Document:

Exhibit

OCWEN FINANCIAL CORPORATION UNITED STATES CHANGE IN CONTROL SEVERANCE PLAN

(Effective as of June 30, 2020)

Section 1 – General Information

Ocwen Financial Corporation hereby amends and restates the Ocwen Financial Corporation United States Change in Control Severance Plan (the “Plan”) effective as of June 30, 2020 (the “Effective Date”).  The Plan is intended to be, and shall be administered as, an employee welfare benefit plan as defined in Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).  This document shall serve as the formal plan document and the summary plan description (“SPD”) for the Plan.

The Plan is a self-funded severance benefit program that pays certain benefits to Eligible Employees who experience an Eligible Termination of employment from the Company or whose employment terminates following a Change in Control, as explained in Section 3 below.

Section 2—Definitions

2.1     “Affiliated Company” means, as of any date, (i) the Company, and (ii) any company, person or organization which, on such date, (A) is a member of the same controlled group of corporations (within the meaning of Code Section 414(b)) as is the Company; (B) is a trade or business (whether or not incorporated) which controls, is controlled by or is under common control (within the meaning of Code Section 414(c)) with the Company; (C) is a member of an affiliated service group (as defined in Code Section 414(m)) which includes the Company; or (D) is required to be aggregated with the Company pursuant to regulations under Code Section 414(o).  

2.2     “Base Pay” means an employee’s annual salary or wages from the Company at the time of termination.  Base Pay shall be determined as reflected on the Company’s payroll and shall not include bonuses, overtime pay, shift premiums, commissions, employer contributions for benefits, incentive or deferred compensation or other additional compensation in any form.  

2.3 “Board” means the Board of Directors of Ocwen Financial Corporation.

2.4     “Cause” means the following (as determined by the Company in its sole discretion): dishonesty, fraud or misrepresentation; inability to obtain or retain appropriate licenses; violation of any rule or regulation of any regulatory agency or self-regulatory agency; violation of any policy or rule of the Company or any Affiliated Company; commission of a crime; or any act or omission detrimental to the conduct of the business of the Company or any Affiliated Company. 

2.5 “Change in Control” shall mean the date as of which, the occurrence of a:
    
		
	(a)
	 a “change in the ownership” of the Company within the meaning of Treasury Regulation 1.409A-3(i)(5)(v) (which, for illustrative purposes, is generally triggered if any one person (or persons acting as a group) acquire ownership of Company stock which constitutes more than 50% of the total fair market value or total voting power of the stock of the Company; or

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	(b)
	a “change in the effective control” of the Company within the meaning of Treasury Regulation 1.409A-3(i)(f)(vi)(A)(1) (which, for illustrative purposes, is generally triggered if any one person (or persons acting as a group) acquire during a period of not more than twelve months ownership of stock of the Company possessing 30% or more of the total voting power of the stock of the Company; or certain majority changes in the membership of the Board occur over a period of not more than twelve months); or

		
	(c)
	a change “in the ownership of a substantial portion of the assets” of the Company within the meaning of Treasury Regulation 1.409A-3(i)(5)(vii) (which, for illustrative purposes, is generally triggered if any one person (or persons acting as a group) acquire during a period of not more than twelve months assets from the Corporation that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all assets of the Corporation immediately before such acquisitions(s)). 

2.6 “COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985.

2.7 “Code” means the Internal Revenue Code of 1986, as amended.

2.8 “Company” means Ocwen Financial Corporation and any Affiliated Companies.

2.9     “Eligible Employee” means an Employee of the Company who at the time he or she incurs an Eligible Termination is an Employee performing services for the Company (a) in the United States, or (b) as an Expatriate in a country other than the United States.  For purposes of this Plan, the term “United States” shall include the fifty states and all territories and dependencies of the United States.  

2.10     “Eligible Termination” means an Employee’s involuntary termination of employment with the Company following a Change in Control.  A termination of employment with the Company for any of the following reasons shall not constitute an Eligible Termination: 

		
	(a)
	transfer of any Employee to any (1) Affiliated Company, or (2) entity which is controlled by the Company through the ownership of a majority of its voting stock (or other equivalent ownership interest), either directly or indirectly through one or more intermediaries; 

		
	(b)
	    voluntary termination of employment, unless (i) so determined by the Company, or (ii) pursuant to Good Reason; 

		
	(c)
	voluntary retirement; 

		
	(d)
	death; 

		
	(e)
	Cause; 

		
	(f)
	inability to perform the basic requirements of his or her position with or without reasonable accommodation due to physical or mental incapacity and after the Employee’s short-term disability benefits have expired under the terms of any applicable Company-sponsored benefits plan; or 

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	(g)
	failure to return from an approved leave of absence.

Notwithstanding anything else herein to the contrary, an Eligible Termination shall not occur for purposes of the Plan unless and until the Eligible Employee has had a “separation from service” within the meaning of Section 409A of the Code, as amended, and the regulations and other guidance promulgated thereunder, except as otherwise provided below.

An Employee whose employment with the Company is relocated to a different job location shall be considered to have experienced an “involuntary termination of employment” if the Employee’s new job location is more than 50 miles from the Employee’s prior location; otherwise, such relocation shall not be considered an “involuntary termination of employment.”  If the Employee is offered a telecommuting position, he or she shall not be considered to have experienced an “involuntary termination of employment.”

2.11     “Employee” means any individual who is compensated by the Company for services actually rendered as a regular full-time or regular part-time (but not a temporary) employee.  “Employee” shall not include:

		
	(a)
	any individual who is performing services under an independent contractor or consultant agreement or arrangement (even if a court, the Internal Revenue Service, or any other entity determines that such individual is a common law employee);

		
	(b)
	any individual providing services for the Company pursuant to an agreement between the Company and a third party (even if a court, the Internal Revenue Service, or any other entity determines that such individual is a common law employee);

		
	(c)
	a person who performs services for the Company but who is treated for payroll purposes as other than an Employee of the Company (even if a court, the Internal Revenue Service, or any other entity determines that such individual is a common law employee).

2.12     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

2.13     “Expatriate” means an Employee of a Company who, at the time he or she incurs an Eligible Termination, is designated by the Company as being on assignment as a United States expatriate on behalf of the Company.

2.14     “Good Reason” may be deemed to exist if, absent the Eligible Employee’s written consent, any of the following events occur during the two-year period following a Change in Control with respect to an Eligible Employee holding the title of Executive Vice President:

		
	(a)
	there is a material diminution in title and/or duties, responsibilities, or authority of the Eligible Employee, including a change in reporting responsibilities as in effect immediately prior to the Change in Control (except that a decrease in job grade, standing alone, will not qualify as a material diminution pursuant to this subparagraph); 

		
	(b)
	there is a willful failure or refusal by the Company to perform any material obligation under such Eligible Employee’s employment agreement with the Company, if the Eligible Employee and the Company have entered into a written employment agreement; or

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	(c)
	there is a reduction in the Eligible Employee’s annual Base Pay rate as in effect immediately prior to the Change in Control, or annual bonus (with “bonus” understood to include both cash bonus payments and equity incentive compensation, regardless of whether such incentive compensation is settled in cash or equity) target percentage of Base Pay as in effect immediately prior to the Change in Control (the “Target Bonus Percentage”), other than a reduction that is part of a general cost reduction affecting at least 90% of the executives of the Company holding a title of Executive Vice President and which does not exceed 10% of the Eligible Employee’s Base Pay and Target Bonus Percentage, in the aggregate, when combined with any such prior reductions; provided, however, and notwithstanding anything to the contrary in this Plan, that if a reduction described in this subparagraph (c) occurs and the Eligible Employee terminates for Good Reason, then any severance payments or benefits determined under this Plan with reference to the Eligible Employee’s Base Pay and Target Bonus Percentage shall be determined prior to any such reduction in Base Pay and/or Target Bonus Percentage, as applicable.

