Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 5, 2023, the Board of Directors (the "Board") of Ur-Energy Inc. (the
"Company") approved an amendment to the Company's compensation program as it
relates to the executive officers of the Company. The change was made following
a review of our compensation program and executive compensation by an
independent compensation consultant. The independent consultant made certain
recommendations, based upon a market review and analysis of our peer comparator
companies, to begin to better align our program with those of our peers. The
amendment made by the Board affects the target short-term incentive bonus
available to the executive officers of the Company, increasing the 'at-risk'
portion of each executive's compensation under the program. The target bonus for
the Chief Executive Officer was increased from 40% of base salary to 60%; the
target bonus for the Chief Financial Officer, Chief Operating Officer and
Corporate Secretary was increased from 30% of base salary to 45%. The change was
applied to the short-term incentive bonuses for calendar year 2022 by resolution
of the Board.
On April 10, 2023, the Company, through its wholly-owned subsidiary Ur-Energy
USA Inc. ("Ur-Energy USA") entered into an amendment to the existing employment
agreement of Chief Executive Officer, John W. Cash, to reflect changes
previously disclosed as he was named Chief Executive Officer, including a change
to the amount of severance payment that may become payable to Mr. Cash, and
related to his compensation all as previously disclosed (and non-material
changes to his salary in 2022 following cost-of-living and other adjustments
made pursuant to the Board's approval). No other provision of the agreement was
amended.
On April 7, 2023, the Company, through Ur-Energy USA, entered into an amendment
to the existing employment agreement of Chief Operating Officer, Steven M.
Hatten, related to his promotion to the role of Chief Operating Officer, to
reflect the change in position and to his base salary, also all as previously
disclosed. No other provision of the agreement was amended.
The Company plans to file the two amendments to employment agreements as
exhibits to its Interim Report on Form 10-Q for the quarter ended March 31,
2023.
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