Document:

SEPARATION AGREEMENT AND GENERAL RELEASE

BETWEEN

 GREGG DERITIS AND FIRST FINANCIAL NORTHWEST BANK

This Separation Agreement and General Release ("Agreement") is between Gregg DeRitis ("Executive") and FIRST FINANCIAL NORTHWEST BANK (the "Company"), collectively, the "Parties."

Executive has been employed since April 1, 2015 and is currently employed as the Company's Chief Credit Officer.

Both Executive and the Company desire to resolve all matters, known or unknown, arising out of Executive's employment with and separation from the Company according to the terms, conditions and consideration included in this Agreement.

This Agreement is dated August 31, 2017, for reference purposes, which is the date that the Company delivered this Agreement to the Executive for consideration.

Based on the above recitals, the Parties agree that the following terms will apply only if all conditions of this Agreement are met:

Article 1.      The Company's Obligations

1.1            Separation Date.    The Parties agree that Executive's termination of employment from the Company shall be effective on August 16, 2017, which shall be considered his "Separation Date." As of August 16, 2017, Executive shall relinquish his position as Chief Credit Officer and all officer, director or other positions with the Company, its subsidiaries and affiliates, and this Agreement shall evidence such relinquishment for all purposes.  Effective August 17, 2017, Executive shall no longer be required to work in the office but shall be available to the Company to assist with various matters that may arise until the Effective Date as defined in Section 3.3 (the "Limited Duty Period").

1.2            Reimbursement of Business Expenses.  Executive shall submit an expense report for any reimbursable business expenses no later than thirty (30) days after the Separation Date.  Such expenses will be paid in accordance with the Company's expense reimbursement policy, but no later than thirty (30) days after submission in accordance with that policy.

1.3            Consideration.  In exchange for Executive's signature on this Agreement, the Company agrees to provide the following consideration to Executive.

(a)            Lump Sum Payment.  The Company agrees to pay the Executive a cash lump sum payment equal to forty seven thousand five hundred dollars ($47,500), less all lawful and authorized deductions and withholdings.  This payment shall be made via direct deposit on the first payroll date following the Effective Date as defined in Section 3.3.

(b)            Attorney's Fees.  The Company shall pay reasonable attorney's fees incurred by Executive with regard to review of this Agreement and the second separation agreement.  The Company shall remit payment of the attorney's fees no later than ten (10) business days after receiving written confirmation of the amount incurred from the Executive.

1.4            Unemployment. The Company will not contest Executive's application for unemployment and will not appear at any hearing.

1.5            Benefits.  Executive will remain eligible for COBRA coverage after August 31, 2017 at Executive's sole cost.  Executive shall not be eligible for the Company's benefit plans and programs after the Separation Date.

 

Executive's Initials /s/GD

Article 2.      Executive's Obligations

2.1            Authority.  Executive represents and warrants that he has all necessary authority to enter into this Agreement (including, on behalf of his marital community) and that Executive has not transferred any interest in any claims to his spouse or any third party.

2.2            No Additional Compensation or Benefits.  Executive expressly acknowledges and agrees that he has no claims or entitlement to additional compensation or benefits of any kind from the Company, past, present or future, except as set out in this Agreement.

2.3            Representations Regarding Employment Status.  Executive understands that his Separation Date is the date that employment with the Company ends.  Executive understands that he is not authorized to represent himself as affiliated in any way with the Company after this date, even if Executive received separation payments after the Separation Date or is available to provide services during the Limited Duty Period.

2.4            Return of Property.  No later than thirty (30) days after his Separation Date, Executive agrees to return to the Company all of the Company's property in his possession or under his control of any kind or nature, including but not limited to keys, keycards, cell phones, laptop computers, documents, computer discs, thumb drives, software, source codes, code words, systems, and any records or recordings of any nature whatsoever, whether on paper, in electronic form, in auditory form, or otherwise.  Any remaining Company property and other physical items or repositories of any confidential or proprietary information not on Company premises but within Executive' possession or control, whether stored in traditional files or in any electronic or digital media, must be returned to Rich Jacobson, Executive Vice President.  If Executive comes into possession or control of any additional property, he shall immediately return it to the Company.  Executive understands that all property must be returned in good working condition.

2.5            Cooperation Regarding Other Claims; Preservation of Privilege.  If any claim is asserted by or against the Company as to which he has relevant knowledge, Executive will reasonably cooperate with the Company in the prosecution or defense of that claim by providing truthful information and testimony as reasonably requested by the Company.  Executive will also continue to respect and preserve the attorney-client privilege and work product doctrine as to those legal matters to which he was privy during employment.  If the Company requires Executive's assistance following the Limited Duty Period, Executive shall be compensated for his time at an hourly rate equivalent to his salary at the time of the Separation Date.

2.6            Non-Competition and Non-Solicitation.  During the Limited Duty Period, Executive shall not be an officer or employee of, or a consultant to any bank, savings bank, savings and loan association, credit union or similar financial institution or holding company of any such entity in any county in which the Company or any other affiliate of the Company operated a full service branch on the Separation Date.  During the Limited Duty Period and for a period of six (6) months thereafter, Executive agrees and covenants not to directly or indirectly solicit, hire, recruit, attempt to hire or recruit, or induce the termination of employment of any employee of the Company, to solicit business for Executive or for any person or entity employing Executive following the Separation Date.  Executive shall never make any statements, either written or verbal, to any third party, including any member of the media or any client, vendor, contractor, subcontractor, or the Company's current or former employees, that is intended, or could reasonably be expected to, embarrass or disparage the Company, its services, practices, employees, officers, directors and service providers.   This Section 2.6 shall supersede any other Agreement in regard to non-competition, non-solicitation or defamation.

 

	
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Executive's Initials /s/GD

2.7            Non-Disclosure.  Executive will never disclose to any person or entity, without the Company's prior consent, any confidential or secret information, and/or trade secrets, whether prepared by Executive or other individuals employed by or affiliated with Employer, including but not limited to the Company's agents, representatives, contractors or vendors.  Notwithstanding the foregoing, the definition of confidential and secret information shall not include (a) any information that Executive knew prior to employment with the Company other than as a result of past relationships or business dealings with Employer; (b) any information that is publicly known or available; or (c) information that is not considered confidential as a matter of law (in each case other than pursuant to a violation of this Section 2.7).

NOTICE:  Notwithstanding the nondisclosure obligations of this Agreement, pursuant to 18 USC Section 1833(b), Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (2) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  Additionally, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual: (a) files any document containing the trade secret under seal; and (b) does not disclose the trade secret, except pursuant to court order. 

