Exhibit 10.1


 


WESTWATER RESOURCES, INC.


 


and


 


STEVEN M. CATES


 


EMPLOYMENT AGREEMENT


 


This Employment Agreement (“Agreement”)
is made as of 20th day of June 2022 (the “Signature Date”) by and between Westwater Resources, Inc., a Delaware
corporation (the “Company”), and Steven M. Cates (the “Executive”), with an effective time and date of 5:01 pm
mountain time on Friday, August 26, 2022 (the “Effective Date”).


 


1.       Employment


 


(a)              
 Pursuant to an offer letter dated March 24, 2021 (“Offer Letter”), Executive has been serving as the Company’s
Chief Accounting Officer and Controller since May 10, 2021. On the Effective Date, Executive’s Offer Letter will be replaced in
total with this Agreement.


 


(b)              
During the Employment Period (as defined in Section 4 below), the Company will employ Executive, and Executive will serve as the
Company’s Chief Financial Officer (“CFO”) and Vice President – Finance. Executive will report to the President
and Chief Executive Officer (“CEO”) on a day-to-day basis, and as needed or warranted to the Executive Chairman and/or the
Board of Directors (“Board”).


 


2.       Duties and Responsibilities
of Executive on the Effective Date


 


(a)       During
the Employment Period, Executive will devote substantially all of his professional time and efforts to the business of the Company, will
act in the best interests of the Company and will perform with due care his duties and responsibilities. Executive’s duties will
include those commensurate with the position of CFO and Vice President - Finance, and such other activities as may be determined mutually
by the Executive and the President and CEO from time to time. Executive shall also perform such additional duties and responsibilities
as may be assigned to him by the Board or the Executive Chairman from time to time.


 


(b)       Executive
agrees to cooperate fully with the Company, its Board, its Executive Chairman, and its President and CEO, and not engage directly or indirectly
in any activity that materially interferes with the performance of Executive’s duties and responsibilities. The Company agrees that
Executive may continue to serve on the Finance Committee of the Board of Directors of Journey Church located in Castle Rock, Colorado.
Other than the foregoing, during the Employment Period, Executive will not hold any other outside employment, join, be a member of or
serve on any corporate, civic or charitable boards or committees, or perform substantial personal services for parties unrelated to the
Company without the advance written approval of the Executive Chairman for civic or charitable boards or committees or the advance written
approval of the Nominating & Governance Committee for corporate or personal services.


 






    Page 1 of 16


     


    

 



(c)       Executive
represents and covenants to the Company that he is not subject to, or a party to, any employment agreement, non-competition covenant,
non-solicitation agreement, nondisclosure agreement, or any other agreement, covenant, understanding or restriction that would prohibit
Executive from executing this Agreement and fully performing his duties and responsibilities under this Agreement.


 


(d)       Executive
acknowledges and agrees that Executive owes the Company a duty of loyalty and that any obligations described in this Agreement are in
addition to, and not in lieu of, any obligations Executive owes the Company as a matter of law.


 


(e)       Executive’s
base of operations will be at the Company’s offices located in the metropolitan area of Denver, Colorado. Executive may be required
to travel and work for extended periods of time outside of his base of operations including but not limited to international travel.


 


3.       Compensation


 


(a)       Base
Salary Commencing on the Effective Date (as defined in Section 4 below) and during the Employment Period, the Company will pay to
Executive an annual base salary of $245,000 (the “Base Salary”), which salary will be payable on a bi-weekly basis in conformity
with the Company’s customary payroll practices. Executive’s Base Salary will be reviewed for adjustment by the Compensation
Committee of the Board annually at the time that the Compensation Committee reviews salaries for other senior executives. For all purposes
of this Agreement, Executive’s Base Salary will include any portion thereof which Executive elects to defer under a nonqualified
plan or arrangement, if any.


 


(b)       Short-Term
Incentive Bonus During the Employment Period, Executive will be eligible for an annual, discretionary, performance-based Short-Term
Incentive (“STI”) cash bonus (the “STI Bonus”) targeted at 50% of Base Salary (which will be prorated for fiscal
year 2022) on such terms and conditions as may be determined by the Board or the Compensation Committee. The STI Bonus earned, if any,
with respect to a fiscal year will be subject to the performance of Executive and the Company during such fiscal year, relative to performance
goals established for such fiscal year by the Board or the Compensation Committee. The Compensation Committee shall determine the level
of attainment of performance goals and the amount of the STI Bonus following the end of each fiscal year, and such STI Bonus shall be
paid out to the Executive within 60 days of the decision by the Compensation Committee. Except as provided in Section 7 of this Agreement,
Executive shall be eligible to receive the STI Bonus (if any) provided that Executive is actively employed by the Company on the date
the STI Bonus is paid. The Board has already established the STI goals for fiscal year 2022 that are applicable to Executive.