The occurrence of any event which would permit the Eligible Employee to terminate his or her employment for Good Reason as described in subparagraphs (a) through (c) above shall constitute a “Good Reason Event”. Upon receipt of notice (whether oral or written) by the Eligible Employee of a Good Reason Event, the Eligible Employee shall have 90 days to provide the Company with written notice specifying the grounds for a Good Reason termination of employment, and the Company shall have a period of 30 days after the receipt of such written notice to cure the existence of such Good Reason Event. Resignation by an Eligible Employee following the Company’s cure of a Good Reason Event before the expiration of the 30-day cure period shall constitute a voluntary resignation and not a termination for Good Reason.

2.15    “Month of Base Pay” means one twelfth (1/12) of the Eligible Employee’s Base Pay.  

2.16     “Plan” means the Ocwen Financial Corporation United States Change in Control Severance Plan described herein.

2.17    “Plan Administrator” shall mean, unless and until a Change in Control, Ocwen Financial Corporation or such other person or committee appointed from time to time by Ocwen Financial Corporation to administer the Plan.  Until a successor is appointed by the Company, the Plan Administrator shall be Ocwen Financial Corporation.

2.18     “Separation Agreement and General Release” means a written document that includes a release of rights and claims from an Eligible Employee in a form that is satisfactory to, and approved by, the Company. The Separation Agreement and General Release may include, among other things: (a) non-competition and/or non-solicitation provisions; (b) a waiver and release (and covenant not to sue) of any and all claims, including claims arising from the Eligible Employee’s employment and/or separation from employment with the Company except as limited and/or prohibited by applicable law; (c) nondisclosure and confidentiality provisions; and (d) non-disparagement provisions.

2.19     “Severance Pay” means the amount, if any, payable under Section 3 of the Plan to an Eligible Employee.

2.20     “Week of Base Pay” means one fifty-second (1/52) of the Eligible Employee’s Base Pay.

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2.21    “Year of Service” means a 12-month period of employment with the Company.  A period of service shorter than 12 months will be considered a partial Year of Service.  For example, an Eligible Employee who has worked five years and six months will have accrued five and one-half (5.5) Years of Service.  If an Eligible Employee previously terminated employment with the Company and was subsequently rehired, the prior service with the Company will be counted towards the total Years of Service only if he/she was rehired less than twelve months before the Eligible Termination.

Section 3—Severance Benefits

3.1    Eligible Terminations.  

		
	(a) 
	An Eligible Employee shall be entitled to receive benefits under this Plan following a Change in Control in the event that:

		
	(1)
	the Eligible Employee’s employment with the Company is terminated within the twelve-month period following such Change in Control; 

		
	(2)
	the Eligible Employee has been requested in writing by the Company to continue in the employment of the Company through a specified date, under terms and conditions of employment, at the place of employment and with the same salary and benefits that the Eligible Employee was provided prior to the Change in Control, and who satisfies such request by remaining in the employment of the Company for the specified period.  Such Eligible Employee shall be eligible for the benefits under Section 3.1(b) upon the Eligible Employee’s termination of employment on such specified date; or

		
	(3)
	only in the case of an Eligible Employee holding the title Executive Vice President, the Eligible Employee terminates his or her employment for Good Reason, provided that such Eligible Employee shall give 30 days’ prior written notice to the Company of such termination for Good Reason.

		
	(b) 
	An Eligible Employee entitled to benefits as a result of Section 3.1(a) of this Plan shall receive and the Company shall pay or, with respect to certain benefits hereinafter described, shall cause to be paid to the Eligible Employee or his or her beneficiary the following benefits:

		
	(1)
	The following Severance Pay (subject to the offset in subparagraph (5) below):

		
	(A)
	For an Eligible Employee holding the title of Executive Vice President at the time of his/her termination: 24 Months of Base Pay and a payment equivalent to the prorated target award under the Annual Incentive Plan.

		
	(B)
	For an Eligible Employee holding the title of Senior Vice President at the time of his/her termination: 15 Months of Base Pay.

		
	(C)
	For an Eligible Employee holding the title of Vice President or Director at the time of his/her termination: 9 Months of Base Pay.

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	(D)
	For an Eligible Employee that is considered exempt under the Fair Labor Standards Act (“FLSA”) and holding the title of senior manager, manager, assistant manager, team lead, supervisor or employee at the time of his/her termination: 2 Weeks of Base Pay per Year of Service, with a minimum payment of 8 Weeks of Base Pay and a maximum payment of 52 Weeks of Base Pay.

		
	(E)
	For an Eligible Employee that is non-exempt under FLSA at the time of his/her termination: 1 Weeks of Base Pay per Year of Service, with a minimum payment of 4 Weeks of Base Pay and a maximum payment of 26 Weeks of Base Pay.

		
	(2)
	The following subsidy of COBRA continuation coverage: If the Eligible Employee is eligible to continue his/her Company-sponsored group health plan benefits pursuant to COBRA, the cost of such continuation coverage shall be equal to the cost of such coverage for active employees.  Such subsidy shall continue for the number of months that correspond to the number of Months of Base Pay payable for the Eligible Employee under Section 3.1(b)(1) above.  Partial months of Severance Pay shall be rounded up so that the subsidy continues for a complete calendar month.  For example, if an Eligible Employee’s Severance Pay is based on fewer than four Weeks of Pay, he or she shall be eligible for one month of subsidized COBRA coverage.  COBRA continuation coverage shall be governed pursuant to the terms of the relevant benefit plan documents.  It shall be the Eligible Employee’s sole responsibility to timely elect COBRA and to pay his/her share of the cost of such coverage.  

		
	(3)
	The following relocation benefits:  If the Eligible Employee was relocated to St. Croix, United States Virgin Islands at the direction of the Company, such employee may be eligible for relocation benefits in accordance with the USVI Relocation Program of Ocwen Mortgage Servicing, Inc. (now known as Ocwen USVI Services, LLC).

		
	(4)
	Treatment of any and all equity awards will be governed by the individual award agreements, notwithstanding anything to the contrary in this Plan.

		
	(5)
	For any and all Eligible Terminations that require the Company to pay severance pay to an Eligible Employee pursuant to the Millville Dallas Airmotive Plant Job Loss Notification Act (the “NJ WARN Act”), the Severance Pay payable in Section 3.1(b)(1) above will be reduced by the amount of severance pay (if any) that the Company is required to pay pursuant to the NJ WARN Act. Severance payments required by the NJ WARN Act shall not be considered benefits paid through this Plan; accordingly, the requirements of Section 3.3 shall apply only to the amount of Severance Pay payable under subsection 3.1(b)(1) remaining (if any) following the offset of NJ WARN Act benefits.

