; 2.2.3 During the Term of this Agreement, Executive shall be entitled to participate in the Company’s Employee Stock Option Plan and the Company’s Annual bonus Program for Executives, subject to recommendations of the Compensation Committee and approval by the Company’s Board; 2.2.4 Until such time as the Company may adopt a medical plan, the Company shall reimburse the Executive’s medical insurance in an amount not to exceed $700/month and once such a plan is adopted, Executive shall be entitled to full family coverage under the plan; and 2.2.5 Expenses for Executive’s personal vehicle use shall be at a rate which is the greater of $0.465 per mile or the prevailing IRS mileage rate, but shall exclude the mileage associated with daily commuting. Such payments or reimbursements shall be made within seven (7) days of a request for reimbursement by the Executive together with provision by the Executive of such additional evidence and information as the Company or Geovic Ltd. shall reasonably require. 2.3 The Executive shall be entitled to take four (4) calendar weeks of paid vacation annually during the Term of this Agreement, subject to the dates being previously agreed by the Board. Executive shall not be entitled to additional compensation if he fails to use this vacation, provided that with written approval of the Board, up to two (2) weeks of annual vacation may be carried over to a succeeding year. The Executive shall also be entitled to take paid holidays in accordance with standard Company or Geovic Ltd. policy. 2.4 Executive shall accrue one (1) day of sick leave time per pay period, up to a maximum of 20 days, to be used only in connection with illness or medical conditions which interfere with providing Services.
Appears in 1 contract
Samples: Executive Employment Agreement (Geovic Mining Corp.)
Consideration and Expenses. 2.1 During the Term of this Agreement, in consideration of the Executive’s Services hereunder, including, without limitation, service as an officer or director of the Company or of any subsidiary or affiliate thereof and as a full-time employee of Geovic Ltd., the Company shall pay the Executive according to the attached Schedule II payable monthly in arrears on the last working day of each month or as otherwise stipulated in Schedule II. All payments of consideration and expenses shall be made by direct deposit to an account in the name of Executive at a financial institution selected by Executive and located in the United States. All currency herein is expressed in US dollars.
2.2 The Company or Geovic Ltd. shall pay or reimburse to the Executive:
2.2.1 All costs reasonably and properly expended by him on behalf of the Company for performance of Services, if proper documentation of such expenses is received by the Company in accordance with the Company’s normal expense reimbursement procedures;
2.2.2 During the Term of this Agreement, the Executive shall be entitled to participate in employee benefit plans or programs, if any, to the extent that Executive is eligible to participate in such plans or programs;
2.2.3 During the Term of this Agreement, Executive shall be entitled to participate in the Company’s Employee Stock Option Plan and the Company’s Annual bonus Program for Executives, subject to recommendations of the Compensation Committee and approval by the Company’s Board;
2.2.4 Until such time as the Company may adopt a medical plan, the Company shall reimburse the Executive’s medical insurance in an amount not to exceed $700/month and once such a plan is adopted, Executive shall be entitled to full family coverage under the plan; and
2.2.5 Expenses for Executive’s personal vehicle use shall be at a rate which ratewhich is the greater of $0.465 per mile or the prevailing IRS mileage rate, but shall exclude the mileage associated with daily commuting. Such payments or reimbursements shall be made within seven (7) days of a request for reimbursement by the Executive together with provision by the Executive of such additional evidence and information as the Company or Geovic Ltd. shall reasonably require.
2.3 The Executive shall be entitled to take four (4) calendar weeks of paid vacation annually during the Term of this Agreement, subject to the dates being previously agreed by the Board. Executive shall not be entitled to additional compensation if he fails to use this vacation, provided that with written approval of the Board, up to two (2) weeks of annual vacation may be carried over to a succeeding year. The Executive shall also be entitled to take paid holidays in accordance with standard Company or Geovic Ltd. policy.
2.4 Executive shall accrue one (1) day of sick leave time per pay period, up to a maximum of 20 days, to be used only in connection with illness or medical conditions which interfere with providing Services.
Appears in 1 contract
Samples: Executive Employment Agreement (Geovic Mining Corp.)