 


(c)       Long-Term
Incentive Compensation During the Employment Period, Executive will be eligible to receive an annual, equity-based award as part of
the Company’s Long-Term Incentive (“LTI”) Plan targeted at 50% of Base Salary (which will be prorated for fiscal year
2022) on such terms and conditions as may be determined by the Board or the Compensation Committee (generally an “Equity Award”).
Any Equity Award shall be issued pursuant to the Company’s 2013 Omnibus Incentive Plan, as may be amended from time to time, or
such successor plan, and shall be subject to such restrictions, vesting and other conditions and limitations as set forth in the LTI Plan
by the Board or the Compensation Committee and any other applicable award documents. The Executive shall be eligible to receive the Equity
Award (if any) provided that the Executive is actively employed by the Company on the date that the Equity Award is granted by the Board
or the Compensation Committee, and the Equity Award (if any) shall be issued within 60 days of the decision by the Board or Compensation
Committee.


 






    Page 2 of 16


     


    

 



(d)       Withholding
Executive’s Base Salary, STI Bonus, Equity Award, and other compensation payments hereunder will be subject to such payroll and
other taxes, withholdings, assessments and deductions as may be required by applicable law.


 


4.       Term of Employment


 


(a)       The
initial Term of this Agreement will be for the period beginning at 5:01 pm mountain time on Friday, August 26, 2022 (the “Effective
Date”) and ending at midnight (mountain time) on the first anniversary of the Effective Date. The Term will be extended automatically
for successive one-year periods unless either party gives the other written notice of its intent to terminate the Agreement not less than
90 days prior to the end of the then-current Term. The initial Term and any extensions are hereinafter referred to as the “Term.”
The date on which this Agreement is terminated at the end of the Term or in accordance with Section 6 will be referred to herein as the
 “Termination Date.”


 


(b)       The
period commencing on the Effective Date and ending at the close of business on the Termination Date will constitute the “Employment
Period.”


 


(c)       Notwithstanding
any other provision of this Agreement, this Agreement may be terminated at any time during the Employment Period in accordance with Section
6.


 


5.       Benefits


 


Subject to the terms and conditions of this Agreement,
Executive will be entitled to the following benefits during the Employment Period:


 


(a)       Reimbursement
of Business Expenses The Company agrees to promptly reimburse Executive for reasonable business-related expenses incurred in the performance
of Executive’s duties under this Agreement upon receipt by the Company of proper documentation with respect thereto (setting forth
the amount, business purpose and establishing payment), subject to the Company’s written expense reimbursement policies and any
written pre-approval policies in effect from time to time.


 


(b)       Benefit
Plans and Programs To the extent permitted by applicable law, Executive (and where applicable, his plan-eligible dependents) will
be eligible to participate in all benefit plans and programs, including improvements or modifications of the same, then being actively
maintained by the Company for the benefit of its employees, subject in any event to the eligibility requirements and other terms and conditions
of those plans and programs, including, without limitation, 401(k) plan, medical and dental insurance, life insurance and disability insurance.
Participation in such benefit plans and programs shall be made available to Executive as soon as reasonably possible and shall not be
conditioned upon service to the Company for any specified period of time. The Company will not, however, by reason of this Section 5(b),
have any obligation to institute, maintain, or refrain from changing, amending, or discontinuing any such benefit plan or program.


 






    Page 3 of 16


     


    

 



(c)       Vacation
Executive shall be entitled to four (4) weeks of paid vacation annually, provided that such time will not carry over from one year to
the next except as permitted by the Company’s policies as may be in effect from time to time. Executive shall also be eligible for
all other holiday and leave pay generally available to other employees of the Company.


 


6.       Termination of
Agreement


 


(a)       Automatic
Termination in the Event of Death This Agreement will automatically terminate in the event of Executive’s death.


 


(b)       Company’s
Right to Terminate At any time during the Employment Period, the Company will have the right to terminate this Agreement for any of
the following reasons:


 


		(1)	Upon Executive’s Disability (as defined below);



		(2)	For Cause (as defined in Section 7); or



		(3)	For any other reason whatsoever, in the sole and complete discretion of the Company.



 


(c)       Executive’s
Right to Terminate At any time during the Employment Period, Executive will have the right to terminate this Agreement for:


 


		(1)	Good Reason (as defined in Section 7); or



		(2)	For any other reason whatsoever, in the sole and complete discretion of Executive.



 


(d)       Disability
For purposes of this Agreement, “Disability” means that Executive has sustained sickness or injury that renders Executive
incapable of performing substantially all of the duties and responsibilities required of Executive hereunder for a period of 90 consecutive
calendar days or a total of 120 calendar days during any 12-month period. The existence of a Disability will be determined in the sole
and reasonable discretion of the Board.


 


(e)       Notices
Any termination of this Agreement by the Company under Section 6(b) or by Executive under Section 6(c) will be communicated by a Notice
of Termination to the other party. A “Notice of Termination” means a written notice that: (i) indicates the specific termination
provision in this Agreement relied upon; and (ii) if the termination is by the Company for Cause or by Executive for Good Reason, sets
forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under
the provision so indicated. The Notice of Termination must specify the Termination Date. A Notice of Termination may be delivered: (1)
personally; (2) by a recognized express overnight courier service courier or delivery service with signature by the recipient as established
by the sender by evidence obtained from such courier; (3) by facsimile or email transmission (with acknowledgement by recipient of complete
transmission); or (4) by United States mail, registered or certified mail, return receipt requested, postage prepaid. The Termination
Date may be as early as the date that the Notice of Termination is given but no later than 60 calendar days after the Notice of Termination
is given, unless otherwise agreed to by the parties in writing.


