Document:

2005 Stock Option Plan

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    2005
      STOCK OPTION PLAN

    

    

    

    

    

    

    

    

    

    

    

    

    

    For:

    

    

    

    

    

    URANIUM
      ENERGY CORP.

    

    

    

    

    

    Amended
      April 10, 2006

    

    

    

    

    

    Uranium
      Energy Corp.

    Suite
      401, 318 Homer Street, Vancouver, British Columbia, Canada, V6B
      2V2

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            Energy Corp.
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    URANIUM
      ENERGY CORP.

    

    

    

    2005
      STOCK OPTION PLAN

    

    

    ARTICLE
      1. THE PLAN

    

    1.1  Title

    

    This
      plan
      is entitled the “2005 Stock Option Plan” (the “Plan”)
      of
      Uranium Energy Corp., a Nevada corporation (the “Company”).

    

    1.2  Purpose

    The
      purpose of the Plan is to enhance the long-term stockholder value of the Company
      by offering opportunities to directors, officers, employees and eligible
      consultants of the Company and any Related Company, as defined below, to acquire
      and maintain stock ownership in the Company in order to give these persons
      the
      opportunity to participate in the Company’s growth and success, and to encourage
      them to remain in the service of the Company or a Related Company.

    

    

    ARTICLE
      2. DEFINITIONS

    

    The
      following terms will have the following meanings in the Plan:

    

    
      	              
              (a)	
              “Board”
                means the Board of Directors of the Company;

            

    

    
 

    
      	 	
              (b)

            	
              “Cause”,
                unless otherwise defined in the instrument evidencing the award or
                in an
                employment or services agreement between the Company or a Related
                Company
                and a Participant, means a material breach of the employment or services
                agreement, dishonesty, fraud, misconduct, unauthorized use or disclosure
                of confidential information or trade secrets, or conviction or confession
                of a crime punishable by law (except minor violations), in each case
                as
                determined by the Plan Administrator, and its determination shall
                be
                conclusive and binding;

            

    

    

    
      	 	
              (c)

            	
              “Code”
                means the United States Internal
                Revenue Code of 1986,
                as amended from time to time;

            

    

    

    
      	 	
              (d)

            	
              “Common
                Shares”
                means the common shares, no par value, of the Company;

            

    

    

    
      	 	
              (e)

            	
              “Consultant
                Participant”
                means a Participant who is defined as a Consultant Participant in
                Article
                5 hereinbelow;

            

    

    

    

    

    
      
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              (f)

            	
              “Corporate
                Transaction”,
                unless otherwise defined in the instrument evidencing the Option
                or in a
                written employment or services agreement between the Company or a
                Related
                Company and a Participant, means consummation of
                either.

            

    

    

    
      	 	
              (i)

            	
              a
                merger or consolidation of the Company with or into any other corporation,
                entity or person; or

            

    

    

    
      	 	
              (ii)

            	
              a
                sale, lease, exchange or other transfer in one transaction or a series
                of
                related transactions of all or substantially all the Company’s outstanding
                securities or all or substantially all the Company’s assets; provided,
                however, that a Corporate Transaction shall not include a Related
                Party
                Transaction;

            

    

    

    
      	 	
              (g)

            	
              “Disability”,
                unless otherwise defined by the Plan Administrator, means a mental
                or
                physical impairment of the Participant that is expected to result
                in death
                or that has lasted or is expected to last for a continuous period
                of 12
                months or more and that causes the Participant to be unable, in the
                opinion of the Company, to perform his or her duties for the Company
                or a
                Related Company and to be engaged in any substantial gainful
                activity;

            

    

    

    
      	 	
              (h)

            	
              “Employment
                Termination Date”
                means, with respect to a Participant, the first day upon which the
                Participant no longer has an employment or service relationship with
                the
                Company or any Related Company;

            

    

    

    
      	 	
              (i)

            	
              “Exchange
                Act”
                means the United
                States Securities
                Exchange Act of 1934,
                as amended;

            

    

    

    
      	 	
              (j)

            	
              “Fair
                Market Value”
                means the per share value of the Common Shares determined as
                follows:

            

    

    

    
      	 	
              (i)

            	
              if
                the Common Shares are listed on an established stock exchange or
                exchanges
                or the NASDAQ National Market, the closing price per share on the
                last
                trading day immediately preceding such date on the principal exchange
                on
                which it is traded or as reported by NASDAQ;
                or

            

    

    

    
      	 	
              (ii)

            	
              if
                the Common Shares are not then listed on an exchange or the NASDAQ
                National Market, but is quoted on the NASDAQ Small Cap Market, the
                NASDAQ
                electronic bulletin board or the National Quotation Bureau pink sheets,
                the average of the closing bid and asked prices per share for the
                Common
                Shares as quoted by NASDAQ or the National Quotation Bureau, as the
                case
                may be, on the last trading day immediately preceding such date;
                or

            

    

    

    
      	 	
              (iii)

            	
              if
                there is no such reported market for the Common Shares for the date
                in
                question, then an amount determined in good faith by the Plan
                Administrator;

            

    

    

    
      
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              (k)

            	
              “Grant
                Date”
                means the date on which the Plan Administrator completes the corporate
                action relating to the grant of an Option or such later date specified
                by
                the Plan Administrator, and on which all conditions precedent to
                the grant
                have been satisfied, provided that conditions to the exercisability
                or
                vesting of Options shall not defer the Grant
                Date;

            

    

    

    
      	 	
              (l)

            	
              “Incentive
                Stock Option”
                means an Option granted with the intention, as reflected in the instrument
                evidencing the Option, that it qualify as an “incentive stock option” as
                that term is defined in Section 422 of the
                Code;

            

    

    

    
      	 	
              (m)

            	
              “Nonqualified
                Stock Option”
                means an Option other than an Incentive Stock Option;

            

    

    

    
      	 	
              (n)

            	
              “Option”
                means the right to purchase Common Shares granted under Article 7
                hereinbelow;

            

    

    

    
      	 	
              (o)

            	
              “Option
                Expiration Date”
                has the meaning set forth in Article 7.6
                hereinbelow;

            

    

    

    
      	 	
              (p)

            	
              “Option
                Term”
                has the meaning set forth in Article 7.3
                hereinbelow;

            

    

    

    
      	 	
              (q)

            	
              “Participant”
                means the person to whom an Option is granted and who meets the
                eligibility requirements imposed by Article 5 hereinbelow, including
                Consultant Participants as defined in Article
                5;

            

    

    

    
      	 	
              (r)

            	
              “Participant”
                means the person to whom an Option is granted and who meets the
                eligibility requirements imposed by Article 5 hereinbelow, including
                Consultant Participants as defined in Article
                5;

            

    

    

    
      	 	
              (s)

            	
              “Plan
                Administrator”
                has the meaning set forth in Article 3.1
                hereinbelow;

            

    

    

    
      	 	
              (t)

            	
              “Related
                Company”
                means any entity that, directly or indirectly, is in control of or
                is
                controlled by the Company;

            

    

    

    
      	 	
              (u)

            	
              “Related
                Party Transaction”
                means:

            

    

    

    
      	 	
              (i)

            	
              a
                merger or consolidation of the Company in which the holders of Common
                Shares immediately prior to the merger hold at least a majority of
                the
                Common Shares in the Successor Corporation immediately after the
                merger;

            

    

    

    
      	 	
              (ii)

            	
              a
                sale, lease, exchange or other transaction in one transaction or
                a series
                of related transactions of all or substantially all the Company’s assets
                to a wholly-owned subsidiary
                corporation;

            

    

    

    
      	 	
              (iii)

            	
              a
                mere reincorporation of the Company;
                or

            

    

    

    

    

    
      
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              (iv)

            	
              a
                transaction undertaken for the sole purpose of creating a holding
                company
                that will be owned in substantially the same proportion by the persons
                who
                held the Company’s securities immediately before such
                transaction;

            

    

    

    
      	 	
              (v)

            	
              “Retirement”,
                unless otherwise defined by the Plan Administrator from time to time
                for
                purposes of the Plan, means retirement on or after the individual’s normal
                retirement date under the Company’s 401(k) plan or other similar successor
                plan applicable to salaried
                employees;

            

    

    

    
      	 	
              (w)

            	
              “Securities
                Act”
                means the United States Securities
                Act of 1933,
                as amended;

            

    

    

    
      	 	
              (x)

            	
              “Successor
                Corporation”
                has the meaning set forth in Article 11.3.1 hereinbelow;
                and

            

    

    

    
      	 	
              (y)

            	
              “Vesting
                Commencement Date”
                means the Grant Date or such other date selected by the Plan Administrator
                as the date from which the Option begins to vest for purposes of
                Article
                7.4 hereinbelow.

