Document:

Exhibit 10.5

 

WARRANT CERTIFICATE

 

Unless permitted under securities legislation,
the holder of the securities represented by this certificate shall not trade the securities before [ 4 months and 1 day from Closing,
2016.

 

The securities represented hereby
have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or
any state securities laws, and may be offered, sold, pledged, transferred or otherwise disposed of only (a) to the corporation;
(b) pursuant to a registration statement with respect to such securities which has been declared effective under the U.S. Securities
Act; (c) in an offshore transaction meeting the requirements of rule 904 of Regulation S under the U.S. Securities Act and in compliance
with any applicable securities laws; (d) for so long as the securities are eligible for resale pursuant to rule 144 or (e) pursuant
to any other available exemption from the registration requirements under the U.S. Securities Act.”

 

Delivery of this certificate
may not constitute “good delivery” in settlement of transactions on stock exchanges in Canada. A new certificate,
bearing no legend, delivery of which will constitute “good delivery”, may be obtained from the corporation upon delivery
of this certificate and a duly executed declaration, in form satisfactory to the corporation, to the effect that the sale of the
securities represented hereby is being made in compliance with rule 904 of regulations under the U.S. Securities Act.] 

 

WESTERN URANIUM CORPORATION

 

	Certificate No.
    ●	 ●Warrants

 

THIS IS TO CERTIFY THAT, FOR VALUE
RECEIVED, ● (the "Holder") is entitled to subscribe for and
acquire, upon and subject to the terms and conditions hereinafter set forth, one (1) common share (as constituted at the date
hereof) (a "Common Share") in the capital of WESTERN URANIUM CORPORATION (the
"Company") for each warrant represented hereby, at and for a price of $[ ] per share at
any time prior to 5:00 p.m. (Toronto time) on [Date] , 20[ ] (the "Time of Expiry").

 

	1.	The right to purchase Common Shares hereunder may only be exercised during the period herein specified by:

 

		(a)	completing, in the manner indicated, and executing the attached subscription form for that number
of Common Shares which the Holder is entitled and wishes to purchase;

 

		(b)	surrendering this warrant to the Company at its head office; and

 

		(c)	paying the appropriate subscription price for the Common Shares subscribed for either by cash or
certified cheque payable at par to or to the order of the Company.

 

    

     

    

 

2.           Upon surrender and payment as aforesaid,
the Company will, subject to the terms hereof, issue to the person or persons named in the subscription form the number of Common
Shares subscribed for and such person or persons will be shareholders of the Company in respect of such Common Shares as at the
date of surrender and payment. As soon as practicable after surrender and payment, the Company will mail to such person or persons,
at the address or addresses specified in the subscription form, a certificate or certificates evidencing the Common Shares subscribed
for. If the Holder subscribes for a lesser number of Common Shares than the number of shares referred above, the Holder shall be
entitled to receive a new warrant certificate (substantially in the form hereof) in respect of the Common Shares that might have
been subscribed for hereunder but which were not then purchased by the Holder. In no event shall fractional Common Shares be issued
in connection with the exercise of these warrants.

 

3.           These warrants are exercisable at any
time and from time to time up to, but not after, the Time of Expiry, upon payment in the manner and at the place provided for above.

 

4.           These warrants may be combined with other
common share purchase warrants issued to the Holder or divided into other common share purchase warrants delivered to the Holder,
upon such reasonable terms as the Company may impose, provided that no fraction of a common share purchase warrant shall be issued
by the Company.

 

5.           Nothing contained herein shall confer
on the Holder or any other person any right to subscribe for or purchase shares in the capital of the Company at any time subsequent
to the Time of Expiry and, from and after such time, these warrants and all rights hereunder shall be void and of no value.

 

6.           If these warrants are stolen, lost, mutilated
or destroyed the Company may, on such reasonable terms as to indemnity or otherwise as it may impose, deliver replacement warrants
of like denomination, tenor and date as the warrants so stolen, lost, mutilated or destroyed.

 

7.           The Holder shall have no rights whatsoever
as a shareholder (including any rights to receive dividends or other distribution to shareholders or to vote at a general meeting
of shareholders of the Company) other than in respect to Common Shares in respect of which the Holder shall have exercised its
right to purchase hereunder and which the Holder shall have actually taken up and paid for.