 






    Page 4 of 16


     


    

 



(f)       Resignation
from Positions Upon termination of this Agreement, Executive will immediately resign from all other positions that Executive holds
with the Company or its affiliates, unless otherwise agreed to in writing by the parties. Executive agrees to cooperate with the Company
to take all actions reasonably necessary or appropriate to effectuate his resignation from any other positions.


 


	7.	Severance Payments 



 


(a)       Termination
by the Company Subject to the terms and conditions of this Agreement, including Section 7(h) below, if the Company terminates this
Agreement during the Employment Period pursuant to Sections 6(b)(1) or 6(b)(3), then the Company will pay Executive severance in the amount
of six months’ Base Salary in a lump sum within 60 days after the Termination Date subject to all applicable withholding. If termination
occurs pursuant to Section 7(c) then the provisions in Section 7(c) apply in lieu of the provisions contained in this Section 7(a).


 


(b)       Termination
by Executive for Good Reason Subject to the terms and conditions of this Agreement, including Section 7(h) below, if Executive terminates
this Agreement during the Employment Period pursuant to Section 6(c)(1), then the Company will pay Executive severance in the amount of
six months’ Base Salary in a lump sum within 60 days after the Termination Date subject to all applicable withholding. If termination
occurs pursuant to Section 7(c) then the provisions in Section 7(c) apply in lieu of the provisions contained in this Section 7(b).


 


(c)       Termination
after a Change of Control Subject to the terms and conditions of this Agreement, including Section 7(h) below, if a Change of Control
(as defined below) occurs and Executive is terminated pursuant to Section 6(b)(3) or Executive terminates this Agreement during the Employment
Period pursuant to Section 6(c)(1) within 90 days after such occurrence, then the Company will pay Executive severance in the amount of
twelve months’ Base Salary in a lump sum within 60 days after the Termination Date subject to all applicable withholding.


 


(d)       Termination
upon Failure to Renew by the Company Subject to the terms and conditions of this Agreement, including Section 7(h) below, in the event
that this Agreement terminates at the end of the Term and is not renewed as a result of a decision by the Company not to renew this Agreement,
prior to a decision by Executive not to renew this Agreement, and the Executive terminates his employment within 30 days after receiving
notice of the non-renewal, the Company will pay Executive severance in the amount of six months’ Base Salary in a lump sum within
60 days after the Termination Date subject to all applicable withholding.


 






    Page 5 of 16


     


    

 



(e)       Additional
Benefits Subject to the terms and conditions of this Agreement, including Section 7(h) below, if the Company is required to pay Executive
severance pursuant to Section 7(a), 7(b), 7(c), or 7(d), then:


 


		(1)	Such severance will be paid in addition to any other payments the Company makes to Executive (including, without limitation, salary,
any STI bonus, any LTI compensation, benefits, and expense reimbursements) in discharge of the Company’s obligations to Executive
under this Agreement with respect to periods ending coincident with or prior to the Termination Date.



		(2)	Payments under Sections 7(a), 7(b), 7(c), or 7(d) will be in lieu of any severance benefits otherwise due to Executive under any severance
pay plan or program maintained by the Company that covers its employees and/or its executives except to the extent otherwise expressly
provided in such severance pay plan or program.



		(3)	The expiration date of any vested options held by Executive will be extended to a date that is 90 days after the Termination Date.



 


In addition to the foregoing benefits but only
in the event the Company is required to pay Executive severance by the express terms of Section 7(c) , to the extent Executive has not
previously vested in such rights (whether in accordance with Section 8 hereof or otherwise), Executive will become fully vested in all
of the rights and interests held by Executive under the Company’s stock and other equity plans as of the Termination Date, including
without limitation any stock options, restricted stock, restricted stock units, performance units, and/or performance shares.


 


(f)       Cause
For the purposes of this Agreement, “Cause” means the occurrence or existence, prior to occurrence of circumstances constituting
Good Reason, of any of the following events during the Employment Period:


 


		(1)	Executive’s gross negligence or material mismanagement in performing, or material failure or inability (excluding as a result
of death or Disability) to perform, Executive’s duties and responsibilities as described herein or as lawfully directed by the Board;



		(2)	Executive’s willful misconduct or material dishonesty against the Company or any of its affiliates (including theft, misappropriation,
embezzlement, forgery, fraud, falsification of records, or misrepresentation) or any act that results in material injury to the reputation,
business or business relationships of the Company or any of its affiliates;



		(3)	Executive’s material breach of: (i) this Agreement (including any misrepresentations in connection with the execution of the
Agreement); (ii) any fiduciary duty owed by Executive to the Company or its affiliates; or (iii) any written workplace policies applicable
to Executive (including the Company’s code of conduct and policy on workplace harassment) whether adopted on or after the date of
this Agreement, provided that the Board gives Executive written notice of such breach within 90 calendar days from the first date that
the Board is aware, or reasonably should be aware, of such breach.