3.2    Payment of Benefits.  Severance Pay will be payable in the form of a lump sum payment, which is subject to applicable federal, state, and local tax deductions and withholdings.  The payment will be made as soon as practicable after the Separation Agreement and Release has been fully executed and 

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becomes irrevocable.  Other benefits paid under the Plan (such as relocation reimbursements) may be subject to similar withholding as required by federal, state, and local laws.

3.3     Separation Agreement and Release. Any Severance Pay payable to an Eligible Employee under Section 3.1(b)(1), COBRA benefits payable under Section 3.1(b)(2), and relocation benefits payable under Section 3.1(b)(3) shall be conditioned upon the Eligible Employee signing and having notarized a Separation Agreement and Release (and not exercising his or her right of revocation under the Separation Agreement and Release) within such period of time as the Company shall require, in its sole discretion. Any grant of Severance Pay shall be null and void upon an Eligible Employee’s failure to sign, or subsequent revocation of, such Separation Agreement and General Release. Any breach by an Eligible Employee of a Separation Agreement and General Release upon which any grant of Severance Pay has been conditioned shall give the Company the right to terminate any payment otherwise due and/or to the return of such Severance Pay, in addition to any other remedy the Company may have.

3.4     Reductions of Severance Pay. Subject to applicable law, any Severance Pay which the Company may grant to an Eligible Employee may, in the sole discretion of the Company, be reduced by any amounts owed by the Eligible Employee to the Company. The Eligible Employee’s right to receive such Severance Pay is conditioned upon his or her agreement to execute any documents deemed necessary or appropriate by the Company to reduce the Severance Pay by any such amounts owed.

3.5     Repayment of Severance Pay upon Rehire. If an Eligible Employee who has incurred an Eligible Termination and has received Severance Pay is rehired by the Company during the period for which Severance Pay was calculated, the Company shall require the Eligible Employee to return any or all amounts of Severance Pay that have been paid to the Eligible Employee for weeks that the Employee was re-hired.  For example, if the Eligible Employee receives a lump sum severance payment of six Months of Base Pay but is rehired by the Company four months later, he/she must repay the equivalent of two Months of Base Pay. The amount of any COBRA subsidy (as described in Section 3.1(b)(2)) is not required to be repaid.

Section 4—Interpretation and Administration

4.1     Duties of the Plan Administrator.  The Plan Administrator shall be responsible for the administration of the Plan and may appoint other persons or entities to perform or assist in the performance of any of its duties, subject to its review and approval.  The Plan Administrator shall have the right to remove any such appointee from his position without cause upon notice.

4.2     Powers. The Plan Administrator shall administer the Plan in accordance with its terms and shall have all powers necessary to carry out the provisions of the Plan as more particularly set forth herein.  The Plan Administrator shall have discretionary authority to interpret the Plan, and to determine all questions arising in the administration, interpretation, and application of the Plan; provided, however, that such discretionary authority shall be exercised in good faith in order to achieve the principal purposes of the Plan to provide severance benefits, including enhanced severance benefits upon a Change in Control, as described above.  All such determinations shall be conclusive and binding on all interested persons.  The Plan Administrator shall adopt such procedures and regulations necessary and/or desirable for the discharge of its duties hereunder and may appoint such accountants, counsel, actuaries, specialists, and other agents as it deems necessary and/or desirable in connection with the administration of this Plan.

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4.3     Compensation of the Plan Administrator.  The Plan Administrator shall not receive any compensation from the Plan for its services.

4.4    Indemnification.  Ocwen Financial Corporation shall indemnify the Plan Administrator against any and all claims, losses, damages, expenses, and liability arising from its actions or omissions, except when the same is finally adjudicated to be due to the Plan Administrator’s gross negligence or willful misconduct.  The Company may purchase at its own expense sufficient liability insurance for the Plan Administrator to cover any and all claims, losses, damages, and expenses arising from any action or omission in connection with the execution of the duties as the Plan Administrator. 

4.5    Claims Procedure.  

		
	(a)
	Any Eligible Employee who believes that he or she is entitled to receive benefits under this Plan, including benefits other than those initially determined by the Plan Administrator to be payable, may file a claim in writing with the Plan Administrator, specifying the reasons for such claim.  The Plan Administrator shall then evaluate the claim and notify the Eligible Employee of the approval or disapproval in accordance with the provisions of this Plan not later than 90 days after the Company’s receipt of such claim unless special circumstances require an extension of time for processing the claims.  If such an extension of time for processing is required, written notice of the extension shall be furnished to the Eligible Employee prior to the termination of the initial 90 day period which shall specify the special circumstances requiring an extension and the date by which a final decision will be reached (which date shall not be later than 180 days after the date on which the claim was filed).  If the Eligible Employee does not provide all the necessary information for the Plan Administrator to process the claim, the Plan Administrator may request additional information and set deadlines for the Eligible Employee to provide that information.

		
	(b)
	In the event that such claim is denied in whole or in part, the Eligible Employee shall be given a written notification which shall be written in a manner calculated to be understood by the Eligible Employee and shall (i) state the specific reason(s) for the denial, (ii) make specific reference to the pertinent Plan provision(s) on which the denial is based, (iii) provide a description of any additional material or information necessary for the Eligible Employee to perfect the claim and an explanation of why such material or information is necessary, and (iv) set forth the procedure by which the Eligible Employee may appeal the denial of such claim, which shall also include a statement of the Eligible Employee’s right to bring a civil action under Section 502(a) of ERISA following a denial of the claim upon review.

		
	(c)
	The Eligible Employee may request a review of the denial of any such claim or portion thereof by making application in writing to the Plan Administrator within 60 days after receipt of such denial.  Such Eligible Employee may, upon written request to the Plan Administrator, review or receive copies, upon request and free of charge, any documents, records or other information “relevant” (within the meaning of Department of Labor Regulation 2560.503-1(m)(8)) to the Eligible Employee’s claim.  The Eligible Employee may also submit written comments, documents, records and other information relating to his or her claim.

8

		
	(d)
	In deciding an Eligible Employee’s appeal, the Plan Administrator shall take into account all comments, documents, records and other information submitted by the Eligible Employee relating to the claim, without regard to whether such information was submitted or considered in the initial review of the claim.  If the Eligible Employee does not provide all the necessary information for the Plan Administrator to decide the appeal, the Plan Administrator may request additional information and set deadlines for the Eligible Employee to submit that information.  Within 60 days after a request for review is received, the review shall be made and the Eligible Employee shall be advised in writing of the decision on review, unless special circumstances require an extension of time for processing the review, in which case the Eligible Employee shall be given a written notification within such initial 60 day period specifying the reasons for the extension and when such review shall be completed (provided that such review shall be completed within 120 days after the date on which the request for review was filed).