            

    

    

    ARTICLE
      3. ADMINISTRATION

    

    3.1  Plan
      Administrator

    

    The
      Plan
      shall be administered by the Board or a committee appointed by, and consisting
      of two or more members of, the Board (the “Plan
      Administrator”).
      If
      and so long as the Common Shares are registered under Section 12(b) or
      12(g) of the Exchange Act, the Board shall consider in selecting the members
      of
      any committee acting as Plan Administrator, with respect to any persons subject
      or likely to become subject to Section 16 of the Exchange Act, the provisions
      regarding: (a) “outside
      directors”,
      as
      contemplated by Section 162(m) of the Code and (b) “nonemployee
      directors”,
      as
      contemplated by Rule 16b-3 under the Exchange Act. Committee members shall
      serve
      for such term as the Board may determine, subject to removal by the Board at
      any
      time. At any time when no committee has been appointed to administer the Plan,
      then the Board will be the Plan Administrator.

    

    3.2  Administration
      and Interpretation by Plan Administrator

    

    Except
      for the terms and conditions explicitly set forth in the Plan, the Plan
      Administrator shall have exclusive authority, in its discretion, to determine
      all matters relating to Options under the Plan, including the selection of
      individuals to be granted Options, the type of Options, the number of Common
      Shares subject to an Option, all terms, conditions, restrictions and
      limitations, if any, of an Option and the terms of any instrument that evidences
      the Option. The Plan Administrator shall also have exclusive authority to
      interpret the Plan and the terms of any instrument evidencing the Option and
      may
      from time to time adopt and change rules and regulations of general application
      for the Plan’s administration. The Plan Administrator’s interpretation of the
      Plan and its rules and regulations, and all actions taken and determinations
      made by the Plan Administrator pursuant to the Plan, shall be conclusive and
      binding on all parties involved or affected. 

     

    The
      Plan Administrator may delegate administrative
      duties to such of the Company’s officers as it so determines.

    
      
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    ARTICLE
      4. STOCK SUBJECT TO THE PLAN

    

    4.1  Authorized
      Number of Shares

    Subject
      to adjustment from time to time as provided in Article 11.1 hereinbelow, the
      number of Common Shares available for issuance under the Plan shall be 7,500,000
      shares.

    

    4.2  Reuse
      of Shares

    

    Any
      Common Shares that have been made subject to an Option that cease to be subject
      to the Option (other than by reason of exercise or settlement of the Option
      to
      the extent it is exercised for or settled in shares) shall again be available
      for issuance in connection with future grants of Options under the Plan. In
      the
      event shares issued under the Plan are reacquired by the Company pursuant to
      any
      forfeiture provision or right of repurchase, such shares shall again be
      available for the purposes of the Plan; provided, however, that the maximum
      number of shares that may be issued upon the exercise of Incentive Stock Options
      shall equal the share number stated in Article 4.1 hereinabove, subject to
      adjustment from time to time as provided in Article 11.1 hereinbelow; and
      provided, further, that for purposes of Article 4.3 hereinbelow, any such shares
      shall be counted in accordance with the requirements of Section 162(m) of the
      Code.

    

    4.3  Limitations

    

    Subject
      to adjustment from time to time as provided in Article 11.1 hereinbelow, not
      more than an aggregate of 7,500,000 shares shall be available for issuance
      pursuant to grants of Stock Options under the Plan.

    

    

    ARTICLE
      5. ELIGIBILITY

    

    An
      Option
      may be granted to any officer, director or employee of the Company or a Related
      Company that the Plan Administrator from time to time selects. An Option may
      also be granted to any consultant, agent, advisor or independent contractor
      who
      provides services to the Company or any Related Company (a “Consultant
      Participant”),
      so
      long as such Consultant Participant: (a) is a natural person or an alter ego
      entity of the natural person providing the services; (b) renders bona
      fide
      services
      that are not in connection with the offer and sale of the Company’s securities
      in a capital-raising transaction; and (c) does not directly or indirectly
      promote or maintain a market for the Company’s securities.

    

    ARTICLE
      6. OPTIONS

    

    6.1  Form
      and Grant of Options

    

    The
      Plan
      Administrator shall have the authority, in its sole discretion, to determine
      the
      type or types of Options to be granted under the Plan. Options may be granted
      singly or in combination. 

    

    
      
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    6.2  Settlement
      of Options

    

    The
      Company may settle Options through the delivery of Common Shares, the granting
      of replacement Options or any combination thereof as the Plan Administrator
      shall determine. Any Option settlement, including payment deferrals or payments
      deemed made by way of the settlement of pre-existing indebtedness from the
      Company, may be subject to such conditions, restrictions and contingencies
      as
      the Plan Administrator shall determine. The Plan Administrator may permit or
      require the deferral of any Option payment, subject to such rules and procedures
      as it may establish, which may include provisions for the payment or crediting
      of interest, or dividend equivalents, including converting such credits into
      deferred stock equivalents.

    

    

    ARTICLE
      7. GRANTS OF OPTIONS

    

    7.1  Grant
      of Options

    

    The
      Plan
      Administrator shall have the authority, in its sole discretion, to grant Options
      as Incentive Stock Options or as Nonqualified Stock Options, which shall be
      appropriately designated.

    

    7.2  Option
      Exercise Price

    

    The
      exercise price for shares purchased under an Option shall be as determined
      by
      the Plan Administrator.

    

    7.3  Term
      of Options

    

    Subject
      to earlier termination in accordance with the terms of the Plan and the
      instrument evidencing the Option, the maximum term of an Option (the
“Option
      Term”)
      shall
      be as established for that Option by the Plan Administrator or, if not so
      established, shall be ten
      years
      from the
      Grant Date.

    

    7.4  Exercise
      of Options

    

    The
      Plan
      Administrator shall establish and set forth in each instrument that evidences
      an
      Option the time at which, or the installments in which, the Option shall vest
      and become exercisable, any of which provisions may be waived or modified by
      the
      Plan Administrator at any time.

    

    The
      Plan
      Administrator, in its sole discretion, may adjust the vesting schedule of an
      Option held by a Participant who works less than “full-time”
as
      that
      term is defined by the Plan Administrator or who takes a Company-approved leave
      of absence. 

    

    

    

    

    

    
      
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    To
      the
      extent an Option has vested and become exercisable, the Option may be exercised
      in whole or from time to time in part by delivery to the Company of a written
      stock option exercise agreement or notice, in a form and in accordance with
      procedures established by the Plan Administrator, setting forth the number
      of
      shares with respect to which the Option is being exercised, the restrictions
      imposed on the shares purchased under such exercise agreement, if any, and
      such
      representations and agreements as may be required by the Plan Administrator,
      accompanied by payment in full as described in Article 7.5 hereinbelow. An
      Option may be exercised only for whole shares and may not be exercised for
      less
      than a reasonable number of shares at any one time, as determined by the Plan
      Administrator.