 






    Page 6 of 16


     


    

 



		(4)	Executive’s having been convicted of, or having entered a plea bargain, a plea of nolo contendere or settlement admitting
guilt for, any felony, any crime of moral turpitude, or any other crime that could reasonably be expected to have a material adverse impact
on the Company’s or any of its affiliates’ reputations; or



		(5)	Executive’s having committed any material violation of any federal law regulating securities (without having relied on the advice
of the Company’s attorney) or having been the subject of any final order, judicial or administrative, obtained or issued by the
Securities and Exchange Commission, for any securities violation involving fraud, including, for example, any such order consented to
by Executive in which findings of facts or any legal conclusions establishing liability are neither admitted nor denied.



 


(g)       Good
Reason For the purposes of this Agreement, “Good Reason” means the occurrence, prior to the occurrence of circumstances
constituting Cause, of any of the following events during the Employment Period without Executive’s consent:


 


		(1)	Any material breach by the Company of this Agreement;



		(2)	A material reduction in Executive’s authority or job duties, responsibilities and requirements that is inconsistent with Executive’s
position as CFO and Vice President – Finance of the Company and Executive’s prior authority, duties, responsibilities and
requirements;



		(3)	A material reduction in the Executive’s Base Salary or STI Bonus opportunity or Equity Award opportunity unless a proportionate
reduction is made to the same elements of compensation for all Company executives; or



		(4)	A request for the Executive to change his base of operations as identified in Section 2(e).



 


Executive must provide written notice of termination
for Good Reason to the Company within fifteen (15) calendar days after the event constituting Good Reason first occurs, which notice shall
state such Good Reason in reasonable detail. The Company shall have a period of fifteen (15) calendar days in which it may correct the
act or failure to act that constitutes the grounds for Good Reason as set forth in Executive’s notice of termination. If the Company
does not correct the act or failure to act, Executive must terminate Executive’s employment for Good Reason within fifteen (15)
calendar days after the end of the cure period, in order for the termination to be considered a Good Reason termination.


 


(h)       General
Waiver and Release of Claims The receipt of any severance or other benefits pursuant to this Section 7 will be subject to Executive
timely executing and not revoking a general waiver and release of claims reasonably acceptable to the Company in its discretion that becomes
effective no later than sixty (60) calendar days following Executive’s Termination Date (such date, the “Release Effective
Date”). If the release does not become effective by the Release Effective Date, provided the Company has acted in good faith, Executive
will forfeit any rights to severance payments or benefits under this Agreement. To the extent that any severance payments or benefits
are “non-qualified deferred compensation” under Section 409A (as defined in Section 24 below) that is not otherwise exempt
from the application of Section 409A, and if the sixty (60) calendar day period referenced above spans two calendar years, then, the payment
of such amounts will not occur until the later of (i) the first payroll date to occur during the calendar year following the calendar
year in which the Termination Date occurs or (ii) the Release Effective Date.


 






    Page 7 of 16


     


    

 



(i)       Exclusive
Payments Except as provided above, no severance or other payment in the way of severance will be made to Executive upon termination
of this Agreement.


 


8.       Change of Control


 


(a)       If
a Change of Control occurs during the Employment Period, Executive will thereupon become 100% vested in all of the rights and interests
then held by Executive under the Company’s stock and other equity plans (to the extent not already vested), including without limitation
any stock options, restricted stock, restricted stock units, performance units, and/or performance shares.


 


(b)       Change
of Control For the purposes of this Agreement, “Change of Control” means that, after the Effective Date, the following
two events have occurred: (1) the Executive (i) is requested to resign by the Company, (ii) is terminated by the Company without Cause,
or (iii) events or circumstances have occurred that constitute Good Reason; and (2) one of the following has occurred: (i)
any person or group of affiliated or associated persons acquires more than 50% of the voting power of the Company; (ii) the consummation
of a sale of all or substantially all of the assets of the Company; (iii) the dissolution of the Company; (iv) a majority of the members
of the Board are replaced during any 12-month period; or (v) the consummation of any merger, consolidation, or reorganization involving
the Company in which, immediately after giving effect to such merger, consolidation or reorganization (the “Transaction”),
less than 50.1% of the total voting power of outstanding stock of the surviving or resulting entity is then “beneficially owned”
(within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended) in the aggregate by the stockholders of the Company
immediately prior to such merger, consolidation or reorganization; provided, however, that if the Board, in its sole discretion, approves
the Transaction, such Transaction shall not be a Change of Control event.


