INDUSTRIAL MINERALS, INC ., for and on behalf of itself as well as its affiliated corporations (collectively referred to as the
“Company”), and MR. ROBERT DINNING (the “Employee”) agree to enter into this EMPLOYMENT AGREEMENT (the
“Agreement”) dated as of July 1 st , 2007, as follows:
The Company shall employ Employee, and Employee shall be employed by the Company upon the terms and subject
to the conditions set forth in this Agreement.
The period of Employee’s employment under this Agreement shall begin as of July 1 st , 2007 and shall continue
thereafter until terminated in accordance with the circumstances set out in Section 5 as well as the provisions of this Agreement.
Term of Employment.
Duties and Responsibilities.
(a) Employee shall serve as CFO & Secretary. In such capacity, Employee shall perform such duties as may be assigned to
Employee from time to time by the Company.
(b) Employee shall faithfully serve the Company, devote Employee’s full working time, attention and energies to the business
of the Company and perform the duties under this Agreement to the best of Employee’s abilities.
(c) Employee shall: (i) comply with all applicable laws, rules and regulations, and all requirements of all applicable regulatory,
self-regulatory, and administrative bodies; (ii) comply with the Company’s rules, procedures, policies, requirements, and
directions; and (iii) not engage in any other business or employment without the written consent of the Company except
as otherwise specifically provided herein.
Compensation and Benefits.
Base Salary. During the Employment Term, the Company shall pay Employee a base salary at the annual rate of one
hundred and eight thousand (C$108,000) Canadian dollars per year (“Base Salary”). Such Base Salary shall be paid in
accordance with the Company’s standard payroll practice for employees.
Benefit Plans. Employee shall be eligib