    

    7.5  Payment
      of Exercise Price

    

    The
      exercise price for shares purchased under an Option shall be paid in full to
      the
      Company by delivery of consideration equal to the product of the Option exercise
      price and the number of shares purchased. Such consideration must be in
      accordance with the requirements of the Chapter 78 of the Nevada
      Revised Statutes
      and the
      Articles of Incorporation and Bylaws of the Company, must be paid before the
      Company will issue the shares being purchased and must be in a form or a
      combination of forms acceptable to the Plan Administrator for that purchase.
      As
      set forth in Article 6.2 hereinabove, any Option settlement, including payment
      deferrals or payments deemed made by way of the settlement of pre-existing
      indebtedness from the Company, may be subject to such conditions, restrictions
      and contingencies as the Plan Administrator shall determine.

    

    7.6  Post-Termination
      Exercises

    

    The
      Plan
      Administrator shall establish and set forth in each instrument that evidences
      an
      Option whether the Option shall continue to be exercisable, and the terms and
      conditions of such exercise, if the Participant ceases to be employed by, or
      to
      provide services to, the Company or a Related Company, which provisions may
      be
      waived or modified by the Plan Administrator at any time. If not so established
      in the instrument evidencing the Option, the Option shall be exercisable
      according to the following terms and conditions, which may be waived or modified
      by the Plan Administrator at any time:

    

    
      	 	
              (a)

            	
              Except
                as otherwise set forth in this Article 7.6 hereinbelow, any portion
                of an
                Option that is not vested and exercisable on the Employment Termination
                Date shall expire on such date.

            

    

    

    
      	 	
              (b)

            	
              Any
                portion of an Option that is vested and exercisable on the Employment
                Termination Date shall expire on the earliest to occur
                of:

            

    

    

    
      	 	
              (i)

            	
              if
                the Participant’s Employment Termination Date occurs for reasons other
                than Cause, Retirement, Disability or death, the day which is three
                months
                after such Employment Termination
                Date;

            

    

    

    
      	 	
              (ii)

            	
              if
                the Participant’s Employment Termination Date occurs by reason of
                Retirement, Disability or death, the one-year anniversary of such
                Employment Termination Date; and

            

    

     

    
      
        	 	
                (iii)

              	thelast
                day of the Option Term (the “Option
                Expiration Date”).

         

      

       

    

    
      
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    Notwithstanding
      the foregoing, if the Participant dies after his or her Employment Termination
      Date but while an Option is otherwise exercisable, the portion of the Option
      that is vested and exercisable on such Employment Termination Date shall expire
      upon the earlier to occur of (c) the Option Expiration Date and (d) the one-year
      anniversary of the date of death, unless the Plan Administrator determines
      otherwise.

    

    Also
      notwithstanding the foregoing, in case of termination of the Participant’s
      employment or service relationship for Cause, all Options granted to that
      Participant shall automatically expire upon first notification to the
      Participant of such termination, unless the Plan Administrator determines
      otherwise. If a Participant’s employment or service relationship with the
      Company is suspended pending an investigation of whether the Participant shall
      be terminated for Cause, all the Participant’s rights under any Option shall
      likewise be suspended during the period of investigation. If any facts that
      would constitute termination for Cause are discovered after the Participant’s
      relationship with the Company or a Related Company has ended, any Option then
      held by the Participant may be immediately terminated by the Plan Administrator,
      in its sole discretion.

    

    
      	 	
              (c)

            	
              A
                Participant’s transfer of employment or service relationship between or
                among the Company and any Related Company, or a change in status
                from an
                employee to a consultant, agent, advisor or independent contractor
                or a
                change in status from a consultant, agent, advisor or independent
                contractor to an employee, shall not be considered a termination
                of
                employment or service
                relationship for purposes of this Article 7. Unless the Plan Administrator
                determines otherwise, a termination of employment or service relationship
                shall be deemed to occur if a Participant’s employment or service
                relationship is with an entity that has ceased to be a Related
                Company.

            

    

    

    
      	 	
              (d)

            	
              The
                effect of a Company-approved leave of absence on the application
                of this
                Article 7 shall be determined by the Plan Administrator, in its sole
                discretion.

            

    

    

    
      	 	
              (e)

            	
              If
                a Participant’s employment or service relationship with the Company or a
                Related Company terminates by reason of Disability or death, the
                Option
                shall become fully vested and exercisable for all the shares subject
                to
                the Option. Such Option shall remain exercisable for the time period
                set
                forth in this Article 7.6.

            

    

    

    

    

    

    
      
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    ARTICLE
      8. INCENTIVE STOCK OPTION LIMITATIONS

    

    Notwithstanding
      any other provisions of the Plan, and to the extent required by Section 422
      of
      the Code, Incentive Stock Options shall be subject to the following additional
      terms and conditions:

    

    8.1  Dollar
      Limitation

    

    To
      the
      extent the aggregate Fair Market Value (determined as of the Grant Date) of
      Common Shares with respect to which Incentive Stock Options are exercisable
      for
      the first time during any calendar year (under the Plan and all other 2005
      Stock
      Option Plans of the Company) exceeds $100,000, such portion in excess of
      $100,000 shall be treated as a Nonqualified Stock Option. In the event the
      Participant holds two or more such Options that become exercisable for the
      first
      time in the same calendar year, such limitation shall be applied on the basis
      of
      the order in which such Options are granted. 

    

    8.2  Eligible
      Employees

    

    Individuals
      who are not employees of the Company or one of its parent corporations or
      subsidiary corporations may not be granted Incentive Stock Options.

    

    8.3  Exercise
      Price

    

    The
      exercise price of an Incentive Stock Option shall be at least 100% of the Fair
      Market Value of the Common Shares on the Grant Date, and in the case of an
      Incentive Stock Option granted to a Participant who owns more than 10% of the
      total combined voting power of all classes of the stock of the Company or of
      its
      parent or subsidiary corporations (a “Ten
      Percent Stockholder”),
      shall
      not be less than 100% of the Fair Market Value of the Common Shares on the
      Grant
      Date. The determination of more than 10% ownership shall be made in accordance
      with Section 422 of the Code.

    

    8.4  Exercisability

    

    An
      Option
      designated as an Incentive Stock Option shall cease to qualify for favorable
      tax
      treatment as an Incentive Stock Option to the extent it is exercised (if
      permitted by the terms of the Option):

    

    
      	 	
              (a)

            	
              more
                than three months after the Employment Termination Date if termination
                was
                for reasons other than death or
                disability;

            

    

    

    
      	 	
              (b)

            	
              more
                than one year after the Employment Termination Date if termination
                was by
                reason of disability; or

            

    

    

    
      	 	
              (c)

            	
              after
                the Participant has been on leave of absence for more than three
                months,
                unless the Participant’s reemployment rights are guaranteed by statute or
                contract.

            

    

    

    

    

    
      
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    8.5  Taxation
      of Incentive Stock Options

    

    In
      order
      to obtain certain tax benefits afforded to Incentive Stock Options under Section
      422 of the Code, the Participant must hold the shares acquired upon the exercise
      of an Incentive Stock Option for two years after the Grant Date and one year
      after the date of exercise. 

    

    A
      Participant may be subject to the alternative minimum tax at the time of
      exercise of an Incentive Stock Option. The Participant shall give the Company
      prompt notice of any disposition of shares acquired on the exercise of an
      Incentive Stock Option prior to the expiration of such holding
      periods.

    

    8.6  Code
      Definitions

    

    For
      the
      purposes of this Article 8, “parent
      corporation”,
      “subsidiary
      corporation”
and
      “disability”
shall
      have the meanings attributed to those terms for purposes of Section 422 of
      the
      Code.