		
	(e)
	The decision on review shall be forwarded to the Eligible Employee in writing and, in the case of a denial, shall include (i) specific reasons for the decision, (ii) specific references to the pertinent Plan provision(s) upon which the decision is based, (iii) a statement that the Eligible Employee is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, or other information relevant to the Eligible Employee’s claim and (iv) a statement of the Eligible Employee’s right to bring a civil action under Section 502(a) of ERISA following a wholly or partially denied claim for benefits.  Any lawsuit must be commenced within six months of the date on the appeal denial letter.  Claims submitted outside that time limit are time-barred.  The Plan Administrator’s decision on review shall be final and binding on all persons for benefits.  If an Eligible Employee shall fail to file a request for review in accordance with the procedures herein outlined, such Eligible Employee shall have no right to review and shall have no right to bring an action in any court, and the denial of the claim shall become final and binding on all persons for all purposes.  Any notice and decisions by the Plan Administrator under this Section may be furnished electronically in accordance with Department of Labor Regulation 2520.104b-1(c)(i), (iii) and (iv).

Section 5—Amendment and Termination

5.1     Amendments. The Company shall have the right to amend or terminate the Plan in any respect and at any time without notice, pursuant to a determination of the Compensation and Human Capital Committee of the Board (or a delegate of such committee) or a determination of the Board.

5.2    Plan Interpretation and Benefit Determination.  The Plan is administered by the Plan Administrator, who has the exclusive discretionary authority and power to determine eligibility for benefits and to construe the terms and provisions of the Plan, to determine questions of fact and law arising under the Plan, to direct disbursements pursuant to the Plan and to exercise all other powers specified herein or which may be implied from the provisions hereof.  The Plan Administrator may adopt such rules for the conduct of the administration of the Plan as it may deem appropriate.  All interpretations and determinations of the Plan Administrator shall be final and binding upon all parties and persons affected thereby.  The Plan Administrator may appoint one or more individuals and delegate such of its powers and duties as it deems desirable to any such individual(s), in which case every reference herein made to the Plan Administrator shall be deemed to mean or include the appointed individual(s) as to matters within their jurisdiction.

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Section 6—General Provisions

6.1     Eligible Employee’s Rights Unsecured and Unfunded. The Plan at all times shall be entirely unfunded. No assets of the Company shall be segregated or earmarked to represent the liability for benefits under the Plan. The right of an Eligible Employee to receive a payment hereunder shall be an unsecured claim against the general assets of the Company that was the employer of such Eligible Employee. All payments under the Plan shall be made from the general assets of the Company.

6.2     No Guarantee of Benefits. Nothing contained in the Plan shall constitute a guarantee by the Company or any other person or entity that the assets of the Company will be sufficient to pay any benefit hereunder.

6.3     No Enlargement of Employee Rights. The existence of this Plan or any payment of Severance Pay under the Plan shall not be deemed to constitute a contract of employment between the Company and any Eligible Employee, nor shall it constitute a right to remain in the employ of the Company.  Employment with the Company is employment-at-will and either party may terminate the Employee’s employment at any time, for any reason, with or without cause or notice.

6.4     Non-Alienation Provision. Except as set forth elsewhere in the Plan, and subject to the provisions of applicable law, no interest of any person or entity in, or right to receive a benefit or distribution under, the Plan shall be subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any kind; nor may such interest or right to receive a distribution be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other obligations or claims against, such person or entity, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings the extent that such laws are preempted by ERISA.

6.5     Excess Payments. If compensation, Years of Service or any other relevant fact relating to any person is found to have been misstated, the Plan benefit payable by the Company to an Eligible Employee shall be the Plan benefit that would have been provided on the basis of the correct information. Any excess payments due to such misstatement, or due to any other mistake of fact or law, shall be refunded to the Company or withheld by it from any further amounts otherwise payable under the Plan.

6.6     Impact on Other Benefits. Amounts paid under this Plan shall not be included in an Eligible Employee’s compensation for purposes of calculating benefits under any other plan, program or arrangement sponsored by the Company, unless such plan, program or arrangement expressly provides that amounts paid under this Plan shall be included.

6.7     Usage of Terms and Headings. Words in the masculine gender shall include the feminine and the singular shall include the plural, and vice versa, unless qualified by the context. Any headings are included for ease of reference only, and are not to be construed to alter the terms of the Plan.

6.8     Supersession. This Plan supersedes all plans, statements, practices or policies, if any, with respect to providing severance benefits to any Employee whose employment terminates on or after the Effective Date, except for those with specific written contracts that pre-date this Plan that provide for benefits payable upon the termination of employment and those Employees that have already been notified prior to the Effective Date of a termination of their employment and provided with different severance terms.

6.9     Effective Date. The Plan shall be effective as to Eligible Terminations that occur on or after June 30, 2020.

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6.10     Clawback.  Payments made pursuant to this Plan are subject to any Company clawback policy in effect at any time.  In addition, to the extent required by the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, or any other applicable law, or the rules and regulations promulgated pursuant thereto, Eligible Employees agree to return payments made pursuant to this Plan to the Company.  

6.11     Choice of Law.  This Plan shall be construed in accordance with and governed by the laws of the State of Florida, to the extent such laws are otherwise superseded by the laws of the United States, in which case such laws of the United States shall govern and the Plan shall be construed in accordance with such laws.    

Section 7 – ERISA Information

		
	Plan Name:  
	Ocwen Financial Corporation United States Change in Control Severance Plan

		
	Plan Number: 
	516

		
	Effective Date: 
	June 30, 2020

		
	Plan Sponsor:   
	Ocwen Financial Corporation

1661 Worthington Road, Suite 100
West Palm Beach, FL 33409

EIN:              65-0039856

Plan Administrator:  Ocwen Financial Corporation (see contact information above).

Agent for Service of Legal Process:        Ocwen Financial Corporation    
Attn:  General Counsel    
1661 Worthington Road, Suite 100
West Palm Beach, FL 33409

Plan Year:    The Plan Year shall be the 12-month period commencing each year on June 28.

		
	Type of Plan:
	The Plan is a severance benefit plan that provides income replacement benefits following a qualifying termination of employment.

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	Funding:
	The Plan is funded from the general assets of Ocwen Financial Corporation.

Statement of ERISA Rights:

Receiving Information about Plan Benefits

Participants in the Plan are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). ERISA provides that all Plan participants shall be entitled to:

		
	•
	Examine, without charge, at the Plan Administrator's office and at other specified locations, such as worksites, all documents governing the Plan and a copy of the latest annual report (Form 5500 Series) filed by the plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration.

		
	•
	Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan and copies of the latest annual report (Form 5500 Series) and updated summary plan description. The Plan Administrator may make a reasonable charge for the copies.

Prudent Actions by Plan Fiduciaries

In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of an employee benefit plan. The people who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of Plan participants and beneficiaries. No one, including an employer or any other person, may fire a participant or otherwise discriminate against a participant in any way to prevent the participant from obtaining a severance benefit or exercising the participant’s rights under ERISA.

Enforcing ERISA Rights

If a participant’s claim for a severance benefit is denied or ignored, in whole or in part, the participant has a right to know why this was done, to receive a written explanation of the reason for the denial, to obtain copies of documents and relevant information relating to the decision without charge, and to appeal any denial, all within certain time schedules. The participant has the right to have the Plan Administrator review and reconsider the claim.