 


9.       Conflicts of Interest



 


Executive agrees that he will promptly disclose
to the Board any conflict of interest involving Executive upon Executive becoming aware of such conflict. For sake of clarity but not
to be construed as an exclusive list of such conflicts, Executive’s ownership of any interest in any business organization that
competes directly or indirectly with the Company in the graphite or battery industries anywhere in the world will be deemed to constitute
a conflict of interest.


 






    Page 8 of 16


     


    

 



10.       Confidentiality


 


The Company agrees to provide Executive valuable
Confidential Information of the Company and of third parties who have supplied such information to the Company. In consideration of such
Confidential Information and other valuable consideration provided hereunder, Executive agrees to comply with this Section 10.


 


(a)       Confidential
Information For the purposes of this Agreement, “Confidential Information” means, without limitation and regardless of
whether such information or materials are expressly identified as confidential or proprietary: (i) any and all material non-public, confidential
or proprietary information or work product of the Company or its affiliates; (ii) any non-public information that gives the Company or
its affiliates a material competitive business advantage or the opportunity of obtaining such advantage; (iii) any material non-public
information the disclosure or improper use of which is reasonably expected to be materially detrimental to material interests of the Company
or its affiliates; (iv) any material trade secrets of the Company or its affiliates; and (v) any other material non-public information
of or regarding the Company or any of its affiliates, or its or their past, present or future, direct or indirect, potential or actual
officers, directors, employees, owners, or business partners, including but not limited to information regarding any of their material
businesses, operations, assets, liabilities, properties, systems, methods, models, processes, results, performance, investments, investors,
financial affairs, future plans, business prospects, acquisition or investment opportunities, strategies, business partners, business
relationships, contracts, contractual relationships, organizational or personnel matters, policies or procedures, management or compensation
matters, compliance or regulatory matters, as well as any technical, seismic, industry, market or other data, studies or research, or
any forecasts, projections, valuations, derivations or other analyses, performed, generated, collected, gathered, synthesized, purchased
or owned by, or otherwise in the possession of, the Company or its affiliates or which Executive has learned of through his employment
with the Company. Confidential Information also includes any non-public, confidential or proprietary information about or belonging to
any third party that the Company or its affiliates have agreed in writing to keep confidential. Notwithstanding the foregoing, Confidential
Information does not include any information which is or becomes generally known by the public other than as a result of Executive’s
actions or inactions.


 


(b)       Protection
Executive promises, except in the regular course of the Company’s business or as required by law: (i) to keep Confidential Information,
and all documentation, materials and information relating thereto, strictly confidential; (ii) not to use the Confidential Information
for any purpose other than as required in connection with fulfilling his duties as President and Chief Executive Officer for the benefit
of the Company; and (iii) to return to the Company all documents and electronically stored information containing Confidential Information
in Executive’s possession upon separation from the Company for any reason.


 


(c)       Disclosure
Required By Law If Executive is legally required to disclose any Confidential Information, Executive will promptly notify the Company
in writing of such request or requirement so that the Company may seek an appropriate protective order or other relief. Executive agrees
to cooperate with and not to oppose any effort by the Company to resist or narrow such request or to seek a protective order or other
appropriate remedy. In any case, Executive will: (i) disclose only that portion of the Confidential Information that, according to the
advice of Executive’s counsel, is required to be disclosed (and Executive’s disclosure of Confidential Information to Executive’s
counsel in connection with obtaining such advice will not be a violation of this Agreement); (ii) use reasonable efforts to obtain assurances
that such Confidential Information will be treated confidentially; and (iii) promptly notify the Company in writing of the items of Confidential
Information so disclosed.


 






    Page 9 of 16


     


    

 



(d)       Third-Party
Confidentiality Agreements To the extent that the Company possesses any Confidential Information which is subject to any confidentiality
agreements with, or obligations to, third parties, Executive will comply with all such agreements or obligations in full.


 


(e)       Survival
The covenants made by Executive in this Section 10, will survive termination of this Agreement for five (5) years following the Termination
Date.


 


11.       Non-Competition &
Non-Solicitation


 


Executive acknowledges that the Company has invested
substantial time, money and resources in the development and retention of its Confidential Information, customers, accounts and business
partners, and further acknowledges that during the course of Executive’s employment with the Company Executive has had and will
have access to the Company’s Confidential Information and will be introduced to existing and prospective customers, suppliers, accounts
and business partners of the Company. Executive acknowledges and agrees that any and all goodwill associated with any existing or prospective
customer, supplier, account or business partner belongs exclusively to the Company, including, but not limited to, any goodwill created
as a result of direct or indirect contacts or relationships between Executive and any existing or prospective customers, supplier’s
accounts or business partners. Additionally, the parties acknowledge and agree that Executive possesses skills that are special, unique
or extraordinary and that the value of the Company depends upon his use of such skills on its behalf.


 


In recognition of the foregoing, Executive agrees
that:


 


(a)       During
the Term of this Agreement, and for a period of one (1) year thereafter, Executive may not, without the prior written consent of the Company,
(whether as an employee, agent, servant, owner, partner, consultant, independent contractor, representative, stockholder, or in any other
capacity whatsoever) perform any work anywhere in the world related in any way to the graphite or batteries industries on behalf of any
entity or person other than the Company (including Executive). This includes a prohibition against performing work related to products
that are sold by, or contemplated to be sold by, the Company.