    ARTICLE
      9. WITHHOLDING 

    

    9.1  General

    

    The
      Company may require the Participant to pay to the Company the amount of any
      taxes that the Company is required by applicable federal, state, local or
      foreign law to withhold with respect to the grant, vesting or exercise of an
      Option. The Company shall not be required to issue any shares Common Shares
      under the Plan until such obligations are satisfied.

    9.2  Payment
      of Withholding Obligations in Cash or Shares

    

    The
      Plan
      Administrator may permit or require a Participant to satisfy all or part of
      his
      or her tax withholding obligations by:

     

    
      	 	
              (a)

            	
              paying
                cash to the Company;

            

    

     

    
      	 	
              (b)

            	
              having
                the Company withhold from any cash amounts otherwise due or to become
                due
                from the Company to the
                Participant;

            

    

    

    
      	 	
              (c)

            	
              having
                the Company withhold a portion of any Common Shares that would otherwise
                be issued to the Participant having a value equal to the tax withholding
                obligations (up to the employer’s minimum required tax withholding rate);
                or

            

    

    

    
      	 	
              (d)

            	
              surrendering
                any Common Shares that the Participant previously acquired having
                a value
                equal to the tax withholding obligations (up to the employer’s minimum
                required tax withholding rate to the extent the Participant has held
                the
                surrendered shares for less than six
                months).

            

    

    
      
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          Stock Option Plan --

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          Uranium
          Energy Corp.
          --

         

      

      
         

        
          

        

      

      
         

         

      

    

    

    ARTICLE
      10. ASSIGNABILITY

    

    Neither
      an Option nor any interest therein may be assigned, pledged or transferred
      by
      the Participant or made subject to attachment or similar proceedings other
      than
      by will or by the applicable laws of descent and distribution, and, during
      the
      Participant’s lifetime, such Options may be exercised only by the Participant.
      Notwithstanding the foregoing, and to the extent permitted by Section 422
      of the Code, the Plan Administrator, in its sole discretion, may permit a
      Participant to assign or transfer an Option or may permit a Participant to
      designate a beneficiary who may exercise the Option or receive payment under
      the
      Option after the Participant’s death; provided, however, that any Option so
      assigned or transferred shall be subject to all the terms and conditions of
      the
      Plan and those contained in the instrument evidencing the Option. 

    

    ARTICLE
      11. ADJUSTMENTS

    

    11.1  Adjustment
      of Shares

    

    In
      the
      event, at any time or from time to time, a stock dividend, stock split,
      spin-off, combination or exchange of shares, recapitalization, merger,
      consolidation, distribution to stockholders other than a normal cash dividend,
      or other change in the Company’s corporate or capital structure, including,
      without limitation, a Related Party Transaction, results in (a) the outstanding
      Common Shares, or any securities exchanged therefor or received in their place,
      being exchanged for a different number or kind of securities of the Company
      or
      of any other corporation or (b) new, different or additional securities of
      the
      Company or of any other corporation being received by the holders of Common
      Shares of the Company, then the Plan Administrator shall make proportional
      adjustments in (i) the maximum number and kind of securities subject to the
      Plan
      and issuable as Incentive Stock Options as set forth in Article 4 hereinabove
      and the maximum number and kind of securities that may be made subject to
      Options and to Options to any individual as set forth in Article 4.3
      hereinbelow, and (ii) the number and kind of securities that are subject to
      any
      outstanding award and the per share price of such securities, without any change
      in the aggregate price to be paid therefor. The determination by the Plan
      Administrator as to the terms of any of the foregoing adjustments shall be
      conclusive and binding. Notwithstanding the foregoing, a dissolution or
      liquidation of the Company or a Corporate Transaction shall not be governed
      by
      this Article 11.1 but shall be governed by Articles 11.2 and 11.3, respectively,
      hereinbelow.

    

    11.2  Dissolution
      or Liquidation

    

    To
      the
      extent not previously exercised or settled, and unless otherwise determined
      by
      the Plan Administrator in its sole discretion, Options shall terminate
      immediately prior to the dissolution or liquidation of the Company. To the
      extent a forfeiture provision or repurchase right applicable to an Option has
      not been waived by the Plan Administrator, the Option shall be forfeited
      immediately prior to the consummation of the dissolution or liquidation.

    

    

    

    
      
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    11.3  Corporate
      Transaction

    

    
      	 	
              (a)

            	
              In
                the event of a Corporate Transaction, except as otherwise provided
                in the
                instrument evidencing an Option (or in a written employment or services
                agreement between a Participant and the Company or Related Company)
                and
                except as provided in subsection (b) hereinbelow, each outstanding
                Option
                shall be assumed or an equivalent option or right substituted by
                the
                surviving corporation, the successor corporation or its parent
                corporation, as applicable (the “Successor
                Corporation”).

            

    

    

    
      	 	
              (b)

            	
              If,
                in connection with a Corporate Transaction, the Successor Corporation
                refuses to assume or substitute for an Option, then each such outstanding
                Option shall become fully vested and exercisable
                with respect to 100% of the unvested portion of the Option. In such
                case,
                the Plan Administrator shall notify the Participant in writing or
                electronically that the unvested portion of the Option specified
                above
                shall be fully vested and exercisable for a specified time period.
                At the
                expiration of the time period, the Option shall terminate, provided
                that
                the Corporate Transaction has
                occurred.

            

    

    

    
      	 	
              (c)

            	
              For
                the purposes of this Article 11.3, the Option shall be considered
                assumed
                or substituted for if following the Corporate Transaction the option
                or
                right confers the right to purchase or receive, for each share of
                Common
                Shares subject to the Option immediately prior to the Corporate
                Transaction, the consideration (whether stock, cash, or other securities
                or property) received in the Corporate Transaction by holders of
                Common
                Shares for each share held on the effective date of the transaction
                (and
                if holders were offered a choice of consideration, the type of
                consideration chosen by the holders of a majority of the outstanding
                shares); provided, however, that if such consideration received in
                the
                Corporate Transaction is not solely Common Shares of the Successor
                Corporation, the Plan Administrator may, with the consent of the
                Successor
                Corporation, provide for the consideration to be received upon the
                exercise of the Option, for each share of Common Shares subject thereto,
                to be solely Common Shares of the Successor Corporation substantially
                equal in fair market value to the per share consideration received
                by
                holders of Common Shares in the Corporate Transaction. The determination
                of such substantial equality of value of consideration shall be made
                by
                the Plan Administrator and its determination shall be conclusive
                and
                binding.

            

    

    

    
      	 	
              (d)

            	
              All
                Options shall terminate and cease to remain outstanding immediately
                following the Corporate Transaction, except to the extent assumed
                by the
                Successor Corporation.

            

    

    

    

    

    

    

    

    

    
      
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    11.4  Further
      Adjustment of Options

    

    Subject
      to Articles 11.2 and 11.3 hereinabove, the Plan Administrator shall have the
      discretion, exercisable at any time before a sale, merger, consolidation,
      reorganization, liquidation or change of control of the Company, as defined
      by
      the Plan Administrator, to take such further action as it determines to be
      necessary or advisable, and fair and equitable to the Participants, with respect
      to Options. Such authorized action may include (but shall not be limited to)
      establishing, amending or waiving the type, terms, conditions or duration of,
      or
      restrictions on, Options so as to provide for earlier, later, extended or
      additional time for exercise, lifting restrictions and other modifications,
      and
      the Plan Administrator may take such actions with respect to all Participants,
      to certain categories of Participants or only to individual Participants. The
      Plan Administrator may take such action before or after granting Options to
      which the action relates and before or after any public announcement with
      respect to such sale, merger, consolidation, reorganization, liquidation or
      change of control that is the reason for such action. 