2.8            Waiver and Release.

(a)            Executive hereby releases and forever discharges any and all of the "Released Parties" (defined below) from any and all claims of any kind, known or unknown, that arose on or before the date that he signed this Agreement, including without limitation, claims for:

		•	
wrongful termination or constructive discharge, including claims based on violation of public policy; breach of agreements, representations, policies or practices related to Executive's relationship with any Released Party; or based on any legal obligation owed by any Released Party;

		•	
violation of federal, state, or local laws, ordinances, or executive orders prohibiting discrimination, harassment or retaliation, or requiring accommodation, on the basis of race, ancestry, creed, color, religion, national origin, pregnancy, childbirth or related medical conditions, families with children, sex, genetic information, marital status, sexual orientation, gender expression or gender identity, political ideology, age, honorably discharged veteran or military status, sensory, physical, or mental impairment or other legally protected characteristic or activity;

		•	
wages (including overtime pay) or compensation of any kind (including attorney's fees or costs) to the fullest extent permitted by law;

		•	
tortious interference with contract or expectancy; fraud or negligent misrepresentation; breach of privacy, defamation or libel; intentional or negligent infliction of emotional distress; unfair labor practices; breach of fiduciary duty; or any other tort;

 

	
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Executive's Initials /s/GD

		•	
violation of the Washington Law Against Discrimination; the Washington Prohibited Employment Practices Law; the Washington Minimum Wage Act; Washington's Little Norris-LaGuardia Act; the Washington Family Leave Act; the Washington Family Care Act; the Washington Military Family Leave Act; the Washington law permitting leave for victims of domestic violence, sexual assault or stalking; the Washington Fair Credit Reporting Act; the retaliation provisions of the Washington Workers' Compensation Act; the Washington Industrial Safety and Health Act (WISHA), including any and all amendments to the above, to the fullest extent permitted by law;

		•	
violation of the Consolidated Omnibus Budget and Reconciliation Act of 1985 (COBRA); the Fair Labor Standards Act (FLSA); the Labor Management Relations Act (LMRA); the Executive Polygraph Protection Act; the Racketeer Influenced and Corrupt Organizations Act (RICO); the Electronic Communications Privacy Act; the Uniform Services Employment and Re-Employment Rights Act (USERRA); the Sarbanes-Oxley Act; the Civil Rights Act of 1964; Title VII; Sections 1981 through 1988 of Title 42 of the United States Code; the Civil Rights Act of 1991; the Equal Pay Act of 1963; the Lilly Ledbetter Fair Pay Act; the Genetic Information Nondiscrimination Act of 2008 (GINA); the Americans with Disabilities Act of 1990 (ADA); the federal Family and Medical Leave Act of 1993 (FMLA); the Worker Adjustment and Retraining Notification Act (WARN); the Occupational Safety and Health Act (OSHA); the Sarbanes-Oxley Act of 2002; the Executive Retirement Income Security Act of 1974 (ERISA); the National Labor Relations Act (NLRA); the Immigration Reform and Control Act (IRCA); including any and all amendments to the above, to the fullest extent permitted by law;

		•	
the Age Discrimination in Employment Act of 1967 (ADEA); the Older Workers Benefit Protection Act (OWBPA); and

		•	
violations of all similar federal, state and local laws, to the fullest extent permitted by law.

(b)            "Released Party" or "Released Parties" includes First Financial Northwest, Inc., First Financial Northwest Bank (as the successor to First Savings Bank Northwest), First Financial Diversified, and each of its affiliates (including any partnerships or joint ventures), and the benefit plans of each such entity; and with respect to each such entity, all past, present and future Executives, supervisors, managers, fiduciaries, directors, officers, owners, shareholders, representatives, agents, attorneys, assigns, insurers, whether acting in their individual or official capacities, and any other persons acting by, through, under, or in concert with any of the persons or entities listed in this paragraph; and with respect to each such entity and individual, all predecessors, successors and assigns.

(c)            Executive agrees that, except as may be required by subpoena, court order, or other force of law, Executive will not in any way assist any individual or entity in commencing or prosecuting any action or proceeding against any Released Party connected to any and all matters arising from any event that has occurred up to the Separation Date.

(d)            Executive understands that he is releasing potentially unknown claims, and that Executive has limited knowledge with respect to some of the claims being released.  Executive acknowledges that there is a risk that, after signing this Agreement, he may learn information that might have affected Executive's decision to enter into this Agreement.  Executive assumes this risk and all other risks of any mistake in entering into this Agreement.  Executive acknowledges that this Agreement 

 

	
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Executive's Initials /s/GD

and the release and discharge contained herein are fairly and knowingly made.  Executive is giving up all rights and claims of any kind, known or unknown, except for the rights specifically given in this Agreement.

(e)            This Agreement does not affect Executive's rights, if any, to receive tax-qualified plan benefits, medical plan benefits, unemployment compensation or workers' compensation benefits, nor does it release any claims or rights which as a matter of law cannot be waived.

2.9            Indemnification.  Executive agrees to indemnify and hold Released Parties harmless from and against all losses, costs, damages or expenses, including, without limitation, reasonable attorney's fees incurred, arising out of a breach of Paragraph 2.8 of this Agreement.  As a material part of this Agreement, Executive represents and warrants that there are presently no claims or potential claims that are capable of being asserted against the Released Parties which he has not asserted or which could be asserted on his behalf or on behalf of his marital community.

2.10            Affirmations.

(a)            Executive understands that the Company may deduct lawful and authorized deductions and withholdings, including federal and any state taxes, from payments made under this Agreement.  The Company makes no representations as to the tax consequences to Executive.

(b)            Executive affirms that he has disclosed any workplace injuries or occupational diseases and has been provided and/or has not been denied any leave requested under federal, state, or local laws, including family or medical leave, paid sick or safe leave, or any other leave mandated by law.

(c)            Executive affirms that he has not and will not initiate any suit, action, or arbitration before any federal, state or local judicial, administrative or other forum with respect to any matter arising out of or connected with his employment with the Company and/or the termination of that employment; and that, without subpoena, he will not, except at the Company's request, testify in any judicial or administrative proceedings to which any Released Party is a party regarding any matter involving the affairs of any Released Party of which Executive has knowledge.  Nothing in this Agreement precludes Executive from filing a charge or complaint with an appropriate administrative agency.  However, Executive agrees that he is not entitled to and will not accept any monetary recovery directly from the Company as a result of filing such charge or complaint.  Executive affirms that he has not transferred or assigned any claims or rights to claims to any other person or entity.

(d)            Nothing in this Agreement prohibits Executive from reporting possible violations of federal, state or local laws or regulations to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the United States Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal, state or local laws or regulations. Executive does not need prior authorization of any kind to make any such reports or disclosures and Executive is not required to notify the Company that Executive has made such reports or disclosures.

Article 3.      Older Workers' Benefit Protection Act Provisions

In accordance with the requirements of the Older Workers' Benefit Protection Act, Executive expressly acknowledges the following:

3.1            Independent Legal Counsel; Reliance.  Executive is advised and encouraged to consult with an attorney before signing this Agreement.  Executive acknowledges that, if he desired to consult an attorney, he had an adequate opportunity to do so.  Executive acknowledges that he has not signed this Agreement relying on anything not set out herein.

 

	
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Executive's Initials /s/GD

3.2            Consideration Period.  Executive has twenty-one (21) calendar days from the date the original Agreement was given to him on August 31, 2017, to consider this Agreement before signing it.  Executive agrees that any modifications, material or otherwise, made to this Agreement do not restart or affect in any manner the original twenty-one (21) calendar day consideration period.  The twenty-one (21) day period expires on September 21, 2017.  Executive may use as much or as little of this twenty-one (21) day period as he wishes before signing.  If Executive does not sign and return this Agreement within this twenty-one (21) day period, it will not become effective or enforceable, and Executive will not receive the benefits described in this Agreement.