 

8.           The Exercise Price and the number of
Common Shares issuable on the exercise of these warrants shall be adjusted in the following circumstances.

 

		(a)	Share Reorganization. Whenever the Company subdivides all of the issued and outstanding
Common Shares into a greater number of Common Shares, or combines or consolidates all outstanding Common Shares into a lesser number
of Common Shares (each of such events being herein called a "Share Reorganization"), then effective immediately after
the effective date of such subdivision, combination or consolidation:

 

		(i)	the number of Common Shares into which each warrant may be exercised hereunder, will be adjusted
to a number which is the product of:

 

		(A)	the number of Common Shares into which each warrant may be exercised hereunder, immediately before
such effective date; and

 

    	 	2	 

     

    

 

		(B)	fraction the numerator of which is the total number of Common Shares that are or would be outstanding
immediately after such effective date after giving effect to the Share Reorganization, and the denominator of which is the total
number of Common Shares outstanding on that effective date before giving effect to the Share Reorganization;

 

		(ii)	the Exercise Price of each warrant shall be adjusted to a price per Common Share which is the product
of:

 

		(A)	the Exercise Price in effect immediately before that effective date; and,

 

		(B)	a fraction which is the reciprocal of the fraction described in sub-paragraph (i)(B) above.

 

		(b)	Special Distribution. Whenever the Company issues by way of a dividend or otherwise distributes
to all or substantially all holders of Common Shares:

 

		(i)	shares of the Company;

 

		(ii)	evidences of indebtedness;

 

		(iii)	any cash or other assets, excluding cash dividends (other than cash dividends which the board of
directors of the Company has determined to be outside the normal course); or

 

		(iv)	rights, options or warrants,

 

then to the extent that such dividend
or distribution does not constitute a Share Reorganization (any of such non-excluded events being herein called a "Special
Distribution"), the Company shall give to the Holder at least 20 days’ prior written notice of the record date at which
the holders of Common Shares are determined for purposes of the Special Distribution. Such notice shall also specify the date on
which the holders of Common Shares shall be entitled to such Special Distribution.

 

		(c)	Corporate Reorganization. Whenever there is:

 

		(i)	a reclassification of outstanding Common Shares, a change in Common Shares into other shares or
securities or any other capital reorganization of the Company, other than as described in subparagraphs a) or b) above;

 

		(ii)	a consolidation, merger or amalgamation of the Company with or into another corporation resulting
in a reclassification of outstanding Common Shares into other shares or securities or a change of Common Shares into other shares
or securities; or

 

    	 	3	 

     

    

 

		(iii)	a transaction whereby all or substantially all of the Company’s undertaking and assets become
the property of another corporation,

 

(any such event being herein called
a "Corporate Reorganization") the Holder shall be entitled to receive (at the times, and subject to the terms and conditions
set out in this warrant certificate) and will accept, in lieu of the Common Shares which it would otherwise have been entitled
to receive, the kind and amount of shares or other securities or property that it would have been entitled to receive as a result
of the Corporate Reorganization if, on the effective date thereof, it had been the holder of all remaining Common Shares not already
exercised by the Holder pursuant to these warrants, and the Exercise Price shall be adjusted to the amount determined by multiplying
the exercise price in effect immediately prior to the Corporate Reorganization by the number of Common Shares subject to the unexercised
part of these warrants immediately prior to the Corporate Reorganization and dividing the product thereof by the number of securities
to which the Holder of that number of Common Shares subject to the unexercised part of these warrants would have been entitled
by reason of such Corporate Reorganization.

 

		(d)	Adjustments Cumulative. The adjustments provided for in this paragraph 8 are cumulative.

 

		(e)	Notice of Adjustment. Upon any adjustment of the number of Common Shares the Company shall
give written notice thereof to the Holder, which notice shall state the number of Common Shares or other securities subject to
the unexercised part of these warrants resulting from such adjustment, and shall upon receipt of a written request of the Holder
set forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the request and
at the expense of the Holder, the Company shall also provide a statement of the Company’s auditors to the effect that such
firm concurs in the Company’s calculation of the change provided however, that the Holder shall not be responsible for such
expense if the auditor’s statement does not materially concur with the Company’s calculation.