 


(b)       During
the Term of this Agreement, and for a period of one (1) year thereafter, Executive may not entice, solicit or encourage any Company employee
to leave the employ of the Company or any independent contractor to sever its engagement with the Company, absent prior written consent
from the Company.


 






    Page 10 of 16


     


    

 



(c)       During
the Term of this Agreement, and for a period of one (1) year thereafter, Executive may not, directly or indirectly, entice, solicit or
encourage any customer, prospective customer, supplier or acquirer, acquiree, investor or other business relationship of the Company to
cease doing business with the Company, reduce its relationship with the Company or refrain from establishing or expanding a relationship
with the Company.


 


11A.       Intellectual Property


 


(a)              
Ownership of Intellectual Property If at any time or times during Executive’s employment, Executive (either alone
or with others) makes, conceives, discovers, or reduces to practice any invention, modification, discovery, design, development, improvement,
process, software, work of authorship, documentation, formula, data, technique, know-how, secret or intellectual property right whatsoever
or any interest therein (whether or not patentable or registrable under copyright, trademark or similar statutes or subject to intellectual
property or other protection) (“Developments”) that (i) relates to the business of Company or any customer of or supplier
to Company or any of the products or services being developed, manufactured or sold by Company or which may be used in relation therewith,
(ii) results from tasks assigned Executive by Company or (iii) results from the use of premises or personal property (whether tangible
or intangible) owned, leased or contracted for by Company, such Developments and the benefits thereof hereby immediately becomes the sole
and exclusive property of Company, and Executive hereby assigns rights to such Developments to Company. Executive will promptly disclose
to Company (or any person(s) designated by it) each such Development and hereby assigns any and all rights Executive ay have or acquire
in the Developments and benefits and/or rights resulting therefrom, including, without limitation, patent applications, letters patents,
trademarks, copyrights and trade secrets (“Intellectual Property Rights”) to Company, without further compensation, and will
communicate, without cost or delay, all available information relating thereto (including plans and models) to Company. Any Developments
which constitute copyrightable subject matter shall be considered “works made for hire” as that term is defined in the United
States Copyright Act and under U.S. law.


 


(b)              
Assurances Regarding Assignments and Cooperation Upon disclosure of each Development to Company, Executive will, during
employment and at any time thereafter, at the request of Company, sign, execute, make and do all such deeds, assignments, documents, acts
and things as Company and its duly authorized agents may reasonably require: (i) to apply for, obtain and vest in the name of Company
alone (unless Company otherwise directs) Intellectual Property Rights in all countries throughout the world; and (ii) at the cost of Company,
to defend any interference, opposition, cancellation or litigation proceedings, or other actions relating to Intellectual Property Rights.


 


(c)              
Appointment as Agent In the event Company is unable, after reasonable effort, to secure Executive’s signature or Executive
refuses to sign documents requested by Company relating to Intellectual Property Rights, whether because of Executive’s physical
or mental incapacity or for any other reason whatsoever, Executive hereby irrevocably designates and appoints Company and its duly authorized
officers and agents as Executive’s agent and attorney-in-fact, to act for and in Executive’s behalf and stead to execute and
file any such application or applications, including declarations and assignments, and to do all other lawfully permitted acts to further
the filing, prosecution and issuance of Intellectual Property Rights with the same legal force and effect as if executed by Executive.
This Section 11A(c) shall survive termination of this Agreement. If Executive does not sign any such document as requested by Company,
within thirty (30) days after receipt of such document by Executive, this shall constitute an express refusal to sign the document.


 






    Page 11 of 16


     


    

 



(d)              
Excluded Developments Executive represents that the Developments identified in the schedule, if any, attached to this Agreement,
constitute all the unpatented and uncopyrighted Developments which Executive has made or conceived prior to Executive’s employment
by Company, which Developments are excluded from this Agreement. Executive understands that it is necessary to list the title and a sufficient
description of the Developments. If no Developments are listed, all Intellectual Property Rights created or authored by Executive prior
to termination of this Agreement are acknowledged by Executive to be owned by Company.


 


(e)              
Obligation to Keep Company Informed During the period of Executive’s employment and for six (6) months after termination
of employment with Company, Executive will promptly disclose to Company fully and in writing all Developments authored, conceived or reduced
to practice by Executive alone or jointly with others which relate to Company’s business. In addition, Executive will promptly disclose
to Company all patent applications filed by Executive or on Executive’s behalf within a year after termination of employment. Company
will keep in confidence and will use the information disclosed only for the purposes of determining ownership.


 


(f)               
Other Proprietary Rights Company shall own all proprietary rights in: (i) all clients of Company at the time of Executive’s
employment or who become clients of Company during the course of Executive’s employment with Company and all records and lists of
same; and (ii) all records, histories, work papers, computer files, personal and regular files concerning Company. Executive understands
that all records and files, including e-mail and telephone communications, are considered the property of Company and Executive shall
not assert any rights to confidentiality or rights of privacy concerning same.