3.3            Revocation Period and Effective Date.  Executive has seven (7) calendar days after signing this Agreement to revoke it.  To revoke this Agreement after signing it, Executive must deliver a written notice of revocation to the Company's Chief Executive Officer before the seven (7) day period expires.  This Agreement shall not become effective until the eighth (8th) calendar day after Executive signs it ("Effective Date").  If Executive revokes this Agreement, it will not become effective or enforceable, and he will not receive the benefits described in this Agreement.

3.4            Acceptance.  Executive agrees and accepts this Agreement.  Executive acknowledges that he has not signed this Agreement relying on anything not set out herein.  Executive acknowledges that if he is signing this before September 21, 2017, he has decided not to wait for the full twenty-one (21) day period, even though he has the right to do so.

Article 4.      General Provisions

4.1            Non-Admission.  This Agreement shall not be construed as an admission by Executive or any Released Party of any liability, breach of any agreement, or violation of any statute, law or regulation, nor shall it be construed as an admission of any deficient performance or breach of any professional obligation.

4.2            Governing Law.  This Agreement is governed by the laws of the State of Washington that apply to contracts executed and to be performed entirely within the State of Washington without giving effect to the rules governing the conflicts of laws, and without the aid of any canon, custom, or rule of law requiring construction against the drafter, and regardless of whether a party changes domicile or residence.

4.3            Section 409A.  The Parties intend that this Agreement, to the extent possible, will be administered in accordance with Internal Revenue Code Section 409A ("Section 409A") and the Treasury Regulations issued thereunder, and will be interpreted in a manner so that no payments made to Executive under this Agreement constitute a deferral of compensation or, if so, will constitute a deferral for which the payment and other terms are compliant with Section 409A so as to avoid imposition of any additional tax to Executive under Section 409A.  The Company makes no representation or warranty as to the compliance with Section 409A and shall have no liability to Executive or any other person for any adverse consequences arising under Section 409A.

4.4            Successors and Assigns.  Executive's obligations will bind his heirs, successors, and assigns, to the benefit of the Company.  The Company shall have the right to assign this Agreement to any of the Company's successors, assigns, or affiliates or to any entity that, directly or indirectly, is in control of, is controlled by, or is under common control with the Company.  This Agreement shall be binding upon the successors and permitted assigns of the Company.

4.5            Headings; Definitions.  The headings in the Agreement are for convenience only and shall not affect the meaning of the terms as set out in the text.  Any capitalized terms not defined in this Agreement will have the meaning assigned to those terms in the Employment Agreement.

 

	
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4.6            Attorney's Fees.  In any dispute involving this Agreement, each Party shall be responsible for their own attorney's fees and costs.

4.7            Severability.  It is further understood and agreed that if any of the provisions of this Agreement are held to be invalid or unenforceable, the remaining provisions shall nevertheless continue to be valid and enforceable.

4.8            Complete Agreement.  This Agreement represents and contains the entire understanding between the Parties in connection with the subject matter of this Agreement.  It is expressly acknowledged and recognized by all Parties that there are no oral or written collateral agreements, understandings or representations between the Parties other than as contained in this document.  Any modifications to this Agreement must be in writing and signed by both Parties to be effective.

4.9            Counterparts.  This Agreement may be executed in duplicate originals, each of which is equally admissible in evidence, and each original shall fully bind each party who executed it.  An e-mailed or facsimile copy of the signature may be submitted as proof of execution; however, Executive shall send the original executed agreement by U.S. Mail to the Company's Vice President of Human Resources no later than three (3) days after signature.

This Agreement consists of 7 pages, not including any exhibits.

 

	/s/Gregg DeRitis                                                                  	8/31/17                                                                         
	
GREGG DERITIS

	
Date

 

Agreed by FIRST FINANCIAL NORTHWEST BANK

 

	/s/Joseph W. Kiley III                                                          	9/1/17                                                                   
	
By:  Joseph W. Kiley III

	
Date

	Its:  CEO	 

 

 

 

 

 

 

 

	
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Executive's Initials /s/GDExhibit 4.1

 

__________

 

URANIUM ENERGY CORP.

 

 

WARRANT CERTIFICATE

 

u

 

Dated as issued on August 9, 2017

 

From Uranium Energy Corp. to the Warrant
Holder

 

__________

 

     

     

    

 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE DECEMBER 10, 2017.

 

THIS WARRANT AND THE SECURITIES ISSUABLE
UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THESE SECURITIES MAY NOT BE OFFERED FOR RESALE, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN ACCORDANCE
WITH THE PROVISIONS OF REGULATION S UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS
IN COMPLIANCE WITH THE SECURITIES ACT.

 

THIS WARRANT MAY NOT BE EXERCISED BY
OR ON BEHALF OF A U.S. PERSON OR PERSON IN THE UNITED STATES UNLESS THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE
BEEN REGISTERED UNDER THE SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE, OR AN EXEMPTION FROM SUCH
REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION
S UNDER THE SECURITIES ACT.

 

COMMON STOCK PURCHASE WARRANT

 

URANIUM
ENERGY CORP.

 

	Warrant No. 2017 -	u	Issue Date	August 9, 2017.
	 	 	 	 
	Warrant Shares:	u	Termination Date:	August 9, 2022.
	 	 	(subject to earlier termination as provided herein)

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, u,
of u, or its assigns (the “Holder”) is entitled, upon the terms
and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the Issue Date and,
subject to Section 2(d), on or prior to the close of business on the five year anniversary of the Issue Date (the “Termination
Date”) but not thereafter, to subscribe for and purchase from Uranium Energy Corp., a Nevada corporation (the “Company”),
up to u shares (as subject to adjustment hereunder, the “Warrant
Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise
Price, as defined in Section 2(b).

 

     

     

    

 

Section 1.          Definitions.
In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings indicated in this Section 1:

 

		a)	“Affiliate” means any Person that, directly or indirectly through one or more
intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed
under Rule 405 under the Securities Act.

 

		b)	“Board of Directors” means the board
of directors of the Company.

 

		c)	“Business Day” means any day except any Saturday, any Sunday, any day which
is a federal legal holiday in the United States, or any day on which banking institutions in the State of New York are authorized
or required by law or other governmental action to close.

 

		d)	“Commission” means the United States
Securities and Exchange Commission.

 

		e)	“Common Stock Equivalents” means any securities of the Company or the Subsidiaries
which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred
stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise
entitles the holder thereof to receive, Common Stock.

 

		f)	“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder.

 

		g)	“Person” means an individual or corporation, partnership, trust, incorporated
or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision
thereof) or other entity of any kind.

 

		h)	“Proceeding” means an action, claim, suit, investigation or proceeding (including,
without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened.

 

		i)	“Securities Act” means the United States Securities Act of 1933, as amended,
and the rules and regulations promulgated thereunder.

 

		j)	“Trading Day” means a day on which the Common Stock is traded on a Trading Market.

 

		k)	“Trading Market” means any of the following markets or exchanges on which the
Common Stock is listed or quoted for trading on the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global
Market, the Nasdaq Global Select Market, the New York Stock Exchange or the OTCQX, OTCQB or OTC Pink operated by the OTC Markets
Group, Inc. (or any successors to any of the foregoing.

 

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		l)	“Transfer Agent” means Transfer Online, Inc., the current transfer agent of
the Company, with a mailing address of 512 SE Salmon Street, Portland, Oregon 97214, and any successor transfer agent of the Company.