    

    11.5  Limitations

    

    The
      grant
      of Options shall in no way affect the Company’s right to adjust, reclassify,
      reorganize or otherwise change its capital or business structure or to merge,
      consolidate, dissolve, liquidate or sell or transfer all or any part of its
      business or assets.

    

    11.6  Fractional
      Shares

    

    In
      the
      event of any adjustment in the number of shares covered by any Option, each
      such
      Option shall cover only the number of full shares resulting from such
      adjustment. 

    

    
      
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          Energy Corp.
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    ARTICLE
      12. AMENDMENT AND TERMINATION

    

    12.1  Amendment
      or Termination of Plan

    

    The
      Board
      may suspend, amend or terminate the Plan or any portion of the Plan at any
      time
      and in such respects as it shall deem advisable; provided, however, and only
      if
      applicable, that to the extent required for compliance with Section 422 of
      the
      Code or any applicable law or regulation only, stockholder approval shall be
      required for any amendment that would:

     

    
      	 	
              (a)

            	
              increase
                the total number of shares available for issuance under the
                Plan;

            

    

     

    
      	 	
              (b)

            	
              modify
                the class of employees eligible to receive Options;
                or

            

    

    

    
      	 	
              (c)

            	
              otherwise
                require stockholder approval under any applicable law or
                regulation.

            

    

    

    Any
      amendment made to the Plan that would constitute a “modification”
to
      Incentive Stock Options outstanding on the date of such amendment shall not,
      without the consent of the Participant, be applicable to such outstanding
      Incentive Stock Options but shall have prospective effect only.

    

    12.2  Term
      of Plan

    

    Unless
      sooner terminated as provided herein, the Plan shall terminate ten
      years
      after
      the earlier of the Plan’s adoption by the Board and approval by the
      stockholders.

    

    12.3  Consent
      of Participant

    

    The
      suspension, amendment or termination of the Plan or a portion thereof or the
      amendment of an outstanding Option shall not, without the Participant’s consent,
      materially adversely affect any rights under any Option theretofore granted
      to
      the Participant under the Plan. Any change or adjustment to an outstanding
      Incentive Stock Option shall not, without the consent of the Participant, be
      made in a manner so as to constitute a “modification”
that
      would cause such Incentive Stock Option to fail to continue to qualify as an
      Incentive Stock Option. Notwithstanding the foregoing, any adjustments made
      pursuant to this Article 12 shall not be subject to these restrictions.

    

    

    
      
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          Energy Corp.
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    ARTICLE
      13. GENERAL

    

    13.1  Evidence
      of Options

    

    Options
      granted under the Plan shall be evidenced by a written instrument that shall
      contain such terms, conditions, limitations and restrictions as the Plan
      Administrator shall deem advisable and that are not inconsistent with the
      Plan.

    

    13.2  No
      Individual Rights

    

    Nothing
      in the Plan or any Option granted under the Plan shall be deemed to constitute
      an employment contract or confer or be deemed to confer on any Participant
      any
      right to continue in the employ of, or to continue any other relationship with,
      the Company or any Related Company or limit in any way the right of the Company
      or any Related Company to terminate a Participant’s employment or other
      relationship at any time, with or without Cause. 

    

    13.3  Issuance
      of Shares

    

    Notwithstanding
      any other provision of the Plan, the Company shall have no obligation to issue
      or deliver any Common Shares under the Plan or make any other distribution
      of
      benefits under the Plan unless, in the opinion of the Company’s counsel, such
      issuance, delivery or distribution would comply with all applicable laws
      (including, without limitation, the requirements of the Securities Act), and
      the
      applicable requirements of any securities exchange or similar
      entity.

    

    The
      Company shall be under no obligation to any Participant to register for offering
      or resale or to qualify for exemption under the Securities Act, or to register
      or qualify under state securities laws, any Common Shares, security or interest
      in a security paid or issued under, or created by, the Plan, or to continue
      in
      effect any such registrations or qualifications if made. The Company may issue
      certificates for shares with such legends and subject to such restrictions
      on
      transfer and stop-transfer instructions as counsel for the Company deems
      necessary or desirable for compliance by the Company with federal and state
      securities laws. 

    

    To
      the
      extent the Plan or any instrument evidencing an Option provides for issuance
      of
      stock certificates to reflect the issuance of Common Shares, the issuance may
      be
      effected on a noncertificated basis, to the extent not prohibited by applicable
      law or the applicable rules of any stock exchange. 

    

    13.4  No
      Rights as a Stockholder

    

    No
      Option
      or Stock Option denominated in units shall entitle the Participant to any cash
      dividend, voting or other right of a stockholder unless and until the date
      of
      issuance under the Plan of the shares that are the subject of such
      Option.

    

    

    

    

    

    
      
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    13.5  Compliance
      With Laws and Regulations

    

    Notwithstanding
      anything in the Plan to the contrary, the Plan Administrator, in its sole
      discretion, may bifurcate the Plan so as to restrict, limit or condition the
      use
      of any provision of the Plan to Participants who are officers or directors
      subject to Section 16 of the Exchange Act without so restricting, limiting
      or
      conditioning the Plan with respect to other Participants. Additionally, in
      interpreting and applying the provisions of the Plan, any Option granted as
      an
      Incentive Stock Option pursuant to the Plan shall, to the extent permitted
      by
      law, be construed as an “incentive
      stock option”
within
      the meaning of Section 422 of the Code.

    

    13.6  Participants
      in Other Countries

    

    The
      Plan
      Administrator shall have the authority to adopt such modifications, procedures
      and subplans as may be necessary or desirable to comply with provisions of
      the
      laws of other countries in which the Company or any Related Company may operate
      to assure the viability of the benefits from Options granted to Participants
      employed in such countries and to meet the objectives of the Plan.

    

    13.7  No
      Trust or Fund

    

    The
      Plan
      is intended to constitute an “unfunded”
plan.
      Nothing contained herein shall require the Company to segregate any monies
      or
      other property, or Common Shares, or to create any trusts, or to make any
      special deposits for any immediate or deferred amounts payable to any
      Participant, and no Participant shall have any rights that are greater than
      those of a general unsecured creditor of the Company.

    

    13.8  Severability

    

    If
      any
      provision of the Plan or any Option is determined to be invalid, illegal or
      unenforceable in any jurisdiction, or as to any person, or would disqualify
      the
      Plan or any Option under any law deemed applicable by the Plan Administrator,
      such provision shall be construed or deemed amended to conform to applicable
      laws, or, if it cannot be so construed or deemed amended without, in the Plan
      Administrator’s determination, materially altering the intent of the Plan or the
      Option, such provision shall be stricken as to such jurisdiction, person or
      Option, and the remainder of the Plan and any such Option shall remain in full
      force and effect.

    

    13.9  Choice
      of Law

    

    The
      Plan
      and all determinations made and actions taken pursuant hereto shall be governed
      by the laws of the State of Nevada, U.S.A., without giving effect to principles
      of conflicts of law.

    

    ARTICLE
      14. EFFECTIVE DATE

    

    The
      effective date is December 19, 2005 and as amended on April 10, 2006, being
      the
      date on which the Plan was adopted by the Board. If the stockholders of the
      Company do not approve the Plan within 12 months after the Board’s adoption of
      the

    Plan,
      any
      Incentive Stock Options granted under the Plan will be treated as Nonqualified
      Stock Options.

    
 

    This
      Plan
      is dated and made effective on this 19th
      day of
      December, 2005 and as amended on April 10, 2005.

    

    BY
      ORDER OF THE BOARD OF DIRECTORS OF

    URANIUM
      ENERGY CORP.