 


12.       Withholdings


 


The Company may withhold and deduct from any payments
made or to be made pursuant to this Agreement all federal, state, local and other taxes as may be required pursuant to any applicable
law or governmental regulation or ruling and any other deductions consented to in writing by Executive.


 


13.       Severability


 


It is the desire of the parties hereto that this
Agreement be enforced to the maximum extent permitted by law and should any provision contained herein be held unenforceable by a court
of competent jurisdiction or arbitrator (pursuant to Section 15), the parties hereby agree and consent that such provision will be reformed
to create a valid and enforceable provision to the maximum extent permitted by law; provided, however, if such provision cannot be reformed,
it will be deemed ineffective and deleted from this Agreement without affecting any other provision of this Agreement.


 






    Page 12 of 16


     


    

 



14.       Title and Headings;
Construction


 


Titles and headings to Sections and paragraphs
are for the purpose of reference only and will in no way limit, define or otherwise affect the provisions of this Agreement. Any and all
Exhibits referred to in this Agreement are, by such reference, incorporated herein and made a part hereof for all purposes. The words
 “herein”, “hereof”, “hereunder” and other compounds of the word “here” will refer to the
entire Agreement and not to any particular provision hereof. Both parties to this Agreement have approved all language in this Agreement
and the language in this Agreement will not be strictly construed in favor of or against either party.


 


15.       Forum Selection and
Attorneys’ Fees


 


Any legal or equitable actions filed by Executive
or the Company to enforce the terms of this Agreement, or relating to any other legal or equitable issues that arise between Executive
and the Company either during or after Executive’s employment, shall exclusively be filed in an applicable state or federal court
in the State of Colorado. Nothing in this paragraph precludes either party from seeking to remove a case filed in a state court in Colorado
to a federal court in Colorado. In any such action, the court may order the payment of a party’s costs and expenses associated with
such action including, without limitation, expert fees and reasonable attorneys’ fees, should the court or jury issue a final judgment
in that party’s favor, and the court/judge then determines (i) the party should be considered the “prevailing party”
based on the Court’s determination that the party prevailed on the most substantial contested issues, and (ii) the opposing party’s
claims or defenses lacked a good faith basis.


 


16.       Governing Law 


 


This Agreement and Release will be interpreted
under, and governed by, the laws of the State of Colorado, without reference to conflict of laws principles.


 


17.       Entire Agreement and
Amendment 


 


This Agreement contains the entire agreement of
the parties with respect to Executive’s employment and the other matters covered herein (except to the extent that other agreements
are specifically referenced herein); moreover, this Agreement supersedes all prior and contemporaneous agreements and understandings,
oral or written, between the parties hereto concerning the subject matter hereof and thereof. This Agreement may be amended, waived or
terminated only by a written instrument executed by both parties hereto.


 


18.       Survival of Certain
Provisions 


 


Wherever appropriate to the intention of the parties,
the respective rights and obligations of the parties, including but not limited to the rights and obligations set forth in Sections 6
through 15, will survive any termination or expiration of this Agreement for any reason.


 



    Page 13 of 16


     


    

 



19.       Waiver of Breach


 


No waiver by either party of a breach of any provision
of this Agreement by the other party, or of compliance with any condition or provision of this Agreement to be performed by such other
party, will operate or be construed as a waiver of any subsequent breach by such other party or any similar or dissimilar provision or
condition at the same or any subsequent time. The failure of either party to take any action by reason of any breach will not deprive
such party of the right to take action at any time while such breach continues.


 


20.       Assignment 


 


Neither this Agreement nor any rights or obligations
hereunder will be assignable or otherwise subject to hypothecation by Executive (except by will or by operation of the laws of intestate
succession) or by the Company, except as follows. This Agreement shall bind any successor of the Company, its assets or its businesses
(whether direct or indirect, by purchase, merger, consolidation or otherwise), in the same manner and to the same extent that the Company
would be obligated under this Agreement if no succession had taken place. In the case of any transaction in which a successor would not
by the foregoing provision or by operation of law be bound by this Agreement, the Company shall require such successor expressly and unconditionally
to assume and agree to perform the Company’s obligations under this Agreement, in the same manner and to the same extent that the
Company would be required to perform if no such succession had taken place. The term “Company,” as used in this Agreement,
shall mean the Company as hereinbefore defined and any successor or assignee to the business or assets which by reason hereof becomes
bound by this Agreement.






21.       Notices 


 


Notices provided for in this Agreement will be
in writing and will be deemed to have been duly received: (a) when delivered in person or sent by facsimile or email transmission with
receipt confirmed; (b) on the first business day after such notice is sent by recognized express overnight courier service or delivery
service with signature by the recipient as established by the sender by evidence obtained from such courier; or (c) on the third business
day following deposit in the United States mail, registered or certified mail, return receipt requested, postage prepaid and addressed,
to the following address, as applicable:


 


(a)              
If to Company, addressed to: 6950 South Potomac Street, Suite #300, Centennial, Colorado, 80112; Attn: President and CEO;


 


(b)             
If to Executive, addressed to: 1127 Clear Sky Way, Castle Rock, Colorado 80109; or


 


(c)              To
such other address as either party may have furnished to the other party in writing in accordance with this Section 21.