Under ERISA, there are steps a participant can take to enforce the above rights. For instance, if a participant requests a copy of Plan documents or the latest annual report from the Plan and does not receive them within 30 days, the participant may file suit in a Federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay the participant up to $110 a day until the participant receives the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. If the participant has a claim for benefits that is denied or ignored, in whole or in part, and the participant has exhausted the Plan’s claims procedures, the participant may file suit in a state or Federal court. In addition, if the participant disagrees with the Plan's decision or lack thereof concerning the qualified status of a domestic relations order or a medical child support order, the participant may file suit in Federal court. If it should happen that plan fiduciaries misuse the Plan's money, or if the participant is discriminated against for asserting ERISA rights, the participant may seek assistance from the U.S. Department of Labor, or may file suit in a Federal court. The court 

12

will decide who should pay court costs and legal fees. If the participant is successful, the court may order the person the participant has sued to pay these costs and fees. If the participant loses, the court may order the participant to pay these costs and fees, for example, if it finds the participant’s claim is frivolous.

Assistance with Questions

If a participant has any questions about the Plan, the participant should contact the Plan Administrator as described above. If the participant has any questions about this statement or about the participant’s rights under ERISA, or if the participant needs assistance in obtaining documents from the Plan Administrator, the participant should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in the telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. The participant may also obtain certain publications about such rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration.

13Exhibit 4.1

 

WARRANTS TO PURCHASE COMMON SHARES

 

Number of Warrant Shares: ___________

(subject to adjustment)

 

	Warrant No. 	Original Issue Date: August 4, 2020

Ur-Energy Inc., a corporation
continued under the Canada Business Corporations Act (the “Company”), hereby certifies that, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, ____________, or its permitted registered assigns
(the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company up to a total
of ___________ common shares, no par value per share (the “Common Shares”), of the Company (each such share,
a “Warrant Share” and all such shares, the “Warrant Shares”) at an exercise price equal to
US$0.75 per share (as adjusted from time to time as provided in Section 9 herein, the “Exercise Price”),
upon surrender of this warrant to purchase Common Shares (including any warrants to purchase Common Shares issued in exchange,
transfer or replacement hereof, the “Warrant”) at any time and from time to time on or after the date hereof
(the “Original Issue Date”) and through and including 5:30 P.M., New York City time, on August 4, 2022 (the
“Expiration Date”), and subject to the following terms and conditions:

 

1.           
Definitions. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)              
“Affiliate” of any Person means any other Person directly or indirectly controlling, controlled by or
under common control with such Person.

 

(b)             
“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The
City of New York are authorized or required by law or executive order to remain closed.

 

(c)              
“Commission” means the United States Securities and Exchange Commission and any successor entity thereto.

 

(d)              
“Closing Sale Price” means, for any security as of any date, the last trade price for such security on
the Principal Trading Market for such security, as reported by Bloomberg Financial Markets, or, if such Principal Trading Market
begins to operate on an extended hours basis and does not designate the last trade price, then the last trade price of such security
immediately prior to 4:00 P.M., New York City time, as reported by Bloomberg Financial Markets, or if the foregoing do not apply,
the last trade price of such security in the over-the-counter market on the electronic bulletin board for such security as reported
by Bloomberg Financial Markets, or, if no last trade price is reported for such security by Bloomberg Financial Markets, the average
of the bid and ask prices of any market makers for such security as reported on OTC Pink (also known as the “pink sheets”)
by the OTC Markets, Inc. If the Closing Sale Price cannot be calculated for a security on a particular date on any of the
foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by
the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then
the Board of Directors of the Company shall use its good faith judgment to determine the fair market value of such security on
such date. The Board of Directors’ determination shall be binding upon all parties absent demonstrable error. All such determinations
shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the
applicable calculation period.

 

    

     

    

 

(e)              
“Person” means any natural person, corporation, firm, joint venture, partnership, limited liability company,
association, enterprise, trust or other entity or organization, or any government or political subdivision or any agency, department
or instrumentality thereof.

 

(f)               
“Principal Trading Market” means the trading market on which the Common Shares are primarily listed on
and quoted for trading, and which, as of the Original Issue Date shall be the NYSE American.

 

(g)              
“Registration Statement” means the Company’s Registration Statement on Form S-3 (File No.
333-238324), as amended and supplemented from time to time, relating to the Warrant Shares, among other securities of the Company.

 

(h)              
“Securities Act” means the Securities Act of 1933, as amended.

 

(i)               
“Trading Day” means a day on which the Principal Trading Market is open for trading.

 

(j)               
“Transfer Agent” means Computershare Investor Services Inc., the Company’s transfer agent for the
Common Shares, and the Company or its designee, with respect to the Warrants.

 

2.           
Registration of Warrants. The Company shall, or shall cause its Transfer Agent to, register this Warrant, upon records
to be maintained by the Company or Transfer Agent for that purpose (the “Warrant Register”), in the name of
the record Holder (which shall include the initial Holder or, as the case may be, any registered assignee to which this Warrant
is permissibly assigned hereunder) from time to time. The Company may deem and treat the registered Holder of this Warrant as the
absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent
actual notice to the contrary.

 

3.           
 Registration of Transfers. Subject to compliance with all applicable securities laws, the Company shall, or shall
cause its Transfer Agent to, register the transfer of all or any portion of this Warrant in the Warrant Register, upon surrender
of this Warrant, and payment of all applicable transfer taxes, reasonably promptly following its receipt of a written request from
the record Holder. Upon any such registration of transfer, a new warrant to purchase Common Shares in substantially the form of
this Warrant (any such new warrant, a “New Warrant”) evidencing the portion of this Warrant so transferred shall
be issued to the transferee, and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall
be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance
by such transferee of all of the rights and obligations in respect of the New Warrant that the Holder had in respect of this Warrant.
The Company shall, or shall cause its Transfer Agent to, prepare, issue and deliver at the Company’s own expense any New
Warrant under this Section 3. Until due presentment for registration of transfer, the Company may treat the registered
Holder hereof as the owner and holder of this Warrant for all purposes, and the Company shall not be affected by any notice to
the contrary.

 

    	 	- 2 -	 

     

    

 

4.            
Exercise and Duration of Warrants.

 

(a)              
All or any part of this Warrant shall be exercisable by the registered Holder in any manner permitted by this Warrant at
any time and from time to time on or after the Original Issue Date and through and including 5:30 P.M. New York City time, on the
Expiration Date. At 5:30 P.M., New York City time, on the Expiration Date, the portion of this Warrant not exercised prior thereto
shall be void and of no value and this Warrant shall terminate and no longer be outstanding.