 

9.           On the happening of each and every event
referred to above that gives rise to an adjustment, the applicable provisions of these warrants shall, ipso facto, be deemed
to be amended accordingly and the Company shall take all necessary action so as to comply with such provisions as so amended.

 

    	 	4	 

     

    

 

10.          The Company represents and warrants
that it is duly authorized to create and deliver these warrants and to issue the Common Shares that may be issued hereunder and
that these warrants, when signed by the Company as herein provided, will be a valid obligation of the Company enforceable against
the Company in accordance with the provisions hereof. The Company hereby covenants and agrees that, subject to the provisions hereof,
it will cause the Common Shares from time to time duly subscribed for and purchased in the manner herein provided, and the certificates
evidencing such Common Shares, to be duly issued and delivered, and that at all times up to and including the Time of Expiry, while
these warrants remain outstanding, it shall have sufficient authorized capital to satisfy its obligations hereunder should the
Holder determine to exercise the right in respect of all the Common Shares for the time being purchasable pursuant to these warrants.
Certificates for Common Shares issued upon the exercise of these warrants may bear such legend or legends as to transfer as may
be considered necessary by the Company and its counsel, acting reasonably. All Common Shares issued upon the exercise of the right
of purchase herein provided (upon payment therefor of the amount at which such Common Shares may at the time be purchased pursuant
to the provisions hereof), shall be issued as fully paid and non-assessable Common Shares and the holders thereof shall not be
liable to the Company or its creditors in respect thereof.

 

11.          Time shall be of the essence hereof.

 

12.          These warrants shall be governed by
and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein.

 

13.          These common share purchase warrants
shall not be valid for any purpose whatsoever until signed by the Company.

 

THE REMAINDER OF THIS PAGE LEFT INTENTIONALLY
BLANK

 

    	 	5	 

     

    

 

WARRANT CERTIFICATE SIGNATURE PAGE

 

IN WITNESS WHEREOF the Company has caused
this certificate representing the Warrants to be signed by its duly authorized officers.

 

DATED as of the day of _________________,
201_ 

 

	 	WESTERN URANIUM CORPORATION
	 	 	 
	 	Per:	
	 	 	Authorized
Signing Officer
	 	 	I have authority to bind the corporation.

 

    	 	6	 

     

    

 

SUBSCRIPTION FORM

 

	TO:	WESTERN URANIUM CORPORATION

 

The undersigned Holder of the within warrants
hereby subscribes for   _________________ Common Shares in the capital of Western
Uranium Corporation and hereby makes payment of the purchase price for the said number of Common Shares.

 

The undersigned hereby directs
that the Common Shares hereby subscribed for be issued and delivered as follows:

 

	Name in Full	Address in Full	Number of Shares
	
         

         

         

         
	 	 
	
         

         

         

         
	 	 

 

(Please state full names in which share certificates
are to be issued, stating whether Mr., Mrs., Ms. or Miss.)

 

DATED this ____ day of _______________,
20___.

 

	 	
	 	Holder's Name (please print)
	 	 
	 	
	 	Authorized Signature
	 	 
	 	
	 	Name and Title of Signatory (if
applicable)ex10_3.htm

Exhibit 10.3

 

 

 

	
ÄNDERUNGS-/ ERGÄNZUNGSVEREINBARUNG 

	  	
AMENDMENT-/ SUPPLEMENTARY-AGREEMENT

	 	 	 
	 	 	 
	 	 	 
	
Zwischen

	  	
Between

	 	 	 
	 	 	 
	 	 	 
	
TRUMPF Medizin Systeme

GmbH & Co. KG

Carl-Zeiss-Straße 7-9

07318 Saalfeld

	  	
TRUMPF Medizin Systeme

GmbH & Co. KG

Carl-Zeiss-Straße 7-9

07318 Saalfeld

	 	 	 
	 	 	 
	 	 	 
	
nachfolgend "Gesellschaft"

	  	
hereinafter "Company"