 

		m)	“VWAP” means, for any date, the price determined by the first of the following
clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price
of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed
or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City
time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date
(or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading
on OTCQB or OTCQX and if prices for the Common Stock are then reported on the OTC Pink published by OTC Markets Group, Inc. (or
a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common
Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent
appraiser selected in good faith by the holders of a majority in interest of the Company’s common stock purchase warrants
then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

Section 2.          Exercise.

 

		a)	Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at
any time or times on or after the Issuance Date and on or before the Termination Date by delivery to the Company (or such other
office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder
appearing on the books of the Company) of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise in the
form annexed hereto. Within the earlier of (i) three (3) Trading Days and (ii) the number of Trading Days comprising the Standard
Settlement Period (as defined in Section 2(c)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver
the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s
check drawn on a United States bank. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or
other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the
Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant
to the Company for cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered to the Company.
Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder
shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable
number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased
and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of
receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of
the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares
available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

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		b)	Exercise Price. The exercise price per share of the Common Stock under this Warrant shall
be US$2.30, subject to adjustment hereunder (the “Exercise Price”).

 

c)            Mechanics
of Exercise.

 

		i.	Delivery of Warrant Shares Upon Exercise. The Company shall use best efforts to cause the
Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s
or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system
(“DWAC”) if the Company is then a participant in such system and there is an effective registration statement
permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder, and otherwise by physical delivery
of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of
Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of
Exercise by the date that is the earlier of (i) three (3) Trading Days and (ii) the number of Trading Days comprising the Standard
Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery
Date”). Upon delivery of the Notice of Exercise the Holder shall be deemed for all corporate purposes to have become
the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery
of the Warrant Shares, provided that payment of the aggregate Exercise Price is received within the earlier of (i) three Trading
Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise.
If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant
Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000
of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise),
$10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue)
for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise.

 

    	 	- 4 -	 

     

    

 

		ii.	Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part,
the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant
Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called
for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

 

		iii.	Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder
the Warrant Shares pursuant to Section 2(c)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind
such exercise.

 

		iv.	Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. 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 2(c)(i) 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, shares of Common Stock 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 shares of Common Stock 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 shares of Common Stock that would have been
issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases
Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common
Stock 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 a 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 shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

    	 	- 5 -	 

     

    

 

		v.	No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares
shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to
purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction
in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

 

		vi.	Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to
the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of
which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in
such name or names as may be directed by the Holder; provided, however, that in the event Warrant Shares are to be issued in a
name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form
attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient
to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing
of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing
similar functions) required for same-day electronic delivery of the Warrant Shares.

 

		vii.	Closing of Books. The Company will not close its stockholder books or records in any manner
which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

 

		d)	Earlier Termination. If at any time prior to the Termination Date, the closing price of
the Company’s shares of common stock on its principally traded exchange equals or exceeds US$4.00 per share for a period
of 20 consecutive trading days, the Company may accelerate the expiry date of the Warrants by giving notice of the same to the
Holder (the date of the Holder’s receipt of such notice being an “Early Termination Event”), then the
Warrants represented hereby shall expire and be void and of no effect at 5:00 p.m. (Vancouver, British Columbia, Canada time) on
the 31st day after the Early Termination Event (the “Early Termination Date”); provided that at all times from
the date of the Early Termination Event through and including the Early Termination Date there is an effective registration statement
under the Securities Act and/or under any applicable state securities laws and regulations, and a current prospectus available
under the Securities Act, for the resale of the Warrant Shares by the Holder. Notwithstanding this Section 2(d), if the Early Termination
Date falls on a date subsequent to the Termination Date, the Warrants represented hereby shall expire and be void and of no effect
at 5:00 p.m. (Vancouver, British Columbia, Canada time) on the Termination Date.

 

    	 	- 6 -	 

     

    

 

Section 3.          Certain
Adjustments.

 

For the purposes of this
Section 3, unless there is something in the subject matter or context inconsistent therewith, the words and terms defined below
shall have the respective meanings specified therefor in this Section 3:

 

(1)          “Adjustment
Period” means the period commencing on the date of issue of the Warrants and ending at the Expiry Time;

 

(2)          “Current
Market Price” of the shares of Common Stock at any date means the price per share equal to the weighted average price
at which the shares of Common Stock have traded on the NYSE MKT or such other stock exchange or over-the-counter market as may
be selected by the directors of the Company for such purpose, acting reasonably, during the period of any 20 consecutive trading
days ending not more than five business days before such date; provided that the weighted average price shall be determined by
dividing the aggregate sale price of all shares of Common Stock sold on the said exchange or market, as the case may be, during
the said 20 consecutive trading days by the total number of shares of Common Stock so sold; and provided further that if the shares
of Common Stock are not then listed on any stock exchange or traded in the over-the-counter market, then the Current Market Price
shall be determined by a firm of independent chartered accountants selected by the directors of the Company and in such case, shall
be subject to NYSE MKT acceptance;

 

(3)          “director”
means a director of the Company for the time being and, unless otherwise specified herein, a reference to action “by the
directors” means action by the directors of the Company as a board or, whenever empowered, action by the appropriate committee
of such board; and

 

(4)          “trading
day” with respect to a stock exchange or over-the-counter market means a day on which such stock exchange or market is
open for business.

 

The Exercise Price and
the number of shares of Common Stock issuable to the Holder upon the exercise of the Warrants shall be subject to adjustment from
time to time in the events and in the manner provided as follows:

 

    	 	- 7 -	 

     

    

 

		a)	Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding:
(i) shall fix a record date for the payment of, or pays, a stock dividend or otherwise makes a distribution or distributions on
shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock or securities
exchangeable for or convertible into shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common
Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number
of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of
shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each
case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock
(excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number
of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant
shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment
made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders
entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of
a subdivision, combination or re-classification.

 

To the extent that any adjustment
in the Exercise Price occurs pursuant to this Section 3(a) as a result of the fixing by the Company of a record date for the distribution
of securities exchangeable for or convertible into shares of Common Stock, the Exercise Price shall be readjusted immediately after
the expiry of any relevant exchange or conversion right to the Exercise Price which would then be in effect based upon the number
of shares of Common Stock actually issued and remaining issuable after such expiry and shall be further readjusted in such manner
upon the expiry of any further such right.

 

		b)	Rights Offering. If the Company, at any time while this Warrant is outstanding, shall fix
a record date for the issue or distribution to the holders of all or substantially all of the outstanding shares of Common Stock
of rights, options or warrants pursuant to which such holders are entitled, during a period expiring not more than 45 days after
the record date for such issue (such period being the “Rights Period”), to subscribe for or purchase shares of Common
Stock or securities exchangeable for or convertible into shares of Common Stock at a price per share to the holder (or in the case
of securities exchangeable for or convertible into shares of Common Stock, at an exchange or conversion price per share) at the
date of issue of such securities of less than the Current Market Price of the shares of Common Stock on such record date (any of
such events being called a “Rights Offering”), then in each case the Exercise Price shall be multiplied by a fraction
of which: (1) the numerator shall be the aggregate of (i) the number of shares of Common Stock (excluding treasury shares, if any)
outstanding on the record date for the Rights Offering, and (ii) the quotient determined by dividing: (A) either (x) the product
of the number of shares of Common Stock offered during the Rights Period pursuant to the Rights Offering and the price at which
such shares of Common Stock are offered, or (y) the product of the exchange or conversion price of the securities so offered and
the number of shares of Common Stock for or into which the securities offered pursuant to the Rights Offering may be exchanged
or converted, as the case may be, by (B) the Current Market Price of the shares of Common Stock as of the record date for the Rights
Offering; and (2) the denominator shall be the aggregate of the number of shares of Common Stock outstanding on such record date
and the number of shares of Common Stock offered pursuant to the Rights Offering (including in the case of the issue or distribution
of securities exchangeable for or convertible into shares of Common Stock the number of shares of Common Stock for or into which
such securities may be exchanged or converted).