Consideration and Expenses. 2.1 During the Term of this Agreement, in consideration of the Executive’s Services hereunder, including, without limitation, service as an officer or director of the Company or of any subsidiary or affiliate thereof and as a full-time employee of Geovic Ltd., the Company shall pay the Executive according to the attached Schedule II payable monthly in arrears on the last working day of each month or as otherwise stipulated more frequently in Schedule IIaccordance with the Company’s pay practices. All payments of consideration and expenses shall be made by direct deposit to an account in the name of Executive at a financial institution selected by Executive and located in the United States. All currency herein is expressed in US dollars.
2.2 The Company or Geovic Ltd. shall pay or reimburse to the ExecutiveExecutive for:
2.2.1 All costs reasonably and properly expended by him his on behalf of the Company for performance of Services, if proper documentation of such expenses is received by the Company in accordance with the Company’s normal expense reimbursement procedures;
2.2.2 During the Term of this Agreement, the Executive shall be entitled to participate in employee benefit plans or programs, if any, to the extent that Executive is eligible to participate in such plans or programs;
2.2.3 During the Term of this Agreement, Executive shall be entitled to participate in the Company’s Employee Stock Option Plan and the Company’s Annual bonus Program program for Executives, subject to recommendations of the Compensation Committee and approval by the Company’s Board;
2.2.4 Until such time as the Company may adopt a medical plan, the Company shall reimburse the Executive’s medical insurance in an amount not to exceed $700/month and once such a plan is adopted, The Executive shall be entitled to full family coverage under the plan; andCompany’s medical insurance plan available to other Company executives or the Company will reimburse the Executive’s own medical insurance expense in an amount not to exceed $1000/month;
2.2.5 Expenses for Executive’s personal vehicle use shall be at a rate which is the greater of $0.465 per mile or the prevailing IRS mileage rate, but shall exclude the mileage associated with daily commuting. ;
2.2.6 Executive shall have an allowance of up to $1,000 per year for expenses to maintain Executive’s professional licenses and memberships in technical societies;
2.2.7 Executive shall receive a one-time allowance not to exceed $3,500, on a cost-reimbursible basis, for temporary accommodation and meals between the time of employment termination in Eureka, Nevada and establishing a new residence in Denver, Colorado;
2.2.8 Executive shall be provided with parking at the Denver head office;
2.2.9 Executive shall be reimbursed for costs reasonably and properly expended by him when representing the Company at relevant technical society and educational functions, including the SME Annual Meetings and Mid-Year meetings (each annually), and the 2011 Extemin Convention in Arequipa, Peru, September 11-16, 2011; providing that proper documentation of such expenses is received by the Company in accordance with the Company’s normal expense reimbursement procedures.
2.2.10 Such payments or reimbursements shall be made within seven (7) 7 days of a request for reimbursement by the Executive together with provision by the Executive of such additional evidence and information as the Company or Geovic Ltd. shall reasonably require.
2.3 The Executive shall be entitled to take four (4) calendar weeks of paid vacation annually during the Term of this Agreement, subject to the dates being previously agreed by the BoardCEO. Executive shall not be entitled to additional compensation if he fails to use this vacation, vacation provided that with written approval of the Board, up to two (2) weeks of annual vacation may be carried over to a succeeding year. The Executive shall also be entitled to take paid holidays in accordance with standard Company or Geovic Ltd. policy.
2.4 Executive shall accrue one (1) day of sick leave time per pay period, up to a maximum of 20 days, to be used only in connection with illness or medical conditions which interfere with providing Services.
Appears in 1 contract
Samples: Executive Employment Agreement (Geovic Mining Corp.)
Consideration and Expenses. 2.1 During the Term of this Agreement, in consideration of the Executive’s Services hereunder, including, without limitation, service as an officer or director of the Company or of any subsidiary or affiliate thereof of the Company and as a full-time employee of Geovic Ltd., the Company shall pay the Executive according to the attached Schedule II II, payable monthly in arrears on the last working day of each month or as otherwise stipulated more frequently in Schedule IIaccordance with the Company’s pay practices. All payments of consideration and expenses shall be made by direct deposit to an account in the name of Executive at a financial institution selected by Executive and located in the United States. All currency herein is expressed in US dollars.
