Document:

urg_ex1020.htm

EXHIBIT 10.20

 

AMENDMENT 2020-01 TO EMPLOYMENT AGREEMENT

 

THIS AMENDMENT NO. 2020-1 TO EMPLOYMENT AGREEMENT (“Amendment”) is entered into between Penne A. Goplerud (“Ms. Goplerud”) and Ur-Energy USA Inc. (“Corporation”) to be effective December 10, 2020.

 

WHEREAS, Ms. Goplerud and the Corporation entered into that certain Employment Agreement effective May 17, 2011, as subsequently amended (“Agreement”) whereby Ms. Goplerud agreed to be employed by and the Corporation agreed to employ Ms. Goplerud as General Counsel and Corporate Secretary (and as General Counsel and Corporate Secretary of Ur‐Energy Inc.) in accordance with the Agreement; 

 

WHEREAS, the Corporation wishes to further amend and restate certain sections of Article 3 of the Agreement, to which Ms. Goplerud agrees, and which necessitates this further amendment to the Agreement.

 

WHEREAS Ur-Energy Inc. acknowledges its rights and obligations under the Agreement and this Amendment;

 

NOW, THEREFORE, for mutual consideration as set forth, the parties agree as follows:

 

1. The parties agree that the provisions of Article 3 of the Agreement are amended and restated in their entirety and shall read as follows:

 

(1) It is understood and agreed that any termination of this Agreement shall result in the termination of Ms. Goplerud’s service as General Counsel and Corporate Secretary of Ur‐Energy and Ur-Energy’s Affiliates and any other position as an officer of Ur-Energy and its Affiliates, from time to time, unless the parties shall agree otherwise at the time of termination by further written agreement. 

 

(2) Ms. Goplerud may terminate this Agreement without cause by giving Ur-Energy 90 days’ prior notice in writing pursuant to the provisions of Section 4.01, below. Such notice is excused in the event of death or if disability occurs and makes such notice impracticable. 

 

(3) Ur-Energy, through the Corporation, may terminate this Agreement at any time for just cause without prior notice or pay in lieu of notice. For the purposes of this Section, “just cause” shall include but is not limited to:

 

	
 
	
(a) 
	
theft, fraud or dishonesty by Ms. Goplerud involving the property, business or affairs of Ur-Energy or its Affiliates, or in carrying out her duties under this Agreement; or

	
 
	
 
	
 

	
 
	
(b) 
	
any material breach or non-observance of any material term of this Agreement. In the case of material breach or non-observance of a material term of this Agreement, Ur-Energy shall give Notice to Ms. Goplerud (as provided in Section 4.01) of the material breach or non-observance of this Agreement and Ms. Goplerud shall have thirty (30) days (or such other reasonable period as shall be determined by the notifying party) to cure the breach or non-observance of a material term of this Agreement. 

 

	 
	1
	
	 

 

(4) Ur-Energy, through the Corporation, may terminate this Agreement and Ms. Goplerud’s employment for any other reason which does not violate this Agreement or applicable law. Upon such termination, Ur-Energy will provide Ms. Goplerud with a lump sum payment equivalent to twenty-four (24) months of her base salary in effect on such termination to be paid on the sixtieth (60th) day after Ms. Goplerud’s “separation from service” as defined for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (except as otherwise provided in Section 4.15(2) below), provided Ms. Goplerud has signed and not revoked a release in the form determined by, and in favor of, Ur-Energy and its Affiliates or their successors.

 

(5) In the event of a Change of Control of Ur-Energy (as defined below) Ms. Goplerud may terminate this Agreement and her employment within twelve (12) months after such Change of Control for any reason. Upon such termination, Ur-Energy will provide Ms. Goplerud with a lump sum payment equivalent to twenty-four (24) months of her base salary in effect on such termination to be paid on the sixtieth (60th) day after Ms. Goplerud’s “separation from service” as defined for purposes of Section 409A of the Code (except as otherwise provided in Section 4.15(2) below), provided Ms. Goplerud has signed and not revoked a release in the form determined by, and in favor of, Ur‐Energy and its Affiliates or their successors.