    Per:

    “Amir
      Adnani”

    Amir
      Adnani

    President,
      CEO and a director

    __________EurXchanges Consulting Agreement

    
      

        CONSULTING
          AGREEMENT

        

        AGREEMENT,
          made this day ____ of __________, 2006
          by and between Uranium Energy Corp., having its principal place of business
          at
          #401 318 Homer Street, Vancouver, B.C., V6B 2V2 (hereinafter the "Company")
          and
          EurXchange Consulting Ltd., having its principal place of business at #534,
          34A-2755 Lougheed Hwy, Port Coquitlam, B.C., V3B 5Y9, Canada (hereinafter
          the
          "Consultant). 

        

        WHEREAS,
          the Company desires to retain the
          Consultant for consulting services in connection with financial and investor
          public relations and related matters in the Federal Republic of Germany
          and the
          Consultant desires to provide such services as set forth herein. 

        

        NOW,
          THEREFORE, in consideration of the premises
          and mutual covenants and agreements set forth herein and for other good
          and
          valuable consideration, the receipt and adequacy of which are hereby
          acknowledged, the parties, intending to be legally bound, agree as follows:
          

        

        A. CONSULTATION

        

        1. Consultant.
          The Company hereby retains the
          Consultant to render to the Company the consulting services as described
          in
          Section B hereof, and the Consultant hereby accepts such assignment upon
          the
          terms and conditions hereinafter set forth. 

        

        2. Independent
          Relationship. The Consultant shall
          provide the consulting services required to be rendered by it hereunder
          solely
          as an independent contractor and nothing contained herein shall be construed
          as
          giving rise to an employment or agency relationship, joint venture, partnership
          or other form of business relationship. 

        

        3. No
          Authority to Obligate the Company. Without the
          consent of the board of directors or appropriate officer of the Company,
          the
          Consultant shall have no authority to take, nor shall it take, any action
          committing or obligating the Company in any manner, and it shall not represent
          itself to others as having such authority. 

        

        4. Term.
          The term of the
          Consultant's consultation to the Company hereunder shall commence as of
          the date
          hereof and shall extend for a term of one (1) year. 

        

        B. OBLIGATIONS
          OF
          THE CONSULTANT

        

        1. Consulting
          Services. During the term of this
          Agreement, Consultant will render advice and assistance to the Company
          on public
          and investor relations related matters, and in connection therewith the
          Consultant shall perform and render the consulting services enumerated
          in
          Schedule A hereto.

        

        
          
            
            

          

          
            1

            
              

            

          

          
            
            

          

        

        ALL
          OF THE FOREGOING CONSULTANT PREPARED DOCUMENTATION CONCERNING
          THE COMPANY, INCLUDING, BUT NOT LIMITED TO, DUE DILIGENCE REPORTS, CORPORATE
          PROFILE, FACT SHEETS, AND QUARTERLY NEWSLETTERS, SHALL BE PREPARED BY THE
          CONSULTANT FROM MATERIALS SUPPLIED TO IT BY THE COMPANY AND SHALL BE APPROVED
          BY
          THE COMPANY IN WRITING PRIOR TO DISSEMINATION BY THE CONSULTANT.

        

        

        

        2. Nonexclusive
          Engagement; Extent of Services.

        

        a.
          The parties agree that the consultation contemplated by this
          Agreement is a nonexclusive engagement and that the Consultant now renders
          and
          may continue to render consulting services to other companies which may
          or may
          not conduct activities similar to those of the Company.

        

        b.
          The Consultant will devote such time and effort to the affairs
          of the Company as the Consultant deems reasonable and adequate to render
          the
          consulting services contemplated by this Agreement. The Consultant's work
          will
          not include any services that constitute the rendering of any legal opinions
          or
          performance of work that is in the ordinary purview of certified public
          accountants.

        

        3. Confidentiality.
          The Consultant will not, either
          during its engagement by the Company pursuant to this Agreement or at any
          other
          time thereafter, disclose, use or make known for its or another's benefit,
          any
          confidential information, knowledge, or data of the Company or any of its
          affiliates in any way acquired or used by the Consultant during its engagement
          by the Company. Confidential information, knowledge or data of the Company
          and
          its affiliates shall not include any information which is or becomes generally
          available to the public other than as a result of a disclosure by the Consultant
          or its representatives.

        

        C. OBLIGATIONS
          OF THE
          COMPANY.

        

        1. Compensation.

        

        

        a.
Cash
          Retainer. The Company will pay according to
          Schedule A the amount of 290,000 EUR in total. The first installment of
          130,000
          EUR is due on the date hereof. The second and third installment of each
          80,000
          EUR are payable on the 30th day of April and May 2006. 

        

        

        

        
          
            
            

          

          
            2

            
              

            

          

          
            
            

          

        

        b.
          Issuance of Stock. Subject to the provisions of Section
          b, below, in consideration of the services to be rendered by the Consultant
          hereunder, the Company shall issue to the Consultant or his designees an
          aggregate of 200,000 fully paid and non-assessable shares (the “Shares”) of the
          common stock of the Company, par value $0.01 per share.

        

        b.
          In connection with, and in consideration of,
          the issuance of the Shares to the Consultant, the Consultant hereby agrees
          with
          and represents and warrants to the Company as follows:

        

        i.
          The Consultant is acquiring the Shares for
          the undersigned's own account, for investment purposes only and not with
          a view
          toward their resale or distribution.

        

        ii.
          The Consultant understands that the Shares
          are not freely transferable and will not be freely transferable for an
          extended
          period of time and that, as a consequence thereof, the undersigned may
          have
          extremely limited opportunities to dispose of the Shares. The Consultant
          understands that Rule 144 of the Securities Act of 1933, as amended (the
“Act”)
          permits the transfer of "restricted securities" of the type herein involved
          under certain conditions, but the Company may not in the future meet the
          conditions to the application of Rule 144, including, inter alia, the condition
          that current detailed information concerning the Company be publicly
          available.

        

        iii.
          The Consultant will not transfer any of
          the Shares either (a) in the absence of an effective registration under
          the Act
          and state securities laws (“Laws”), or (b) without obtaining an opinion of an
          counsel reasonably acceptable to the Company, which opinion shall be addressed,
          and satisfactory in form and substance, to the Company and its counsel,
          stating
          that the transaction is exempt from the registration requirements of the
          Act and
          Laws.

        

        iv.
          Until freely transferable, the Company may
          refuse to authorize any transfer by the Consultant of any of the Shares
          if the
          proposed transferee does not make written representations and agreements
          to the
          Company and the undersigned in form and substance similar to those contained
          herein, or if any circumstances are present which reasonably indicate that
          such
          transferee's representations are not accurate.

         

        v.
          A stop transfer order will be entered on the
          Company's records respecting the Shares and a restrictive legend will be
          affixed
          to the certificate evidencing the Shares substantially in the following
          form:

        

         

        

        
          	 (A)	
                  "THE
                    SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT
                    BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR
                    THE
                    SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION
                    FROM
                    REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
                    "SECURITIES
                    ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT
                    TO AN
                    EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
                    PURSUANT TO
                    AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
                    TO, THE
                    REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE
                    WITH
                    APPLICABLE STATE SECURITIES LAWS."

                

        

        
          
            
            

          

          
            3

            
              

            

          

          
            
            

          

        

        

        (B)
          In addition, the Company shall be entitled
          to imprint the certificate evidencing the Shares with any State legend,
          if
          required.

        

        vi.
          The Consultant agrees to save, hold
          harmless, defend and indemnify the Company from any claims, liabilities,
          or
          nonperformance by the undersigned of any representation, warranty or agreement
          contained in this letter.

        

        vii.
          The Consultant understands and acknowledges that the Company is
          under no obligation to prepare a registration statement covering the public
          resale of the Shares nor does the undersigned have a right to include the
          Shares
          in any registration statement that the Company may prepare in the future.