 

    	 	- 8 -	 

     

    

 

If by the terms
of the rights, options, or warrants referred to in this Section 3(b), there is more than one purchase, conversion or exchange price
per share of Common Stock, the aggregate price of the total number of additional shares of Common Stock offered for subscription
or purchase, or the aggregate conversion or exchange price of the convertible or exchangeable securities so offered, shall be calculated
for purposes of the adjustment on the basis of the lowest purchase, conversion or exchange price per share of Common Stock, as
the case may be. To the extent that any adjustment in the Exercise Price occurs pursuant to this Section 3(b) as a result of the
fixing by the Company of a record date for the issue or distribution of rights, options or warrants referred to in this Section
3(b), the Exercise Price shall be readjusted immediately after the expiry of any relevant exchange, conversion or exercise right
to the Exercise Price which would then be in effect based upon the number of shares of Common Stock actually issued and remaining
issuable after such expiry and shall be further readjusted in such manner upon the expiry of any further such right.

 

		c)	Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company,
directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another
Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition
of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer,
tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock
are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders
of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects
any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which
the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly
or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination
(including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group
of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any
shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other
Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental
Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each
Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction,
at the option of the Holder, the number of shares of Common Stock of the successor or acquiring corporation or of the Company,
if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable
as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable
as though exercised immediately prior to such Fundamental Transaction. For purposes of any such exercise, the determination of
the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise
Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the
obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section
3(c) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without
unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange
for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance
to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent
entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any
limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the
exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock
pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock
and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation
of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence
of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the
date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity
had been named as the Company herein.

 

    	 	- 9 -	 

     

    

 

		d)	Special Distribution. If at any time during the Adjustment Period the Company shall fix
a record date for the issue or distribution to the holders of all or substantially all of the outstanding shares of Common Stock
of:

 

		(i)	shares of the Company of any class other than shares of
Common Stock;

 

		(ii)	rights, options or warrants to acquire shares of Common Stock or securities exchangeable for or
convertible into shares of Common Stock (other than rights, options or warrants pursuant to which holders of shares of Common Stock
are entitled, during a period expiring not more than forty-five days after the record date for such issue, to subscribe for or
purchase shares of Common Stock or securities exchangeable for or convertible into shares of Common Stock at a price per share
(or in the case of securities exchangeable for or convertible into shares of Common Stock at an exchange or conversion price per
share) at the date of issue of such securities to the holder of at least the Current Market Price of the shares of Common Stock
on such record date);

 

		(iii)	evidences of indebtedness of the Company; or

 

		(iv)	any property or assets of the Company;

 

and if such issue
or distribution does not constitute an adjustment contemplated by Section 3(a) or a Rights Offering (any of such non-excluded events
being herein called a “Special Distribution”), the Exercise Price shall be adjusted effective immediately after
the record date for the Special Distribution to the amount determined by multiplying the Exercise Price in effect on the record
date for the Special Distribution by a fraction: (A) the numerator of which shall be the difference between (1) the product of
the number of shares of Common Stock outstanding on such record date and the Current Market Price of the shares of Common Stock
on such record date, and (2) the fair value, as determined in good faith by the directors of the Company, to the holders of shares
of Common Stock of the shares, rights, options, warrants, evidences of indebtedness or property or assets to be issued or distributed
in the Special Distribution, and (B) the denominator of which shall be the product obtained by multiplying the number of shares
of Common Stock outstanding on such record date by the Current Market Price of the shares of Common Stock on such record date.

 

    	 	- 10 -	 

     

    

 

Any shares of
Common Stock owned by or held for the account of the Company shall be deemed not to be outstanding for the purpose of such calculation.
To the extent that any adjustment in the Exercise Price occurs pursuant to this Section 3(d) as a result of the fixing by the Company
of a record date for the issue or distribution of rights, options or warrants to acquire shares of Common Stock or securities exchangeable
for or convertible into shares of Common Stock referred to in this Section 3(d), the Exercise Price shall be readjusted immediately
after the expiry of any relevant exercise, exchange or conversion right to the amount which would then be in effect based upon
the number of shares of Common Stock issued and remaining issuable after such expiry and shall be further readjusted in such manner
upon the expiry of any further such right.

 

		e)	Calculations. All calculations under this Section 3 shall be made to the nearest cent or
the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed
to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares,
if any) issued and outstanding.

 

		f)	Notice to Holder.

 

		i.	Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision
of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price
after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts
requiring such adjustment.

 

		ii.	Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any
other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on
or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or
warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders
of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which
the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share
exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the
voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company
shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear
upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter
specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption,
rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled
to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is
expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities,
cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided
that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate
action required to be specified in such notice. To the extent that any notice provided hereunder constitutes, or contains, material,
non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with
the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period
commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly
set forth herein.

 

    	 	- 11 -	 

     

    

 

Section 4.          Transfer
of Warrant.

 

		a)	Transferability. This Warrant and all rights hereunder (including, without limitation, any
registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company
or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed
by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.
Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name
of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment,
and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly
be cancelled. Notwithstanding anything herein to the contrary, the Holder
shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full,
in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date the Holder delivers
an assignment form to the Company assigning this Warrant full. The Warrant, if properly assigned in accordance herewith,
may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

		b)	New Warrants. This Warrant may be divided or combined with other Warrants upon presentation
hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new
Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer
which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange
for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges
shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant
Shares issuable pursuant thereto.

 

    	 	- 12 -	 

     

    

 

		c)	Warrant Register. The Company shall register this Warrant, upon records to be maintained
by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof 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.

 

Section 5.          Miscellaneous.

 

		a)	No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any
voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(c)(i),
except as expressly set forth in Section 3.

 

		b)	Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt
by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock
certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory
to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such
Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor
and dated as of such cancellation, in lieu of such Warrant or stock certificate.

 

		c)	Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action
or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right
may be exercised on the next succeeding Business Day.

 

		d)	Authorized Shares. The Company covenants that, during the period the Warrant is outstanding,
it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the
Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of
this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute
and issue the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such
reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of
any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company
covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will,
upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be
duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company
in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

 

    	 	- 13 -	 

     

    

 

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 (i) 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, (ii) 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 (iii) 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.

 

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.

 

		e)	Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation
of this Warrant shall be determined in accordance with the provisions of the Purchase Agreement.

 

		f)	Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise
of this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws.

 

		g)	Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right
hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers
or remedies. Without limiting any other provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly
fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay
to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’
fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise
enforcing any of its rights, powers or remedies hereunder.