 

“Change of Control” shall have occurred on the happening of any of the following events:

 

	
 
	
(a) 
	
50% or more of the voting shares of Ur-Energy become owned beneficially by a person or group of persons acting jointly or in concert; or

	
 
	
 
	
 

	
 
	
(b) 
	
the individuals who are members of the Board of Directors of Ur-Energy (the “Incumbent Board”) cease for any reason to constitute at least fifty percent (50%) of the Board of Directors of Ur-Energy; provided, however, that if the election, or nomination for election, of any new Directors was approved by a vote of at least two-thirds of the Incumbent Board, such new director shall be considered as a member of the Incumbent Board; or

	
 
	
 
	
 

	
 
	
(c) 
	
beneficial ownership of assets of Ur-Energy representing 40% or more of the net book value of the assets of Ur-Energy determined on the basis of the then most recently published audited financial statements of Ur-Energy, shall be sold, transferred, liquidated or otherwise disposed of or distributed by Ur-Energy over a period of one year or less, in any manner whatsoever and whether in one transaction or in a series of transactions or by plan of arrangement; or

	
 
	
 
	
 

	
 
	
(d) 
	
the completion of any transaction or the first of a series of transactions which would have the same or similar effect as any event or transaction or series of events or transactions referred to in subsections (a), (b) or (c) above; or

	
 
	
 
	
 

	
 
	
(e) 
	
a determination by the Board of Directors of Ur-Energy that there has been a change, whether by way of a change in the holding of voting shares of Ur-Energy in the ownership of Ur-Energy’s assets or by any other means, as a result of which any person, or any group of persons acting jointly or in concert is in a position to exercise effective control of Ur-Energy.

  

	 
	2
	
	 

 

(6) Upon the termination of Ms. Goplerud’s employment pursuant to Section 3.01(4) above or upon a Change of Control of Ur-Energy (as defined above), the Corporation shall establish a trust, substantially in the form attached hereto as Exhibit A or in such other form as the parties may mutually agree (the “Trust”). At such time, the Corporation will contribute to the Trust an amount equal to twenty-four (24) months of Ms. Goplerud’s then current base salary. If Ms. Goplerud is terminated in accordance with Section 3.01(4) or if Ms. Goplerud terminates employment in accordance with Section 3.01(5) after a Change of Control, any severance amounts payable to Ms. Goplerud pursuant to Sections 3.01(4) or 3.01(5), as applicable, will be paid first out of the Trust. The parties intend that the Trust shall be structured so that Ms. Goplerud will not be considered to be in constructive receipt of income or incur an economic benefit solely on account of adoption or maintenance of the Trust. The assets of the Trust shall at all times be subject to the claims of the Corporation’s general creditors until distributed to Ms. Goplerud.

 

(7) The parties agree that if this Agreement is terminated by Ur-Energy, through the Corporation, without cause, the payment to Ms. Goplerud in accordance with the preceding Section 3.01 shall be inclusive of any statutory amounts required by law upon termination of employment.

 

2. The parties agree that all remaining terms and conditions of the Agreement shall remain unchanged and in full force and effect. All capitalized terms used but not otherwise defined herein have the defined meanings given to them in the Agreement.

 

	 
	3
	
	 

 

IN WITNESS WHEREOF the parties have duly executed this Amendment 2020-1 to Employment Agreement as indicated below.

 

	
 
	
 
	
/s/ Penne A. Goplerud
	
 

	
 
	
 
	
Penne A. Goplerud
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
UR-ENERGY USA INC.
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ Roger L. Smith
	
 

	
 
	
 
	
Roger L. Smith, President
	
 

 

The rights and obligations of this Agreement are acknowledged and agreed by Ur-Energy Inc. and Ur-Energy Inc. agrees to be bound as such rights and obligations apply to Ur-Energy Inc.

 

	
UR-ENERGY INC.
	
 

	
 
	
 
	
 

	
By:
	/s/ Roger L. Smith	
 

	
 
	
Roger L. Smith, Chief Financial Officer 
	
 

 

	 
	4Document

Exhibit 10ll
 

ANNUAL INCENTIVE PLAN
NW Natural Gas Storage LLC
(“company”, or “the company”)

PURPOSE
The purpose of the Annual Incentive Plan (AIP) is to recognize and reward Non-Bargaining Unit (NBU) employees who have performed well and contributed to successful company performance as measured by key performance indicators. 

PROGRAM TERM
This Plan is an annual incentive plan and each new calendar year commences a new Program Term. Each Program Term will begin on January 1 and conclude on December 31. 

PARTICIPATION
All NBU regular employees of the company are eligible to participate in the Annual Incentive Plan. For all purposes of this AIP, a person who is an employee of Northwest Natural Gas Company (NW Natural) on full-time assignment to the company and designated by the Company Board of Directors (BOD) shall be considered to be a regular employee of the company during the period of that full-time assignment.  In these situations, a designated participant in this AIP shall not be eligible for incentive compensation from NW Natural. 

NW Natural Oversight
If the President of NWNGS is considered by NW Natural to be an executive officer of NW Natural for purposes of public disclosure, any decision of the BOD under this AIP that affects an award to the President shall be subject to and conditioned upon the approval of that decision by the Board of Directors of NW Natural or as delegated by the Board of Directors of NW Natural to the Organization and Executive Compensation Committee.