	 	 	 
	 	 	 
	
und

	  	
and

	 	 	 
	
Herrn Dr. Dirk Horst Ehlers

Harvestehuder Weg 25

20149 Hamburg

	  	
Mr. Dr. Dirk Horst Ehlers

Harvestehuder Weg 25

20149 Hamburg

	 	 	 
	 	 	 
	 	 	 
	
nachfolgend "Geschäftsführer"

	  	
hereinafter "Managing Director"

	 	 	 
	 	 	 
	 	 	 
	
I.  Vertragsänderungen

	  	
I.  Contract Amendments

	 	 	 
	 	 	 
	
Nachfolgende Vereinbarungen ändern den zwischen der Gesellschaft und dem Geschäftsführer geschlossenen Dienstvertrag aus dem Jahr 2015 mit Wirkung zum 18.01.2016 als Stichtag. Die jeweiligen Absätze des Dienstvertrages werden durch folgende ersetzt:

	  	
The following agreements change the service contract between the company and the Managing Director of the year 2015 with effect from the 18.01.2016 as key date. The respective sections of the contract are replaced by the following:

 

  

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§ 1

Position / Dienstsitz

	  	
Sec. 1

Position / place of work

	 	 	 
	 	 	 
	
(1)          Der Geschäftsführer ist, gegebenenfalls zusammen mit weiteren Geschäftsführern, Geschäftsführer der TRUMPF Medizin Systeme Beteiligungs-GmbH, einem weltweit agierenden Unternehmen innerhalb von Hill-Rom aus. Er übt die Funktion des President, Surgical Solutions aus.

	  	
(1)          The Managing Director, where applicable together with further managing directors, is the managing director of the TRUMPF Medizin Systeme Beteiligungs-GmbH, a global business within Hill-Rom. He exercises the function of the President, Surgical Solutions.

	 	 	 
	 	 	 
	
§ 3

Aufgaben / Geschäftsführung / Vertretung

	  	
Sec. 3

Function / Management/ Representation

	 	 	 
	 	 	 
	
(2)       (b) Vorbehaltlich der gesetzlichen Zuständigkeiten der Gesellschafterversammlung der TRUMPF Medizin Systeme Beteiligungs-GmbH berichtet der Geschäftsführer an den Chief Operating Officer, Hill-Rom Holdings, Inc. Die Gesellschaft behält sich vor, die Berichtswege jederzeit unter angemessener Berücksichtig der Belange des Geschäftsführers zu ändern.

	  	
(2)         (b) Subject to the statutory competencies of the shareholders’ meeting of TRUMPF Medizin Systeme Beteiligungs-GmbH the Managing Director shall report to the Chief Operating Officer, Hill-Rom Holdings, Inc. The company reserves the right to change the reporting channel at any time with due regard to the interests of the Managing Director.

	 	 	 
	 	 	 
	
§ 6

Vergütung

	  	
Sec. 6

Remuneration

	 	 	 
	 	 	 
	
(1)         Als Vergütung für seine Dienste erhält der Geschäftsführer ein Bruttojahresfestgehalt, welches EUR 370.000,00 (in Worten: dreihundertsiebzigtausend Euro) beträgt. Das vereinbarte Bruttojahresfestgehalt ist zahlbar in zwölf gleichen Raten, jeweils am Ende eines Kalendermonats. Soweit die Tätigkeit des Geschäftsführers in einem Kalenderjahr unterjährig beginnt oder endet und damit das Vertragsjahr kürzer ist als das Kalenderjahr, ist das Bruttojahresfestgehalt zeitanteilig geschuldet. Etwaige Mehrarbeit und Überstunden werden nicht gesondert vergütet.

	  	
(1)           Managing Director will receive a gross annual fixed salary amounting to EUR 370,000.00 (in words: three hundred seventy thousand Euros). The agreed gross annual fixed salary is payable in twelve equal instalments each at the end of a calendar month. To the extent that the Managing Director's service commences or ends during the course of a calendar year and the contract year is thus shorter than the calendar year, the gross annual fixed salary is owed pro rata temporis. No separate remuneration will be paid for additional work and overtime.