 

    	 	- 14 -	 

     

    

 

		h)	Notices. Any notice, request or other document required or permitted to be given or delivered
to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

 

		i)	Limitation of Liability. No provision hereof, in the absence of any affirmative action by
the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder,
shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether
such liability is asserted by the Company or by creditors of the Company.

 

		j)	Remedies. The Holder, in addition to being entitled to exercise all rights granted by law,
including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that
monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this
Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would
be adequate.

 

		k)	Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights
and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the
Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of
any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

 

		l)	Amendment. This Warrant may be modified or amended or the provisions hereof waived with
the written consent of the Company and the Holder.

 

		m)	Severability. Wherever possible, each provision of this Warrant shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid
under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating
the remainder of such provisions or the remaining provisions of this Warrant.

 

		n)	Headings. The headings used in this Warrant are for the convenience of reference only and
shall not, for any purpose, be deemed a part of this Warrant.

 

[The remainder of this
page has been intentionally left blank.

The signatures are
contained on the immediately following page.]

 

    	 	- 15 -	 

     

    

 

IN WITNESS WHEREOF
the Company has caused this Warrant Certificate to be duly executed, manually or in facsimile, by its officer thereunto duly authorized,
as of the date set forth below.

 

	URANIUM ENERGY CORP.	 
	 	 	 	 
	 	By:	 	 
	 	 	Pat Obara	 
	 	 	Chief Financial Officer	 

 

Dated: August      , 2017.

__________

 

    	 	- 16 -	 

     

    

 

NOTICE OF EXERCISE

 

		TO:	URANIUM ENERGY CORP. (the “Corporation”).

 

1.               The
undersigned hereby irrevocably subscribes for and exercises the right to acquire ________________ Warrant Shares of the Corporation
(or such number of other securities or property to which such Warrants entitle the undersigned in lieu thereof or in addition thereto
under the provisions of the accompanying Warrant Certificate) and encloses a bank draft, certified check or money order in lawful
money of the United States of America payable to the Corporation for the aggregate Exercise Price.

 

2.               The
Warrant Shares (or other securities or property) are to be registered as follows:

 

	Name: 	 
	 	(print clearly)

 

	Address in full:  	 

 

	Number of shares of Common Stock:  	 

 

3.               If
the Warrant Shares are not being delivered to a DWAC Account Number, such securities should be sent by courier to:

 

	Name: 	 
	 	(print clearly)

 

	Address in full:  	 

 

If the Warrant Shares are being
delivered to a DWAC Account Number, please use the following DWAC Account number:

	 	 
	 	 
	 	 

 

If the number of Warrants exercised is
less than the number of Warrants represented by the accompanying Warrant Certificate, the undersigned requests that the new Warrant
Certificate representing the balance of the Warrants be registered in the name of the undersigned and should be sent by courier
to:

 

	Name: 	 
	 	(print clearly)

 

	Address in full:  	 

 

     

     

    

 

4.               The
undersigned represents, warrants and certifies as follows (one of the following must be checked):

 

		(a)	the undersigned holder at the time of exercise of the Warrants is not in the United States, is
not a “U.S. person” as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the
“U.S. Securities Act”) and is not exercising the Warrants on behalf of, or for the account or benefit of a U.S.
person or a person in the United States and did not execute or deliver this exercise form in the United States;

 

		(b)	the undersigned holder is resident in the United States or is a U.S. person who is a resident of
the jurisdiction referred to in the address appearing below, and is an “accredited investor” as defined in Rule 501(a)
of Regulation D under the U.S. Securities Act (a “U.S. Accredited Investor”) and has completed the U.S. Accredited
Investor Status Certificate in the form annexed hereto as Appendix A; or

 

		(c)	if the undersigned holder is resident in the United States or is a U.S. person and has not checked
the box in (b) above, the undersigned holder has delivered to the Corporation and the Corporation’s transfer agent an opinion
of counsel (which will not be sufficient unless it is in form and substance satisfactory to the Corporation) or such other evidence
satisfactory to the Corporation to the effect that with respect to the securities to be delivered upon exercise of this Warrant,
the issuance of such securities has been registered under the U.S. Securities Act and applicable state securities laws or an exemption
from the registration requirements of the U.S. Securities Act and applicable state securities laws is available.

 

“United
States” and “U.S. person” are as defined in Regulation S under the U.S. Securities Act.

 

Note: Certificates representing shares
of common stock of the Corporation will not be registered or delivered to an address in the United States unless Box 4(b) or 4(c)
above is checked.

 

If the undersigned has indicated that the
undersigned is a U.S. Accredited Investor by marking alternative (b) above, the undersigned represents and warrants to the Corporation
that:

 

		1.	the undersigned has such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of an investment in the Warrant Shares, and the undersigned is able to bear the economic risk
of loss of its entire investment;

 

    	 	- 2 -	 

     

    

 

		2.	the undersigned is: (a) purchasing the Warrant Shares for its own account or for the account of
one or more U.S. Accredited Investors with respect to which the undersigned is exercising sole investment discretion, and not on
behalf of any other person; (b) is purchasing the Warrant Shares for investment purposes only and not with a view to resale, distribution
or other disposition in violation of United States federal or state securities laws; and (c) in the case of the purchase by the
undersigned of the Warrant Shares as agent or trustee for any other person or persons (each a “Beneficial Owner”),
the undersigned holder has due and proper authority to act as agent or trustee for and on behalf of each such Beneficial Owner
in connection with the transactions contemplated hereby; provided that: (i) if the undersigned holder, or any Beneficial Owner,
is a corporation or a partnership, syndicate, trust or other form of unincorporated organization, the undersigned holder or each
such Beneficial Owner was not incorporated or created solely, nor is it being used primarily to permit purchases without a prospectus
or registration statement under applicable law; and (ii) each Beneficial Owner, if any, is a U.S. Accredited Investor; and

 

		3.	the undersigned has not exercised the Warrants as a result of any form of general solicitation
or general advertising, including advertisements, articles, notices or other communications published in any newspaper, magazine
or similar media or broadcast over radio, television or other form of telecommunications, or any seminar or meeting whose attendees
have been invited by general solicitation or general advertising.

 

The undersigned
acknowledges and agrees that:

 

		1.	the Corporation has provided to the undersigned the opportunity to ask questions and receive answers
concerning the terms and conditions of the offering, and the undersigned has had access to such information concerning the Corporation
as it has considered necessary or appropriate in connection with its investment decision to acquire the Warrant Shares;

 

		2.	if the undersigned decides to offer, sell or otherwise transfer any of the Warrant Shares, the
undersigned must not, and will not, offer, sell or otherwise transfer any of such Warrant Shares directly or indirectly, unless:

 

		(a)	the sale is pursuant to an effective registration statement under the U.S. Securities Act;

 

		(b)	the sale is to the Corporation;

 

		(c)	the sale is made outside the United States in a transaction meeting the requirements of Rule 904
of Regulation S under the U.S. Securities Act and in compliance with applicable local laws and regulations;

 

		(d)	the sale is made pursuant to the exemption from the registration requirements under the U.S. Securities
Act provided by Rule 144 thereunder, if available, and in accordance with any applicable state securities or “blue sky”
laws; or

 