        

        

        2. Reimbursement
          of Expenses.

        

        a.
Out-of-Pocket
          Expenses. The Company
          shall reimburse the Consultant for actual out-of-pocket expenses including,
          but
          not limited to, facsimile, postage, printing, photocopying, and entertainment,
          incurred by the Consultant without the prior consent of the Company and
          in
          connection with the performance by the Consultant of its duties hereunder
          in
          amounts up to one-thousand dollars (S1,000) per month. The prior consent
          of the
          Company shall be required for reimbursement of expenses in excess of
          one-thousand dollars ($1,000) per month.

        

        b.
Travel
          and Related Expenses. The
          Company shall reimburse the Consultant for the costs of all travel and
          related
          expenses incurred by the Consultant in connection with the performance
          of its
          services hereunder, provided that all such costs and expenses have been
          authorized, in advance, by the Company. 

        

        c.
General.
          Expenses shall be due and
          payable when billed and after they have been incurred.

        

        D. MISCELLANEOUS.

        

        1. Entire
          Agreement. This Agreement contains the
          entire agreement between the parties with respect to the engagement of
          Consultant by the Company as a consultant and supersedes and replaces any
          and
          all prior understandings, agreements or correspondence between the parties
          relating to the subject matter hereof.

        
          
            
            

          

          
            4

            
              

            

          

          
            
            

          

        

        

        2. Modification
          and Waiver. No supplement,
          modification or amendment of this Agreement shall be binding unless executed
          in
          writing by both the parties hereto. No waiver of any other provisions hereof
          (whether or not similar) shall be binding unless executed in writing by
          both the
          parties hereto nor shall such waiver constitute a continuing waiver.

        

        3. Governing
          Law. This Agreement has been made in and
          shall be interpreted according to the laws of the State of _________________
          without any reference to the conflicts of laws rules thereof. The parties
          hereto
          submit to the jurisdiction of the courts of the State of ______________
          for the
          purpose of any actions or proceedings which may be required to enforce
          any of
          the provisions of this agreement.

        

        4. Successors
          and Assigns. This Agreement shall inure
          to the benefit of and be binding upon the Company and its successors and
          assigns
          and upon the Consultant and the Consultant's successors and assigns.

        

        5. Severability.
          If any provision or provisions of
          this agreement shall be held to be invalid, illegal or unenforceable for
          any
          reason whatsoever:

        

        a.
          the validity, legality and enforceability of the remaining
          provisions of this Agreement (including, without limitation, each portion
          of any
          Section of this Agreement containing any such provision held to be invalid,
          illegal or unenforceable) shall not in any way be affected or impaired
          thereby;
          and

        

        b.
          to the fullest extent possible, the provisions of this
          Agreement (including, without limitation, each portion of any Section of
          this
          agreement containing any such provision held to be invalid, illegal or
          unenforceable) shall be construed so as to give effect to the intent manifested
          by the provision held invalid, illegal or unenforceable.

        

        6. Further
          Assurances. From and after the execution
          and delivery of this Agreement, upon request of either party, the other
          shall
          do, execute, acknowledge and deliver all such further acts, assurances
          and other
          instruments and papers as may be required to carry out the transactions
          contemplated by this agreement.

        

        7. Headings.
          The headings of the paragraphs of this
          agreement are inserted for convenience only and shall not be deemed to
          constitute part of this agreement or to affect the construction hereof.

        

        8. Notices.
          Any notice to be given hereunder shall be
          given in writing. All notices under this Agreement shall be either hand
          delivered receipt acknowledged, or sent by registered or certified mail,
          return
          receipt requested as follows:

        

        
          
            
            

          

          
            5

            
              

            

          

          
            
            

          

        

        

         

        
          	 	
                  (a)
                    If to the Company, to:

                	
                  
                    Uranium
                      Energy Corp.

                  

                  #401
                    - 318 Homer Street.

                  Vancouver,
                    B.C., V6B 2V2

                   

                  Attn.: Mr. Adnani

                  Facsimile No.: (604) 682-3591

                   

                	 
	 	 (b) If to the Consultant, to: 	
                   EurXchange Consulting Ltd.

                  #534, 34A-2755 Lougheed Hwy

                  Port Coquitlam, B.C, V3B 5Y9

                   

                  Facsimile
                    No.: (604) 949-1004

                  Attn:
                    Mr. Kay Jessel

                   

                	 

        

        

        

        All
          such notices shall be deemed given when delivered, if
          personally delivered as aforesaid, or within five business days after mailing,
          as aforesaid.

        

        9. Execution.
          This Agreement may be executed in two or
          more counterparts, all of which when taken together shall be considered
          one and
          the same agreement and shall become effective when counterparts have been
          signed
          by each party and delivered to the other party, it being understood that
          both
          parties need not sign the same counterpart. In the event that any signature
          is
          delivered by facsimile transmission, such signature shall create a valid
          and
          binding obligation of the party executing (or on whose behalf such signature
          is
          executed) the same with the same force and effect as if such facsimile
          signature
          page were an original thereof.

        

        IN
          WITNESS WHEREOF, the parties have executed this Agreement as of
          the day and year first written above.

        

        URANIUM
          ENERGY CORP.:

        

        

        By:   _______________________

        Amir
          Adnani, President

        

        

        

        EURXCHANGE
          CONSULTING,
          LTD.

         

        
          

          By: _______________________    

          Kay
            Jessel,
            Director

           

          SCHEDULE
“A”

        

        
          
            
            

          

          
            6

            
              

            

          

          
            
            

          

        

        

        

        

        Investor
          Awareness Program for URANIUM ENERGY
          CORP.

        

        The
          Consultant is responsible for the program coordination within
          the six month term. The Consultant will arrange in addition to the suggested
          program elements Face-to-Face-Meetings with European specialists and strategic
          investors, arranged to generate a substantial interest for the Client’s stock in
          major European equity markets. Maximizing results will be achieved by
          handpicking the audience for each meeting, thus ensuring the best possible
          fit
          between the investor attendees and the Client. (Focus on GERMANY and
          SWITZERLAND)

        

        Corporate
          finance consulting in connection with a debt or equity
          financing in order to raise funds for the Client including introduction
          to the
          Consultant’s investors’ network and their investment advisors plus various
          potential private investors capable of financing public companies.

        

        Information
          on loans, credit lines, debts and other forms of
          financing or funding against equity as an asset which could function as
          a bridge
          financing in connection with the aforementioned fund raising services.

        

        Introduction
          to various journalist of the leading press in Germany
          such as Focus Money, Financial Times Germany, Euro am Sonntag and reporters
          from
          CNBC, Bloomberg TV and N-TV, wholly owned subsidiary of CNN.

        

        It
          shall be expressly understood that the Consultant shall have no
          power to bind Client to any contract or obligation or to transact any business
          in Client’s name or on behalf of Client in any manner.

        

        

        
          	 Listing
                  on Frankfurt Exchange and electronic Xetra System 	
                    10,000
                    EUR

                

        

        In
          order to get listed in Germany, the Client needs a “Makler”
(equivalent to a market maker) who applies to the exchanges for a listing
          on
          behalf of Client. The listing procedure takes somewhere between 4 and 6
          weeks.
          The above mentioned costs cover the fees for the exchanges and the costs
          for the
          market maker for his work. There are no additional costs and no annual
          fees as
          this is a secondary listing.

        

        

        
          	 Market
                  Making contract with Fleischacker AG	
                   20,000
                    EUR

                

        

        Fleischhacker
          AG guarantees for a period of 1 year an active market making program which
          results in a very narrow spread between “bid” and “ask”. The market maker
          guarantees a minimum bid size of 5,000 shares rising to 20,000 shares depending
          on the liquidity of the stock. Deutsche Börse automatically groups the shares
          into one out of five liquidity classes each month based on the actual trading
          behavior.