 

(b)              
The Holder may exercise this Warrant by delivering to the Company an exercise notice, in the form attached as Schedule
1 hereto (the “Exercise Notice”), completed and duly signed, and the date of such delivery to the Company
(as determined in accordance with the notice provisions hereof) is an “Exercise Date” (provided that if an Exercise
Notice is delivered to the Company on a day that is not a Trading Day or after 3:00 P.M., New York City time, on a Trading Day,
the Exercise Date will be the following Trading Day, except for any exercise on the Expiration Date, which will be deemed timely
delivered if delivered prior to 5:30 P.M., New York City time on the Expiration Date). Prior to 3:00 P.M., New York City time within
one (1) Business Day following the Exercise Date, the Holder shall deliver to the Company payment of the Exercise Price for the
number of Warrant Shares as to which this Warrant is being exercised (which may take the form of by wire transfer of immediately
available funds or a “net share exercise” if permitted pursuant to Section 10 below and so indicated in
the Exercise Notice and provided that if the Exercise Price is received by the Company after 3:00 P.M., New York City time, the
Exercise Price will be deemed received on the following Business Day). If this Warrant is exercised or deemed to be exercised after
the Expiration Date, the exercise thereof will be null and void and any funds delivered to the Company will be returned to the
Holder as soon as practicable. In no event will interest accrue on funds deposited with the Company in respect of an exercise or
attempted exercise of this Warrant. The Holder shall not be required to deliver the original Warrant in order to effect an exercise
hereunder. No ink original Exercise Notice shall be required, nor shall any medallion guarantee (or other type of guarantee or
notarization) of any Exercise Notice be required. Execution and delivery of the Exercise Notice shall have the same effect as cancellation
of the original Warrant and issuance of a New Warrant to the Holder evidencing its right to purchase the remaining number of Warrant
Shares. For the avoidance of doubt, the Company may not substitute, and the Holder may not request, a cash payment in satisfaction
of the Company’s obligation to issue and deliver Warrant Shares pursuant to an Exercise Notice, other than as specified in
Sections 9(c) or 12 of this Warrant.

 

    	 	- 3 -	 

     

    

 

5.            
Delivery of Warrant Shares.

 

(a)              
Upon exercise of this Warrant, the Company shall promptly (but in no event later than the later of (i) two (2) Trading
Days after the Exercise Date, and (ii) one (1) Trading Day after receipt of the aggregate Exercise Price by the Company (including
if the exercise is a Cashless Exercise) (such later date, the “Warrant Share Delivery Date”) (upon the request
of the Holder if the Company is a participant in the Fast Automated Securities Transfer Program (the “FAST Program”)
and provided either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to, or resale
of the Warrant Shares by, the Holder or (B) this Warrant is being exercised via cashless exercise), cause the Company’s Transfer
Agent and registrar to issue (x) such aggregate number of Common Shares to which the Holder is entitled pursuant to such exercise
to the Holder’s or its designee’s balance account with The Depository Trust Company (“DTC”) through
its Deposit Withdrawal at Custodian (DWAC) system, or (y) if the provisions of clause (A) and (B) above are not satisfied, issue
and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate, registered in the Company’s
share register in the name of the Holder or its designee, for the number of Common Shares to which the Holder is entitled pursuant
to such exercise. The Holder, or any Person permissibly so designated by the Holder to receive Warrant Shares, shall be deemed
to have become the holder of record of such Warrant Shares as of the time of delivery of the Exercise Notice, irrespective of the
date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing
such Warrant Shares, as the case may be, provided that payment of the aggregate Exercise Price (other than in the case of a cashless
exercise) is received within one (1) Trading Day following delivery of the applicable Exercise Notice. While this Warrant is outstanding
and exercisable, the Company shall maintain a transfer agent that is a participant in the FAST Program.

 

(b)              
Except as otherwise required by law, the Company’s obligations to issue and deliver Warrant Shares in accordance with
and subject to the terms hereof (including the limitations set forth in Section 11(a) below) shall not be subject to
any setoff, counterclaim or recoupment of any obligation to the Company or any violation or alleged violation of law by the Holder
or any other Person. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent
to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 5(a) above pursuant to an exercise on
or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open
market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, Common Shares to deliver in satisfaction
of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including
brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number
of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the
price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either
reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which
case such exercise shall be deemed rescinded) or deliver to the Holder the number of Common Shares that would have been issued
had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common
Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Common Shares with an
aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence
the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts
payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein
shall limit the Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver
Common Shares upon exercise of the Warrant as required pursuant to the terms hereof.

 

    	 	- 4 -	 

     

    

 

6.             
Charges, Taxes and Expenses. Issuance and delivery of Common Shares upon exercise of this Warrant shall be made without
charge to the Holder for any issue or transfer tax, transfer agent fee, warrant agent fee or other incidental tax or expense in
respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however,
that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the registration
of any certificates for Warrant Shares or the Warrants in a name other than that of the Holder or an Affiliate thereof. The Holder
shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant. The Company
shall pay all Transfer Agent fees and, as applicable, warrant agent fees required for same-day processing of any Exercise Notice
and all fees to DTC (or another established clearing corporation performing similar functions) required for same-day electronic
delivery of the Warrant Shares.

 

7.            
Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause
to be issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a
New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction (in such
case) and, in each case, a customary and reasonable indemnity (but without any obligation to post any surety or other bond). If
a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to
the Company as a condition precedent to the Company’s obligation to issue the New Warrant.

 

8.             
Reservation of Warrant Shares. The Company covenants that it will at all times while this Warrant is outstanding
reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved Common Shares, solely for
the purpose of enabling it to issue Warrant Shares upon exercise of this Warrant as herein provided, the number of Warrant Shares
that are initially issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other
contingent purchase rights of persons other than the Holder (taking into account the adjustments and restrictions of Section 9).
The Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable
Exercise Price in accordance with the terms hereof, be duly and validly authorized and issued, and fully paid and nonassessable.
The Company will take all such action as may be reasonably necessary to assure that such Common Shares may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of any securities exchange or automated quotation
system upon which the Common Shares may be listed.

 

9.             
Certain Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject
to adjustment from time to time as set forth in this Section 9.

 

(a)              
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock
dividend on its Common Shares or otherwise makes a distribution on any class of capital stock that is payable in Common Shares,
(ii) subdivides its outstanding Common Shares into a larger number of Common Shares, (iii) combines its outstanding Common
Shares into a smaller number of Common Shares or (iv) issues by reclassification of shares of capital stock any additional
Common Shares of the Company, then in each such case the Exercise Price shall be multiplied by a fraction, the numerator of which
shall be the number of Common Shares outstanding immediately before such event and the denominator of which shall be the number
of Common Shares outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this paragraph shall
become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution;
provided, however, that if such record date shall have been fixed and such dividend is not fully paid on the date
fixed therefor, the Exercise Price shall be recomputed accordingly as of the close of business on such record date and thereafter
the Exercise Price shall be adjusted pursuant to this paragraph as of the time of actual payment of such dividends. Any adjustment
pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after the effective date of such
subdivision or combination.

 

    	 	- 5 -	 

     

    

 

(b)              
Pro Rata Distributions. If the Company, at any time while this Warrant is outstanding, distributes to all holders
of Common Shares for no consideration (i) evidences of its indebtedness, (ii) any security (other than a distribution
of Common Shares covered by the preceding paragraph) or (iii) rights or warrants to subscribe for or purchase any security,
or (iv) any other asset (in each case, “Distributed Property”), then, upon any exercise of this Warrant
that occurs after the record date fixed for determination of shareholders entitled to receive such distribution, the Holder shall
be entitled to receive, in addition to the Warrant Shares otherwise issuable upon such exercise (if applicable), the Distributed
Property that such Holder would have been entitled to receive in respect of such number of Warrant Shares had the Holder been the
record holder of such Warrant Shares immediately prior to such record date without regard to any limitation on exercise contained
therein.