		(e)	the Warrant Shares are sold in a transaction that does not require registration under the U.S.
Securities Act or any applicable state laws and regulations governing the offer and sale of securities, and it has prior to such
sale furnished to the Corporation an opinion of counsel or other documentation reasonably satisfactory to the Corporation;

 

    	 	- 3 -	 

     

    

 

		3.	the Warrant Shares are “restricted securities” under applicable federal securities
laws, and the U.S. Securities Act and the rules of the United States Securities and Exchange Commission provide in substance that
the undersigned may dispose of the Warrant Shares only pursuant to an effective registration statement under the U.S. Securities
Act or an exemption therefrom;

 

		4.	other than as otherwise agreed to by the Corporation pursuant to the terms of that certain Share
Purchase Agreement, dated May 9, 2017, among the Corporation and each Pacific Road Resources Fund A, Pacific Road Resources Fund
B and Pacific Road Holdings S.à.r.l., and the Registration Rights Agreement forming part of the Share Purchase Agreement,
the Corporation has no obligation to register any of the Warrant Shares or to take action so as to permit sales pursuant to the
U.S. Securities Act (including Rule 144 thereunder);

 

		5.	unless the Warrant Shares are registered under the U.S. Securities Act, the certificates representing
the Warrant Shares (and any certificates issued in exchange or substitution for the Warrant Shares) will bear a legend, in the
form required by the certificate representing the Warrants, stating that such securities have not been registered under the U.S.
Securities Act or the securities laws of any state of the United States and may not be offered for sale or sold unless registered
under the U.S. Securities Act and the securities laws of all applicable states of the United States or an exemption from such registration
requirements is available;

 

		6.	there may be material tax consequences to the undersigned of an acquisition or disposition of the
Warrant Shares;

 

		7.	funds representing the exercise price for the Warrant Shares which will be advanced by the undersigned
to the Company upon exercise of the Warrants will not represent proceeds of crime for the purposes of the United States Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (the “PATRIOT
Act”), and the undersigned acknowledges that the Company may in the future be required by law to disclose the undersigned’s
name and other information relating to this exercise form and the undersigned’s subscription hereunder, on a confidential
basis, pursuant to the PATRIOT Act. No portion of the exercise price to be provided by the undersigned (i) has been or will be
derived from or related to any activity that is deemed criminal under the laws of the United States of America, or any other jurisdiction,
or (ii) is being tendered on behalf of a person or entity who has not been identified to or by the undersigned, and it shall promptly
notify the Company if the undersigned discovers that any of such representations ceases to be true and provide the Company with
appropriate information in connection therewith; and

 

		8.	the Corporation will refuse to register any transfer of the Warrant Shares not made in accordance
with the provisions of Regulation S, pursuant to registration under the U.S. Securities Act, or pursuant to an available exemption
from registration and the undersigned consents to the Corporation making a notation on its records or giving instructions to any
transfer agent of the Corporation in order to implement the restrictions on transfer set forth and described in this Warrant Exercise
Form.

 

    	 	- 4 -	 

     

    

 

In the absence of instructions to the contrary,
the securities or other property will be issued in the name of or to the holder hereof and will be sent by first class mail to
the last address of the holder appearing on the register maintained for the Warrants.

 

DATED the __________ day of ________________,
20___.

 

	 	 
	 	(Signature of Warrantholder)
	 	 
	 	 
	 	Print full name
	 	 
	 	 
	 	Print full address

 

		Instructions:	

 

		1.	The registered holder may exercise its right to receive Warrant Shares by completing this form
and surrendering this form and the Warrant Certificate representing the Warrants being exercised together with payment of the aggregate
Exercise Price, by certified check, bank draft or money order payable to the order of the Corporation, and such other documents
as the Corporation may reasonably require, to the Corporation at: (a) its Principal Executive Office at Suite 1830, 1030 West Georgia
Street, Vancouver, British Columbia, Canada, V6E 2Y3; Attention: Chief Financial Officer; or (b) its Corporate Office at 500 North
Shoreline, Suite 800N, Corpus Christi, Texas, U.S.A., 78401; Attention: Chief Financial Officer. Certificates for Warrant Shares
will be delivered in accordance with the terms of the Warrant Certificate after the exercise of the Warrants. The rights of the
registered holder hereof cease if the Warrants are not exercised prior to 5:00 p.m. (Vancouver, British Columbia, Canada time)
on the Termination Date, subject to earlier termination as set forth in Section 2(e) of the accompanying Warrant Certificate.

 

		2.	If Box 4(c) is checked, any opinion tendered must be from counsel of recognized standing in form
and substance reasonably satisfactory to the Corporation. Holders planning to deliver an opinion of counsel in connection with
the exercise of the Warrants should contact the Corporation in advance to determine whether any opinions tendered will be acceptable
to the Corporation.

 

 __________

 

    	 	- 5 -	 

     

    

 

Appendix
A to Notice of Exercise Form

 

U.S.
ACCREDITED INVESTOR STATUS CERTIFICATE

 

In connection with the exercise of certain
outstanding Warrants to acquire Warrant Shares of URANIUM ENERGY CORP. (the “Corporation”) by the holder, the
holder hereby represents and warrants to the Corporation that the holder, and each beneficial owner (each a “Beneficial
Owner”), if any, on whose behalf the holder is exercising such warrants, satisfies one or more of the following categories
of U.S. Accredited Investor (please write “W/H” for the undersigned holder, and “B/O” for each beneficial
owner, if any, on each line that applies):

 

	____	Category 1.	A bank, as defined in Section 3(a)(2) of the United States Securities Act of 1933 (the “U.S. Securities Act”); or
	 	 	 
	____	Category 2.	A savings and loan association or other institution as defined in Section 3(a)(5)(A) of the U.S. Securities Act, whether acting in its individual or fiduciary capacity; or
	 	 	 
	____	Category 3.	A broker or dealer registered pursuant to Section 15 of the United States Securities Exchange Act of 1934; or
	 	 	 
	____	Category 4.	An insurance company as defined in Section 2(a)(13) of the U.S. Securities Act; or
	 	 	 
	____	Category 5.	An investment company registered under the United States Investment Company Act of 1940; (the “U.S. Investment Company Act”); or
	 	 	 
	____	Category 6.	A business development company as defined in Section 2(a)(48) of the U.S. Investment Company Act; or
	 	 	 
	____	Category 7.	A small business investment company licensed by the United States Small Business Administration under Section 301 (c) or (d) of the United States Small Business Investment Act of 1958; or
	 	 	 
	____	Category 8.	A plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, with total assets in excess of US$5,000,000; or
	 	 	 
	____	Category 9.	An employee benefit plan within the meaning of the United States Employee Retirement Income Security Act of 1974 in which the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company or registered investment adviser, or an employee benefit plan with total assets in excess of US$5,000,000 or, if a self-directed plan, with investment decisions made solely by persons who are U.S. Accredited Investors; or

 

     

     

    

 

	____	Category 10.	A private business development company as defined in Section 202(a)(22) of the United States Investment Advisers Act of 1940; or
	 	 	 
	____	Category 11.	An organization described in Section 501(c)(3) of the United States Internal Revenue Code, a corporation, a Massachusetts or similar business trust, or a partnership, not formed for the specific purpose of acquiring the Warrant Shares offered, with total assets in excess of US$5,000,000; or
	 	 	 