To be eligible for an award the Participant must have been employed by the company in an NBU role for at least one month during the Program Term. In addition, the Participant must be employed on the date of the plan payout to be eligible for any award for the Program Term unless the Participants’ employment is terminated prior to the payout date of the Program Term due to one of the following: retirement(*), disability or death, Board approved exception due disposition of an affiliated business which results in the participant’s termination of employment with NWNGS.  Prorated awards will be determined by prorating the Participant’s final award by the number of days employed during the Program Term.  In the case of a Board approved exception due to disposition of an affiliated business occurring during the Program Term, the participant’s prorated award will be based upon their target award and not actual Company performance for the Program Term.  Such award will be paid within thirty (30) days following 
1

the completion of the transition period as defined by the Board.  The disposition of Gill Ranch Storage qualifies as Board approved and the Board will define the end of the transition period.  However, participating employees with Company approved Retention Agreements, will be eligible for prorated AIP awards consistent with such agreements.  

Employees who transfer to or from employment or full-time assignment to Northwest Natural or another subsidiary will be eligible for a prorated award based upon the number of days they were eligible to participate in the AIP.

 (*)  Retirement is defined as a minimum of 5 years of service (with the company or with an affiliate company) and age and service equals 70.

INCENTIVE TARGETS 
Target incentive award opportunities will be established by salary grade for each Plan Year and approved by the Board of Directors. The target incentive levels for each salary grade are shown in Exhibit I to the Plan document for the Plan Year. The target incentive opportunity is assigned by salary grade and calculated by multiplying the Target Incentive percentage times the following for each employee category:

NBU Salary Paid/Exempt – Annual Base Salary as of December 31st of the plan year

NBU Hourly Paid/Non-Exempt – Actual eligible earnings, including regular pay, overtime pay, & lump sum merit payments
INCENTIVE FORMULA
The formula for calculating the incentive award for the Program Term is as follows:

Participant Award =
Target  Award  X  ((CPF X CPF Factor Weight) + (IPF  X IPF Factor Weight))

COMPANY PERFORMANCE FACTOR (CPF)
The company performance goals in the Plan are intended to align the interest of Participants with those of the company. The goals and the formula for determining the Company Performance Factor will be established by the NW Natural Gas Storage, LLC Board of Directors (the “Board of Directors”) at the start of each Program Term and set forth as Exhibit ll.  After the goals and formula are established for a Program Term, the Board of Directors retains discretion to modify the goals and formula, including adjusting the calculation of any financial or other goal to eliminate the effects of significant extraordinary, non-recurring or unplanned items. 

2

INDIVIDUAL PERFORMANCE FACTOR (IPF)
The IPF weight used in calculating the Individual Performance Factor will be established for each Participant by the President, subject to the approval of the Board of Directors at the beginning of the Program Term.  Individual goals for each Participant will be established by the Participant’s leader (subject to the approval of the President, and for the President subject to the approval of the Board of Directors) at the beginning of each Program Term.  Performance against these goals will be assessed by the Participant’s leader at the end of the Program Term (subject to the approval of the President, and for the President subject to the approval of the Board of Directors). This assessment will result in a rating on a scale of 0 to 1.5 (the “Individual Performance Factor”). The Participant will not receive an award if the Individual Performance Factor is less than 0.5.  

ADMINISTRATION
Awards will be calculated and paid no later than March 15 following the end of the Program Term. Awards are subject to tax withholding unless the Participant made a prior election to defer the Award under the terms of the NW Natural Gas Company Deferred Compensation Plan for Directors and Executives if they are eligible for this plan.  All awards shall be audited and approved by the Board of Directors prior to payment.

The Plan shall be administered by the Board of Directors. Except to the extent provided under “NW Natural Oversight” above. The Board of Directors shall have the exclusive authority and responsibility for all matters in connection with the operation and administration of the Plan. Except to the extent provided under “NW Natural Oversight: above. Decisions by the Board of Directors shall be final and binding upon all parties affected by the Plan, including the beneficiaries of Participants.

The Board of Directors may rely on information and recommendations provided by management. The Board of Directors may delegate to management the responsibility for decisions that it may make or actions that it may take under the terms of the Plan, subject to the Board of Directors reserved right to review such decisions or actions and modify them when necessary or appropriate under the circumstances. The Board of Directors shall not allow any employee to obtain control over decisions or actions that affect that employee’s Plan benefits.

AMENDMENTS AND TERMINATION
The Board of Directors has the power to terminate this Plan at any time or to amend this Plan at any time and in any manner that it may deem advisable.

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00322-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00322-of-00352.parquet"}]]