2.2 The Company or Geovic Ltd. shall pay or reimburse to the ExecutiveExecutive for:
2.2.1 All costs reasonably and properly expended by him on behalf of the Company for performance of Services, if proper documentation of such expenses is received by the Company in accordance with the Company’s normal expense reimbursement procedures;
2.2.2 During the Term of this Agreement, the Executive shall be entitled to participate in employee benefit plans or programs, if any, to the extent that Executive is eligible to participate in such plans or programs;
2.2.3 During the Term of this Agreement, Executive shall be entitled to participate in the Company’s Employee Second Amended and Restated Stock Option Plan, the 2010 Stock Award Plan and the Company’s Annual annual bonus Program program for ExecutivesExecutives or any other incentive plan(s) in effect from time to time, subject to recommendations of the Compensation Committee and approval by the Company’s Board;
2.2.4 Until such time as the Company may adopt a medical plan, the Company Executive shall reimburse the be entitled to reimbursement of Executive’s medical insurance expense in an amount not to exceed $700/month and once such a plan is adopted, Executive shall be entitled to full family coverage under the plan; and1,000 per month;
2.2.5 Expenses Expense reimbursement for Executive’s personal vehicle use shall be at a rate which is the greater of $0.465 per mile or the prevailing IRS mileage rate, but rate and shall exclude the mileage associated with daily business commuting. ; and
2.2.6 Executive shall be reimbursed for costs reasonably and properly expended by him when representing the Company at relevant meetings provided that proper documentation of such expenses is received by the Company in accordance with the Company’s normal expense reimbursement procedures.
2.2.7 Such payments or reimbursements shall be made within seven (7) days of a request for reimbursement by the Executive together with provision by the Executive of such additional evidence and information as the Company or Geovic Ltd. shall reasonably require.
2.3 The Executive shall be entitled to take four (4) calendar weeks of paid vacation annually during the Term of this Agreement, subject to the dates being previously agreed approved by the Board. Executive shall not be entitled to additional compensation if he fails to use this vacation, provided that with written approval of the Board, up to two (2) weeks of annual vacation may be carried over to a succeeding year. The Executive shall also be entitled to take paid holidays in accordance with standard Company or Geovic Ltd. policy.
2.4 Executive shall accrue one (1) day of sick leave time per pay period, up to a maximum of 20 twenty (20) days, to be used only in connection with illness or medical conditions which interfere with providing Services.
Appears in 1 contract
Samples: Executive Employment Agreement (Geovic Mining Corp.)
Consideration and Expenses. 2.1 During the Term of this Agreement, in consideration of the Executive’s Services hereunder, including, without limitation, service as an officer or director of the Company or of any subsidiary or affiliate thereof and as a full-time employee of Geovic Ltd., the Company shall pay the Executive according to the attached Schedule II payable monthly in arrears on the last working day of each month or more frequently in accordance with the Company’s compensation practices, or as otherwise stipulated in Schedule II. All payments of consideration and expenses shall be made by direct deposit to an account in the name of Executive at a financial institution selected by Executive and located in the United States. All currency herein is expressed in US dollars.
2.2 The Company or Geovic Ltd. shall pay or reimburse to the Executive:
2.2.1 All costs reasonably and properly expended by him on behalf of the Company for performance of Services, if proper documentation of such expenses is received by the Company in accordance with the Company’s normal expense reimbursement procedures;
2.2.2 During the Term of this Agreement, the Executive shall be entitled to participate in employee benefit plans or programs, if any, to the extent that Executive is eligible to participate in such plans or programs;
2.2.3 During the Term of this Agreement, Executive shall be entitled to participate in the Company’s Employee Stock Option Plan and the Company’s Annual annual bonus Program program for Executives, subject to recommendations of the Compensation Committee and approval by the Company’s Board;
2.2.4 Until The Executive may elect to participate under the Company’s Medical Plan with Rocky Mountain Health Plans or such time coverage as the is available to Company may adopt a medical planemployees under such plan or, at Executive’s election, the Company shall reimburse the Executive’s other medical insurance in an amount not to exceed $700500/month and once such a plan is adopted, Executive shall be entitled to full family coverage under the plan; andmonth;
2.2.5 Expenses Actual business expenses for Executive’s personal vehicle use shall be at a rate which is the greater of $0.465 per mile or the prevailing IRS mileage raterate for actual miles, but shall exclude the mileage associated with daily commutingcommuting or personal convenience; and
2.2.6 As soon as appropriate and as mutually agreed by the Parties, the Executive will re-locate from Fort Xxxxxxx to Grand Junction, Colorado. Company shall reimburse the Executive an amount, not to exceed, $25,000 to cover the costs of the move, including the costs to pack, move and store household effects, house hunting trips, temporary lodging and related expenses, costs to sell the Executive’s house, closing costs on a new home purchase and incidental expenses, subject to proper documentation. Such payments or reimbursements shall be made within seven (7) business days of a request for reimbursement by the Executive together with provision by the Executive of such additional evidence and information as the Company or Geovic Ltd. shall may reasonably require.