	____	Category 12.	Any director or executive officer of the Corporation; or
	 	 	 
	____	Category 13.	A natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his or her purchase exceeds US$1,000,000 (for the purposes of calculating net worth: (i) the person’s primary residence shall not be included as an asset; (ii) indebtedness that is secured by the person’s primary residence, up to the estimated fair market value of the primary residence at the time of the sale and purchase of securities contemplated by the accompanying Warrant Exercise Form, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of the sale and purchase of securities contemplated by the accompanying Warrant Exercise Form exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and (iii) indebtedness that is secured by the person’s primary residence in excess of the estimated fair market value of the primary residence shall be included as a liability); or
	 	 	 
	____	Category 14.	A natural person who had an individual income in excess of US$200,000 in each of the two most recent years or joint income with that person’s spouse in excess of US$300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; or
	 	 	 
	____	Category 15.	A trust, with total assets in excess of US$5,000,000, not formed for the specific purpose of acquiring the Warrant Shares offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the U.S. Securities Act; or
	 	 	 
	____	Category 16.	Any entity in which all of the equity owners meet the requirements of at least one of the above categories - if this alternative is selected you must identify each equity owner and provide statements from each demonstrating how they qualify as an accredited investor.

 

     

     

    

 

DATED the _____
day of _____________, 20__

 

	 	 
	 	Print name of Warrantholder
	 	 	 
	 	By:	 
	 	 	Signature
	 	 	 
	 	 	 
	 	 	Title
	 	 	 
	 	 	 
	 	 	(Please print name of individual whose signature appears above, if different from name of Warrantholder printed above)

 

__________

 

     

     

    

 

TRANSFER
FORM FOR WARRANTS

 

		TO:	URANIUM ENERGY CORP.

 

FOR value received I/we (the “Transferor”)
hereby sell, assign, and transfer unto:

 

	 
	(Name of Transferee)
	 
	 
	(Address of Transferee)
	 
	 

 

	 	Warrants of
	(Quantity)	 

 

URANIUM ENERGY CORP. (the “Corporation”)

 

	represented by: 	 
	 	(List Certificate Numbers)

 

and the undersigned hereby irrevocably
constitutes and appoints:

 

 

the attorney to transfer the said Warrants
on the books of the Corporation with full power of substitution in the premises.

 

The Transferor hereby certifies that (check
either A or B):

 

	____	(A)	the transfer of the Warrants is being completed pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the “1933 Act”), in which case the Transferor has delivered or caused to be delivered by the Transferee a written opinion of U.S. legal counsel or other documentation acceptable to the Corporation to the effect that the transfer of the Warrants is exempt from the registration requirements of the 1933 Act; or 
	 	 	 
	____	(B)	the transfer of the Warrants is being made in reliance on Rule 904 of Regulation S under the 1933 Act, and certifies that:

 

		(1)	the undersigned is not an “affiliate” (as defined in Rule 405 under the 1933 Act) of
the Corporation or a “distributor”, as defined in Regulation S, or an affiliate of a “distributor”;

 

		(2)	the offer of such securities was not made to a person in the United States and at the time the
offer was accepted, the Transferor and any person acting on its behalf reasonably believed that the Transferee was outside the
United States;

 

     

     

    

 

		(3)	neither the Transferor nor any person acting on its behalf engaged in any “directed selling
efforts” (as such term is used in Regulation S) in connection with the offer and sale of the Warrants; and

 

		(4)	the contemplated sale is not a transaction, or part of a series of transactions which, although
in technical compliance with Regulation S, is part of a plan or a scheme to evade the registration provisions of the 1933
Act.

 

“United States” and “U.S.
person” are as defined in Regulation S under the 1933 Act. If Option B is checked, the Corporation may, in its sole discretion,
require the Transferor or the Transferee to furnish a written opinion of U.S. legal counsel or other documentation acceptable to
the Corporation to the effect that the transfer of the Warrants is excluded from the registration requirements of the 1933 Act.

 

DATED this            
day of ___________________, 20_____.

 

	 	 
	 	(Signature of Warrantholder)
	 	 
	 	 
	 	(Name of Warrantholder - Please print)
	 	 
	 	 
	 	(Capacity of Authorized Representative)

 

Instructions:

 

		1.	The signature on this assignment must correspond with the name as written upon the face of the
accompanying Warrant Certificate, in every particular, without alteration or change whatever.

 

		2.	In Canada, the signature must be guaranteed by a Canadian schedule 1 chartered bank, major Trust
Corporation or by a member firm of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, MSP). The stamp must bear
the words “Signature Medallion Guaranteed”.

 

		3.	In the United States of America, signature guarantees must be done by members of a Medallion Signature
Guarantee Program only. Signature guarantees are not accepted from Treasury Branches, Credit Unions or Caisses Populaires unless
they are members of an acceptable Medallion Program.

 

		4.	If the Transferor is in a jurisdiction that does not have a Medallion Signature Guarantee Program,
then the Transferor will provide such other documentation as reasonably required by the Company or its transfer agent, as applicable.

__________

 

     

     

    

 

TRANSFEREE ACKNOWLEDGMENT

 

The Transferee acknowledges and agrees
that the Warrants may not be offered, sold, pledged or otherwise transferred in the absence of: (a) an effective registration statement
under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), relating thereto;
or (b) an exemption from the registration requirements of the U.S. Securities Act. Each Warrant Certificate, and each certificate
representing Common Stock issuable upon exercise thereof, shall contain a legend on the face thereof, in the appropriate form,
setting forth the restrictions on transfer referred to in the Warrant Certificate, unless in the opinion of counsel for the holder
thereof (which counsel shall be reasonably satisfactory to the Corporation), the securities represented thereby are not, at such
time, required by law to bear such legend, or in the case of the Common Stock, are transferred pursuant to an effective registration
statement under the U.S. Securities Act. The holder acknowledges and agrees that the Warrants represented by this Warrant Certificate,
and the Common Stock issuable upon exercise thereof, constitute “restricted securities” under the U.S. Securities Act.

 

Any certificate issued at any time in exchange
or substitution for any certificate bearing a restrictive legend shall also bear such legend unless in the opinion of counsel for
the holder thereof (which counsel shall be reasonably satisfactory to the Corporation), the securities represented thereby are
not, at such time, required by law to bear such legend.

 

In connection with this transfer the undersigned
transferee (the “Transferee”) certifies that the Transferor or Transferee is delivering a written opinion of
U.S. legal counsel acceptable to the Corporation to the effect that this transfer of Warrants has been registered under the U.S.
Securities Act or is exempt from registration thereunder.

 

	DATED the ___ day of __________, 20__	 	 
	 	 	 
	In the presence of:	 	(Signature of Transferee)
	 	 	 
	 	 	 
	(Witness)	 	(Name of Transferee – Please print)
	 	 	 
	 	 	 
	(Name of Witness – Please print)	 	(Capacity of Authorized Representative)

 

The Warrants and the Common Stock issuable
upon exercise of the Warrants shall only be transferable in accordance with applicable laws. The Warrants may only be exercised
in the manner required by the Warrant Certificate and the Warrant Exercise Form attached thereto. Any securities acquired pursuant
to this exercise of Warrants shall be subject to applicable hold periods and any certificate representing such securities may bear
restrictive legends.

__________

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