 






    Page 14 of 16


     


    

 



22.       Counterparts


 


This Agreement may be executed in any number of
counterparts, each of which when so executed and delivered will be an original, but all such counterparts will together constitute one
and the same instrument. Each counterpart may consist of a copy hereof containing multiple signature pages, each signed by one party,
but together signed by both parties.


 


23.       Other Definitions


 


The parties agree that as used in this Agreement
the following terms will have the following meanings: an “affiliate” of a person means any person directly or indirectly controlling,
controlled by, or under common control with, such person; the terms “controlling, controlled by, or under common control with”
mean the possession, directly or indirectly, of the power to direct or influence or cause the direction or influence of management or
policies (whether through ownership of securities or other ownership interest or right, by contract or otherwise) of a person; the term
 “person” means a natural person, partnership (general or limited), limited liability Company, trust, estate, association,
corporation, custodian, nominee, or any other individual or entity in its own or any representative capacity, in each case, whether domestic
or foreign.


 


24.        Section 409A


 


(a) This Agreement is intended to comply with Section
409A of the Internal Revenue Code, as may be amended, and the regulations and guidance promulgated thereunder (“Section 409A”),
to the extent applicable. Payments under the Agreement are intended to be exempt from Section 409A under the “short term deferral”
exemption, to the maximum extent applicable, and then under the “separation pay” exemption, to the maximum extent applicable.
Notwithstanding anything in this Agreement to the contrary, payments may only be made under this Agreement upon an event and in a manner
permitted by Section 409A, to the extent applicable. As used in the Agreement, the term “termination of employment,” “resignation”
or words of similar import shall mean Executive’s separation from service with the Company within the meaning of Section 409A. In
no event may Executive, directly or indirectly, designate the calendar year of a payment. For purposes of Section 409A, each payment hereunder
shall be treated as a separate payment and the right to a series of payments shall be treated as the right to a series of separate payments.
All reimbursements and in-kind benefits provided under the Agreement shall be made or provided in accordance with the requirements of
Section 409A.


 


(b) Notwithstanding anything herein to the contrary,
if payment of any amount subject to Section 409A is triggered by a separation from service that occurs while Executive is a “specified
employee” (as defined by Section 409A), and if such amount is scheduled to be paid within six (6) months after such separation from
service, the amount shall accrue without interest and shall be paid the first business day after the end of such six-month period, or,
if earlier, within sixty (60) days following Executive’s death. If any payments are postponed due to such requirements, such postponed
amounts will be paid in a lump sum to Executive on the first payroll date that occurs after the date that is six months following Executive’s
separation of service with the Company without interest.


 






    Page 15 of 16


     


    

 



25.        Full Settlement


 


The Company's obligations, if any, to make payments
to Executive under Section 7 will not be reduced by any failure of Executive to seek other employment. The payments under Section 7 will
not be reduced if Executive obtains other employment.


 


26.       Indemnification and
Directors and Officers Insurance


 


In Executive’s capacity as a director, officer,
or employee of the Company or serving or having served any other entity as a director, officer, or employee at the Company’s request,
Executive shall be indemnified and held harmless by the Company to the fullest extent allowed by law, the Company’s Certificate
of Incorporation and Bylaws, from and against any and all losses, claims, damages, liabilities, expenses (including legal fees and expenses),
judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal,
administrative or investigative, in which Executive may be involved, or threatened to be involved, as a party or otherwise by reason of
Executive’s status, which relate to or arise out of the Company and such other entities, their assets, business or affairs, if in
each of the foregoing cases, (i) Executive acted in good faith and in a manner Executive believed to be in the best interests of the Company,
and, with respect to any criminal proceeding, had no reasonable cause to believe Executive’s conduct was unlawful, and (ii) Executive’s
conduct did not constitute gross negligence or willful or wanton misconduct. The Company shall advance all reasonable expenses incurred
by Executive in connection with the investigation, defense, settlement or appeal of any civil or criminal action or proceeding referenced
in this Section, including but not necessarily limited to, reasonable fees of legal counsel, expert witnesses or other litigation-related
expenses; however, any such advance of reasonable expenses shall be recoverable by the Company if a court of competent jurisdiction determines
that the Executive was not subject to the indemnification addressed in this Section 27.


 


Executive and the Company have executed this Agreement to be effective
for all purposes as of the Effective Date.


 


	EXECUTIVE:	 	WESTWATER RESOURCES,
    INC.:
	 	 	 
	/s/ Steven M. Cates	 	/s/ Terence J. Cryan
	 	 	 
	Steven M. Cates	 	Terence J. Cryan
	 	 	Executive Chairman of the Board
	 	 	Westwater Resources, Inc.




 






    Page 16 of 16