        

        

        
          	 Translations
                  of Webpage, Business Plan and News Releases 	
                   15,000
                    EUR

                

        

        All
          of Client  ́s materials made available to the public will be
          translated into German. Primarily there is the website (powered by EquityStory
          AG and available on over 25 financial portals), the business plan and various
          brochures which should be combined in a professional investors package
          (see
          below).The text would be not just translated but also be transformed in
          an
          easy-to-understand German to introduce Client to potential German investors.
          Corporate news will be sent out in German using the state-of-the-art services
          of
          DGAP (now a subsidiary of EquityStory AG)

        
          
            
            

          

          
            7

            
              

            

          

          
            
            

          

        

         

        
          	 Phone
                  & Location Service	
                   20,000
                    EUR

                

        

        In
          order to establish communication during central European
          business hours, Client would have a German business address and active
          phone
& fax lines. German investors have therefore an opportunity to speak in
          German with someone representing the Client, without any time difference.

        Therefore,
          Consultant offers the following services for a six
          month term:

        

        
          	 	
                  ·

                	
                  answering
                    of phone calls, faxes and mailings on Client ́s
                    behalf 

                

        

        
          	 	
                  ·

                	
                  e-mail
                    response center;

                

        

        
          	 	
                  ·

                	
                  building
                    a data-base of all persons and institutions
                    inquiring regarding the company; 

                

        

        
          	 	
                  ·

                	
                  sending
                    out information brochures/mailings/investor packages
                    upon request (costs w/o packing &
postage);

                

        

        
          	 	
                  ·

                	
                  preparing
&
updating
                    an investors package based on the
                    existing investors package (max. 2,000
                    pieces)

                

        

        

        

        
          	 Chat
                  line Coordination	
                   5,000
                    EUR

                

        The
          Consultant offers the service of two professional “chat line
          hackers” specialized in coordinating and streamlining the chat lines. We suggest
          a one month term boosting the corporate story.

        

        

        
          	 Telephone
                  Hotline 	
                   50,000
                    EUR

                

        

        We
          are affiliated with Germany’s most successful “Stock Hotline”.
          The Stock Hotline will produce a five minute spot which will be posted
          in the
          1-900 Call-In-Center which advertises regularly on German TV and German
          press.

        The
          program lasts for four months upon signing with regular
          updates in case of important Corporate news.

        

        

        
          	 Web
                  Portal Presence through Wallstreet Online 	
                    40,000
                    EUR

                

        

        The
          Client will receive the marketing support of Germany’s most
          powerful web portal for stock related information, wallstreet-online.de.
          They
          have some 500,000 registered users who can sign up for areas of special
          interest. With five of their newsletters we will have a tremendous reach
          into
          the German financial community. Wallstreet Online guarantees a 3 month
          coverage
          of client’s story in their various stock letters, banners, stock-tickers and
          recommendation features. Furthermore the client will be posted as stock
          of the
          month, including the cover story. The average coverage will be twice a
          week. We
          suggest Mondays and Thursdays. 

        

        

        
          	 MIDAS
                  Research Report 	
                    20,000
                    EUR

                

        

        This
          service will include production and distribution of:

        

        
          	 	
                  ·

                	
                  1
                    basic research report (minimum 12 pages)
                    (German/English)

                

        

        
          	 	
                  ·

                	
                  1
                    update (minimum 5 pages)

                

        

        
          	 	
                  ·

                	
                  up
                    to 4 research flashes (1-2 pages) covering news releases
                    and filings during the following 6 months

                

        

        
          	 	
                  ·

                	
                  1
                    analyst interview featuring the Client using the “Analyst
                    Corner” format on Cortal Consors (the leading German Online
                    Broker)

                

        

        
          	 	
                  ·

                	
                  1
                    CEO interview 

                

        

        
          	 	
                  ·

                	
                  All
                    research (except CEO interview) will be published on the
                    website of Cortal Consors and will be sent out via email to our
                    own
                    database of 600 institutions and private asset managers in Germany
                    and
                    Switzerland. This will be published in German and available as
                    PDF or HTML
                    file.

                

        

        
          
            
            

          

          
            8

            
              

            

          

          
            
            

          

        

        

        
          	 Penny
                  Stock Report  	
                     50,000
                    EUR

                

        

        This
          service will include production and distribution of:

        

        
          	 	
                  ·

                	
                  1
                    basic research report 4
                    pages)

                

        

        
          	 	
                  ·

                	
                  3
                    update (2 pages)

                

        

        
          	 	
                  ·

                	
                  6
                    HTML research flashes (1-2 pages) covering news releases
                    and filings during the following 6 months.

                

        

        

        All
          research will be published on Penny Stock Report’s website and
          disseminated via email to over 400,000 opt-in email addresses for each
          report,
          including updates and research flashes.

        

        

        
          	 Additional
                  News Letter Presence 	
                   30,000
                    EUR

                

        

        The
          Consultant offers a wide range of very efficient News Letters
          throughout the whole German-speaking area (Germany, Austria and Switzerland).
          We
          recommend Der Goldreport, Oberbayerischer Boersenbrief, Frankfurt Finance
          and
          Money Radar. All of these news letters come with their own proprietary
          data
          base. 

        

        The
          12 weeks package contains:

        
          	 	
                  §

                	
                  one
                    recommendation in one of the next issues of the above
                    stock-letters

                

        

        
          	 	
                  §

                	
                  one
                    retrospect two weeks after the first
                    recommendation

                

        

        

        

        
          	 Hard
                  Copy Mailer by EURAMS 	
                   30,000
                    EUR

                

        EURAMS
          (EURO AM SONNTAG) is a weekly financial newspaper issued
          each Sunday. EURAMS has 160,000 subscribers and is Germany’s leading stock
          magazine for venture capital. The Consultant suggests the creation of a
          company
          flyer, which will be added to the magazine when the trading volume peaks
          during
          the program.

        

        

        Summary
          of Expenditures:

        

          
            	
                    Listing
                      on Frankfurt, Stuttgart and Berlin Stock Exchanges

                  	
                    10,000

                  	
                    EUR

                  
	
                    Market
                      Making, Fleischhacker

                  	
                    20,000

                  	
                    EUR

                  
	
                    Translations
                      / Web Site / News releases

                  	
                    15,000

                  	
                    EUR

                  
	
                    Phone
                      & Location Service

                  	
                    20,000

                  	
                    EUR

                  
	
                    Chat-Line
                      Coordination

                  	
                    5,000

                  	
                    EUR

                  
	
                    Telephone
                      Hotline

                  	
                    50,000

                  	
                    EUR

                  
	
                    w:o
                      Web Portal Presence

                  	
                    40,000

                  	
                    EUR

                  
	
                    MIDAS
                      Research Report

                  	
                    20,000

                  	
                    EUR

                  
	
                    Penny
                      Stock Report

                  	
                    50,000

                  	
                    EUR

                  
	
                    Additional
                      News Letters

                  	
                    30,000

                  	
                    EUR

                  
	
                    EURAMS
                      (Newspaper sublement)

                  	
                    30,000

                  	
                    EUR

                  
	
                    Total
                      costs 

                  	
                    290,000

                  	
                    EUR

                  

          

        

        

        Conclusion

        From
          our experience, for each EUR spent on IR (specifically with this
          type of program) for such a great story as Uranium Energy Corp., up to
          50 EUR of
          buying should be created. We recommend that the initial offering should
          be at
          1.25 EUR per share, which has the possibility to be doubled until the end
          of our
          program, if conducted as outlined above.

        

        Since
          most of the indicated costs are up-front costs for us, we
          have to ask to be paid in several installments up front as part of our
          contract
          following the attached timeline. Once the money is in the bank for each
          program
          segment we can commence immediately.

        
          
            
            

          

          
            9

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