2.3 The Executive shall be entitled to take four (4) calendar weeks of paid vacation annually (with respect to calendar year 2007, a pro rata portion thereof) during the Term of this Agreement, subject to the dates being previously agreed by the BoardCFO. Executive shall not be entitled to additional compensation if he fails to use this vacation, provided that with written approval of the Board, up to two (2) weeks of annual vacation may be carried over to a succeeding calendar year. Vacation time shall be deemed to accrue one-fourth at the end of each three months of employment. The Executive shall also be entitled to take paid holidays in accordance with standard Company or Geovic Ltd. policy.
2.4 Executive shall accrue one (1) day of sick leave time per monthly pay period, up to a maximum of 20 days, to be used only in connection with illness or medical conditions which interfere with providing Services.
Appears in 1 contract
Samples: Executive Employment Agreement (Geovic Mining Corp.)
Consideration and Expenses. 2.1 During the Term of this Agreement, in consideration of the Executive’s Services hereunder, including, without limitation, service as an officer or director of the Company or of any subsidiary or affiliate thereof and as a full-time employee of Geovic Ltd., the Company shall pay the Executive according to the attached Schedule II payable monthly in arrears on the last working day of each month or as otherwise stipulated more frequently in Schedule IIaccordance with the Company’s pay practices. All payments of consideration and expenses shall be made by direct deposit to an account in the name of Executive at a financial institution selected by Executive and located in the United States. All currency herein is expressed in US dollars.
2.2 The Company or Geovic Ltd. shall pay or reimburse to the ExecutiveExecutive for:
2.2.1 All costs reasonably and properly expended by him his on behalf of the Company for performance of Services, if proper documentation of such expenses is received by the Company in accordance with the Company’s normal expense reimbursement procedures;
2.2.2 During the Term of this Agreement, the Executive shall be entitled to participate in employee benefit plans or programs, if any, to the extent that Executive is eligible to participate in such plans or programs;
2.2.3 During the Term of this Agreement, Executive shall be entitled to participate in the Company’s Employee Stock Option Plan and Stock Awards Plans and the Company’s Annual bonus Program program for Executives, subject to recommendations of the Compensation Committee and approval by the Company’s Board;
2.2.4 Until such time as the Company may adopt a medical plan, the Company The Executive shall reimburse be entitled to reimbursement of the Executive’s medical insurance expense in an amount not to exceed $700/month and once such a plan is adopted, Executive shall be entitled to full family coverage under the plan; and1000 per month;
2.2.5 Expenses Expense reimbursement for Executive’s personal vehicle use shall be at a rate which is the greater of $0.465 per mile or the prevailing IRS mileage rate, but shall exclude the mileage associated with daily business commuting. ;
2.2.6 Executive shall be reimbursed for costs reasonably and properly expended by him when representing the Company at relevant Meetings provided that proper documentation of such expenses is received by the Company in accordance with the Company’s normal expense reimbursement procedures.
2.2.7 Such payments or reimbursements shall be made within seven (7) 7 days of a request for reimbursement by the Executive together with provision by the Executive of such additional evidence and information as the Company or Geovic Ltd. shall reasonably require.
2.3 The Executive shall be entitled to take four (4) calendar weeks of paid vacation annually during the Term of this Agreement, subject to the dates being previously agreed by the BoardExecutive Committee. Executive shall not be entitled to additional compensation if he fails to use this vacation, vacation provided that with written approval of the Board, up to two (2) weeks of annual vacation may be carried over to a succeeding year. The Executive shall also be entitled to take paid holidays in accordance with standard Company or Geovic Ltd. policy.