 

(c)             
Fundamental Transactions. If, at any time while this Warrant is outstanding (i) the Company effects any merger,
amalgamation or consolidation of the Company with or into another Person, in which the Company is not the surviving entity or the
shareholders of the Company immediately prior to such merger, amalgamation or consolidation do not own, directly or indirectly,
at least 50% of the voting power of the surviving entity immediately after such merger, amalgamation or consolidation, (ii) the
Company effects any sale to another Person of all or substantially all of its assets in one or a series of related transactions,
(iii) pursuant to any tender offer, take-over bid or exchange offer (whether by the Company or another Person), holders of
capital stock who tender shares representing more than 50% of the voting power of the capital stock of the Company and the Company
or such other Person, as applicable, accepts such tender for payment, (iv) the Company consummates a stock purchase agreement
or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement)
with another Person whereby such other Person acquires more than the 50% of the voting power of the capital stock of the Company
or (v) the Company effects any reclassification of the Common Shares or any compulsory share exchange pursuant to which the
Common Shares are effectively converted into or exchanged for other securities, cash or property (other than as a result of a subdivision
or combination of Common Shares covered by Section 9(a) above) (in any such case, a “Fundamental Transaction”),
then following such Fundamental Transaction the Holder shall have the right to receive, upon exercise of this Warrant, the same
amount and kind of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental
Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of the number of Warrant Shares then
issuable upon exercise in full of this Warrant without regard to any limitations on exercise contained herein (the “Alternate
Consideration”). The Company shall not effect any Fundamental Transaction in which the Company is not the surviving entity
or the Alternate Consideration includes securities of another Person unless prior to or simultaneously with the consummation thereof,
any successor to the Company, surviving entity or other Person (including any purchaser of assets of the Company) shall assume
the obligation to deliver to the Holder, such Alternate Consideration as, in accordance with the foregoing provisions, the Holder
may be entitled to receive, and the other obligations under this Warrant.

 

    	 	- 6 -	 

     

    

 

(d)             
Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to paragraph (a) of
this Section 9, the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased
or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder for the increased or
decreased number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment.

 

(e)              
Calculations. All calculations under this Section 9 shall be made to the nearest cent or the nearest
share, as applicable.

 

(f)               
Notice of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 9, the Company
at its expense will, at the written request of the Holder, promptly compute such adjustment, in good faith, in accordance with
the terms of this Warrant and prepare a certificate setting forth such adjustment, including a statement of the adjusted Exercise
Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable),
describing the transactions giving rise to such adjustments and showing in detail the facts upon which such adjustment is based.
Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder and to the Company’s
transfer agent.

 

(g)              
Notice of Corporate Events. If, while this Warrant is outstanding, the Company (i) declares a dividend or any
other distribution of cash, securities or other property in respect of its Common Shares, including, without limitation, any granting
of rights or warrants to subscribe for or purchase any capital stock of the Company or any subsidiary, (ii) authorizes or
approves, enters into any material definitive agreement contemplating or solicits shareholder approval for any Fundamental Transaction
or (iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the Company, then, except if such
notice and the contents thereof shall be deemed to constitute material non-public information, the Company shall deliver to the
Holder a notice of such transaction at least ten (10) days prior to the applicable record or effective date on which a Person
would need to hold Common Shares in order to participate in or vote with respect to such transaction; provided, however,
that the failure to deliver such notice or any defect therein shall not affect the validity of the corporate action required to
be described in such notice. In addition, if while this Warrant is outstanding, the Company enters into any material definitive
agreement contemplating or solicits shareholder approval for any Fundamental Transaction contemplated by Section 9(c),
other than a Fundamental Transaction under clause (iii) of Section 9(c), the Company shall deliver to the Holder
a notice of such Fundamental Transaction at least fifteen (15) days prior to the date such Fundamental Transaction is consummated.
To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company
or any of its subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report
on Form 8-K.

 

    	 	- 7 -	 

     

    

 

10.          
Limited Cashless Exercise. If the Registration Statement (or any subsequent registration statement applicable to
the Warrant Shares) permitting the registered issuance of the Warrant Shares is not then effective or the prospectus forming a
part thereof is not then available, then the Holder shall be entitled to utilize cashless exercise, in which event the Company
shall issue to the Holder the number of Warrant Shares determined as follows (a “Cashless Exercise”):

 

X = Y [(A-B)/A]

 

		where:	

 

		“X”	equals the number of Warrant Shares to be issued to the Holder;

 

		“Y”	equals the total number of Warrant Shares with respect to which this Warrant is then being exercised;

 

		“A”	equals the average of the Closing Sale Prices of the Common Shares for the five (5) consecutive
Trading Days ending on the date immediately preceding the Exercise Date; and

 

		“B”	equals the Exercise Price then in effect for the applicable Warrant Shares at the time of such
exercise.

 

For purposes of Rule 144 promulgated
under the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in a “cashless exercise”
transaction shall be deemed to have been acquired by the Holder in accordance with Section 3(a)(9) of the Securities Act, the Warrant
Shares shall take on the registered characteristics of the Warrants being exercised and the holding period for the Warrant Shares
shall be deemed to have commenced, on the date this Warrant was originally issued (provided that the Commission continues to take
the position that such treatment is proper at the time of such exercise).

 

    	 	- 8 -	 

     

    

 

11.          
Limitations on Exercise.

 

(a)          
Notwithstanding anything to the contrary contained herein, the number of Warrant Shares that may be acquired by the Holder
upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to ensure that, following
such exercise (or other issuance), the total number of Common Shares then beneficially owned by the Holder and its Affiliates and
any other Persons whose beneficial ownership of Common Shares would be aggregated with the Holder’s for purposes of Section 13(d) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), does not exceed 4.99% of the total number
of then issued and outstanding Common Shares (including for such purpose the Common Shares issuable upon such exercise) (the "Beneficial
Ownership Limitation"), it being acknowledged by the Holder that the Company is not representing to such Holder that such
calculation is in compliance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder
and such Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the Beneficial
Ownership Limitation contained in this Section 11(a) applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by such Holder and its Affiliates) and of which a portion of this Warrant is exercisable
shall be in the sole discretion of a Holder, and the submission of an Exercise Notice shall be deemed to be the Holder’s
determination of whether this Warrant is exercisable (in relation to other securities owned by such Holder and its Affiliates)
and of which portion of this Warrant is exercisable, in each case subject to such aggregate percentage limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination under this Section 11(a) as
to any group status shall be determined by the Holder in accordance with Section 13(d) of the Exchange Act and the rules and
regulations promulgated thereunder. For purposes of this Section 11(a), in determining the number of outstanding Common
Shares, the Holder may rely on the number of outstanding Common Shares as reflected in (x) the Company’s most recent
Quarterly Report on Form 10-Q or Annual Report on Form 10-K, as the case may be, (y) a more recent public announcement
by the Company that contains such number of shares or (z) any other notice by the Company or the Transfer Agent setting forth
the number of Common Shares outstanding. Upon the written request of the Holder, the Company shall within three (3) Trading
Days confirm orally and in writing to such Holder the number of Common Shares outstanding as of the most recent practicable date.
The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section
11(a), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Common Shares outstanding
immediately after giving effect to the issuance of Common Shares upon exercise of this Warrant held by the Holder and the provisions
of this Section 11(a) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective
until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed
and implemented in a manner otherwise than in strict conformity with the terms of this Section 11(a) to correct this paragraph
(or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained
or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained
in this paragraph shall apply to a successor holder of this Warrant.

