Material Agreement - Form 8-K

Item 1.01 Entry into a Material Definitive Agreement

Ryan S. Schierman has been appointed Vice President Regulatory Affairs of Ur-Energy Inc. ("Ur-Energy" or the "Company"). In connection with the appointment, the Company entered into an Employment Agreement (the "Employment Agreement") dated March 28, 2024 (the "Effective Date") with Mr. Schierman.

Mr. Schierman, age 38, has held numerous positions in management, most recently at Fluor/Idaho Environmental Coalition, contractors to the US Department of Energy, at the Idaho Cleanup Project. Mr. Schierman has also held several positions in the uranium recovery industry, gaining expertise in regulatory relations and compliance, licensing, and environmental health and safety. As the Wyoming Uranium Recovery Program Manager (2015-2020), Mr. Schierman assisted the State of Wyoming to become the 38^th US Nuclear Regulatory Commission Agreement State, the first ever partial agreement for material solely at uranium recovery operations. Mr. Schierman earned a B.S. in Environmental Science from Brigham Young University, a M.Sc. in Health Physics from Idaho State University, and is a Certified Health Physicist.

Mr. Schierman has no family relationship among the Board of Directors or other members of senior management of the Company.

Pursuant to the Employment Agreement, Mr. Schierman is eligible to participate in all benefits, plans, and programs, which are now, or may hereafter be, available to other executive employees of the Company. Mr. Schierman's Employment Agreement contains standard provisions concerning non-solicitation and non-disclosure.

In the event Mr. Schierman's employment with the Company is terminated by the Company without cause, or Mr. Schierman resigns for good reason, the Company shall pay Mr. Schierman, in addition to all other amounts then due and payable, an amount equal to two (2) years of his base salary at the time of such termination, less statutory deductions and withholdings.

The Board has set Mr. Schierman's annual base salary at $220,000 beginning the Effective Date. He also will receive an initial award of 100,000 stock options pursuant to the Ur-Energy Amended and Restated Stock Option Plan (2005), as amended.

The preceding summary of the Employment Agreement is qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which is attached as Exhibit 10.1 hereto and incorporated herein by reference.