2.4 Executive shall accrue one (1) day of sick leave time per pay period, up to a maximum of 20 days, to be used only in connection with illness or medical conditions which interfere with providing Services.
Appears in 1 contract
Samples: Executive Employment Agreement (Geovic Mining Corp.)
Consideration and Expenses. 2.1 During the Term of this Agreement, in consideration of the Executive’s Services hereunder, including, without limitation, service as an officer or director of the Company or of any subsidiary or affiliate thereof and as a full-time employee of Geovic Ltd., the Company shall pay the Executive according to the attached Schedule II payable monthly in arrears on the last working day of each month or as otherwise stipulated more frequently in Schedule IIaccordance with the Company’s pay practices. All payments of consideration and expenses shall be made by direct deposit to an account in the name of Executive at a financial institution selected by Executive and located in the United States. All currency herein is expressed in US dollars.
2.2 The Company or Geovic Ltd. shall pay or reimburse to the ExecutiveExecutive for:
2.2.1 All costs reasonably and properly expended by him her on behalf of the Company for performance of Services, if proper documentation of such expenses is received by the Company in accordance with the Company’s normal expense reimbursement procedures;
2.2.2 During the Term of this Agreement, the Executive shall be entitled to participate in employee benefit plans or programs, if any, to the extent that Executive is eligible to participate in such plans or programs;
2.2.3 During the Term of this Agreement, Executive shall be entitled to participate in the Company’s Employee Stock Option Plan and the Company’s Annual bonus Program program for Executives, subject to recommendations of the Compensation Committee and approval by the Company’s Board;
2.2.4 Until such time as the Company may adopt a medical plan, the Company shall reimburse the Executive’s medical insurance in an amount not to exceed $700/month and once such a plan is adopted, The Executive shall be entitled to full family coverage under the plan; andCompany’s medical insurance plan available to other Company executives or the Company will reimburse the Executive’s own medical insurance expense in an amount not to exceed $800/month;
2.2.5 Expenses for Executive’s personal vehicle use shall be at a rate which is the greater of $0.465 per mile or the prevailing IRS mileage rate, but shall exclude the mileage associated with daily commuting. ;
2.2.6 Executive shall have an allowance of up to $1,000 per year for expenses to maintain Executive’s professional licenses and memberships in technical societies;
2.2.7 Executive shall receive an allowance not to exceed $1,000 to move her personal office equipment, files and related materials, as appropriate, to the Denver office;
2.2.8 Executive shall be provided with parking at the Denver head office.
2.2.9 Executive shall be reimbursed for costs reasonably and properly expended by her when representing the Company at relevant technical society and educational functions, including the SME Annual Meeting (annually), AIME Board of Trustee meetings (while she is a Trustee), Environment, Safety, and CSR Conference in Lima Peru (July, 2009); and the Academic Program Review for the Department of Mining and Geological Engineering of the University of Arizona (March 30-31, 2009) providing that proper documentation of such expenses is received by the Company in accordance with the Company’s normal expense reimbursement procedures.
2.2.10 Such payments or reimbursements shall be made within seven (7) 7 days of a request for reimbursement by the Executive together with provision by the Executive of such additional evidence and information as the Company or Geovic Ltd. shall reasonably require.
2.3 The Executive shall be entitled to take four (4) calendar weeks of paid vacation annually during the Term of this Agreement, subject to the dates being previously agreed by the BoardCEO. Executive shall not be entitled to additional compensation if he she fails to use this vacation, vacation provided that with written approval of the Board, up to two (2) weeks of annual vacation may be carried over to a succeeding year. The Executive shall also be entitled to take paid holidays in accordance with standard Company or Geovic Ltd. policy.
2.4 Executive shall accrue one (1) day of sick leave time per pay period, up to a maximum of 20 days, to be used only in connection with illness or medical conditions which interfere with providing Services.
2.5 Upon termination of Employment for any reason, Executive shall be paid for all accrued and unused vacation and sick leave time as of the date of termination.
Appears in 1 contract
Samples: Executive Employment Agreement (Geovic Mining Corp.)