 

12.          
No Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant.
In lieu of any fractional shares that would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded down
to the next whole number and the Company shall pay the Holder in cash the fair market value (based on the Closing Sale Price) for
any such fractional shares.

 

13.          
Notices. Any and all notices or other communications or deliveries hereunder (including, without limitation, any
Exercise Notice) shall be in writing and shall be deemed given and effective on the earliest of (i) the time of transmission,
if such notice or communication is delivered via facsimile or e-mail (unless the sender receives an automated message indicating
that such e-mail has been rejected by the recipient's server) at the facsimile number or e-mail address specified in the books
and records of the Transfer Agent prior to 5:30 P.M., New York City time, on a Trading Day, (ii) the next Trading Day after
the date of transmission, if such notice or communication is delivered via facsimile or e-mail (unless the sender receives an automated
message indicating that such e-mail has been rejected by the recipient's server) at the facsimile number or e-mail address specified
in the books and records of the Transfer Agent on a day that is not a Trading Day or later than 5:30 P.M., New York City time,
on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier
service specifying next Business Day delivery, or (iv) upon actual receipt by the Person to whom such notice is required to
be given, if by hand delivery.

 

    	 	- 9 -	 

     

    

 

Any notice pursuant
to this Warrant to be given by the Holder to the Company shall be delivered to:

 

Ur-Energy Inc.

10758 West Centennial Road, Suite 200

Littleton, Colorado 80127

Attn: General Counsel

Facsimile: (720) 981-5643

E-mail: legaldept@ur-energy.com

 

14.          
Warrant Agent. The Company shall initially serve as warrant agent under this Warrant. Upon thirty (30) days’
notice to the Holder, the Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent
may be merged or any corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party
or any corporation to which the Company or any new warrant agent transfers substantially all of its corporate trust or shareholders
services business shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent
shall promptly cause notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder
at the Holder’s last address as shown on the Warrant Register.

 

15.          
Miscellaneous.

 

(a)          
No Rights as a Shareholder. The Holder, solely in such Person’s capacity as a holder of this Warrant, shall
not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall
anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder
of this Warrant, any of the rights of a shareholder of the Company or any right to vote, give or withhold consent to any corporate
action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, amalgamation, conveyance
or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the
Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition,
nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon
exercise of this Warrant or otherwise) or as a shareholder of the Company, whether such liabilities are asserted by the Company
or by creditors of the Company.

 

(b)          
Authorized Shares.

 

(i)           
Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without
limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking
of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (a) not increase the par value of any Warrant Shares above
the amount payable therefor upon such exercise immediately prior to such increase in par value, (b) take all such action as
may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares
upon the exercise of this Warrant, and (c) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof as may be necessary to enable the Company to perform its
obligations under this Warrant.

 

    	 	- 10 -	 

     

    

 

(ii)          
Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable
or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

 

(c)          
Successors and Assigns. Subject to the restrictions on transfer set forth in this Warrant and compliance with applicable
securities laws, this Warrant may be assigned by the Holder. This Warrant may not be assigned by the Company without the written
consent of the Holder except to a successor in the event of a Fundamental Transaction. This Warrant shall be binding on and inure
to the benefit of the Company and the Holder and their respective successors and assigns. Subject to the preceding sentence, nothing
in this Warrant shall be construed to give to any Person other than the Company and the Holder any legal or equitable right, remedy
or cause of action under this Warrant.

 

(d)          
Amendment and Waiver. Except as otherwise provided herein, the provisions of the Warrants may be amended and the
Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company
has obtained the written consent of the Holders of Warrants representing no less than a majority of the Warrant Shares obtainable
upon exercise of the Warrants then outstanding.

 

(e)          
Acceptance. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms
and conditions contained herein.

 

(f)            Governing
Law; Jurisdiction. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL
BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES
OF CONFLICTS OF LAW THEREOF. EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE
STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH
OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY
SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT. NOTHING CONTAINED
HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. EACH OF THE COMPANY AND
THE HOLDER HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY.

 

(g)          
Headings. The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be
deemed to limit or affect any of the provisions hereof.

 

    	 	- 11 -	 

     

    

 

(h)         
Severability. In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any
respect, the validity and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected
or impaired thereby, and the Company and the Holder will attempt in good faith to agree upon a valid and enforceable provision
which shall be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision
in this Warrant.

 

(i)           
Entire Agreement. This Warrant constitutes the entire agreement and understanding of the Company and the Holder with
respect to the subject matter hereof and supersedes all prior agreements and understandings relating to the subject matter hereof.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	- 12 -	 

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be duly executed by its authorized officer as of the date first indicated above.

 

	 	UR-ENERGY INC.
	 	 
	 	 	 
	 	By:	 
	 	Name:	                        
	 	Title:	 

 

    	 	- 13 -	 

     

    

 

Schedule 1

 

FORM OF EXERCISE NOTICE

 

To:      Ur-Energy Inc.

 

Ladies and Gentlemen:

 

		(1)	The undersigned is the Holder of Warrant No. ____ (the “Warrant”) issued by
Ur-Energy Inc., a corporation continued under the Canadian Business Corporations Act (the “Company”). Capitalized
terms used herein and not otherwise defined herein have the respective meanings set forth in the Warrant.

 

		(2)	The undersigned hereby exercises its right to purchase ______ Warrant Shares pursuant to the Warrant.

 

		(3)	The Holder intends that payment of the Exercise Price shall be made as (check one or both):

 

		 ̈	a “cash exercise” with respect to ________
Warrant Shares; and/or

 

		 ̈	a “Cashless Exercise” pursuant to and subject to the conditions set forth in Section 10
of the Warrant with respect to Warrant Shares.

 

		(4)	In the event that the Holder has elected a “cash exercise” with respect to some or
all of the Warrant Shares, the Holder shall pay the Exercise Price in the sum of US$_________ to the Company in accordance with
the terms of the Warrant.

 

		(5)	Pursuant to this Exercise Notice, the Company shall deliver to the Holder Warrant Shares determined
in accordance with the terms of the Warrant. Please issue (check applicable box):

 

		 ̈	A certificate of certificates representing the Holder’s Warrant Shares in the name of the
undersigned or in the following name: ____________________________

 

		 ̈	The Holder’s Warrant Shares in electronic form to the following account:

 

	Name and Contact for Broker:	 	 	 
	 	 	 	 
	Broker no:	 	 	 
	 	 	 	 
	Account no:	 	 	 
	 	 	 	 
	Account holder:	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

    	 	- 14 -	 

     

    

 

		(6)	By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company
that in giving effect to the exercise evidenced hereby the Holder will not beneficially own in excess of the number of Common Shares
(as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended) permitted to be owned
under Section 11(a) of the Warrant to which this notice relates.

 

 

	Dated:	 	 
	 	 	 
	Name of Holder:	 	 
	 	 	 
	By:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 
	 	 	 	 	 	 	 

(Signature must conform in all respects
to name of Holder as specified on the face of the Warrant)

 

    	 	- 15 -

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