 

  

Page 2 of 5

  

 

	
(2)          Der Geschäftsführer nimmt, am Short-Term Incentive Compensation (STIC) Programm der Gesellschaft teil. Die Zielprämie entspricht 70 % des Festgehaltes. Auch für das Geschäftsjahr 2016 entspricht die Zielprämie 70 % des Festgehalts; eine anteilige Kürzung erfolgt nicht. Die STIC-Auszahlung basiert [gemäß dem Hill-Rom Holdings, Inc. Short Term Incentive Compensation Programms] sowohl auf der Erreichung der finanziellen Ziele von Hill-Rom als auch auf der Erreichung der eigenen individuellen Leistungsziele des Geschäftsführers. Der Geschäftsführer muss zum Zeitpunkt der Auszahlung noch bei der Gesellschaft angestellt sein, um die Zahlung zu erhalten.

	
 

	
(2)          Managing Director will be eligible to parti-cipate in the Company’s Short-Term Incentive Compensation (STIC) program which at target is 70 % of the base salary. For fiscal year 2016, the STIC payout will be based on the increased target of 70 % and will not be prorated. STIC payout is based subject to the Hill-Rom Holdings, Inc. Short Term Incentive Program on achievement of Hill-Rom’s financial objectives as well as the own individual performance objectives of the Managing Director . Managing Director must be actively employed on the date of payout in order to receive the payment.

	 	 	 
	 
(3)         Der Geschäftsführer hat Anspruch auf einen jährlichen Long Term Incentive Compensation Award [gemäß dem Hill-Rom Holdings, Inc. Long Term Incentive Programms sowie der Stock-Award-Vereinbarung.] Die Zielprämie entspricht etwa 40 % des Jahresfestgehalts. Der Long Term Incentive Compensation Award unterliegt der Genehmigung durch den CEO und den Vorstand von Hill-Rom. Innerhalb von 30 Tagen ab Gewährung des Long Term Incentive Compensation Award erhält der Geschäftsführer ein „Stock Award Agreement“ (Aktienzuteilungsvereinbarung) von Hill-Rom Holdings, lnc., das zusätzliche Informationen zum Award bietet. Sofern die Beschäftigung vor dem 01.11.2015 beginnt, hat der Geschäftsführer Anspruch auf Gewährung eines Long Term Incentive Compensation Award für das Geschäftsjahr 2015/2016. Der Long Term Incentive Compensation Award wird durch den CEO und den Vorstand von Hill-Rom nach den Regelungen des Long Term Incentive (LTI) Programms ermittelt. Die Regelungen sind dieser Vereinbarung als Anhang beigefügt.

	 	 
(3)          The Managing Director will be eligible for an annual long term incentive compensation award which at target is approximately 40 % of the annual fixed salary subject to the Hill-Rom Holdings, Inc. Long Term Incentive Program and the Stock-Award-Agreement. The award is subject to approval by the CEO and Board of Directors of Hill-Rom. Within 30 days of the long term incentive grant, the Managing Director will be provided with a Hill-Rom Holdings, lnc. stock award agreement providing additional detail regarding the award. If employment begins prior to November 1, 2015, the Managing Director will be eligible for an annual Long term incentive grant for fiscal 2016. The long Term Incentive Compensation Award is determined by the Hill-Rom Board of Directors and the CEO pursuant to the guidelines of the Long Term Incentive (LTI) program. These regulations are attached to this agreement as annex.

 

  

Page 3 of 5

  

 

	
(5)           Im Falle des Austritts des Geschäftsführers wird der Bonus für das Jahr des Austritts zeitanteilig gewährt. Die Gesellschaft ist berechtigt, alle Bonusrichtlinien jederzeit zu ergänzen oder zu ändern. Die jeweils geltende Bonusrichtlinie ist Bestandteil des Vertrages.

	  	
(5)          Bonus for the year in which the Managing Director might leave the Company is paid out pro-rata temporis. The Company has the right to amend and vary the bonus guidelines at any time. The applicable bonus guideline forms an integral part of this Contract.

	 	 	 
	 	 	 
	 	 	 
	
II. Ergänzende Vereinbarungen

	  	
II. Supplementary Agreement

	 	 	 
	 	 	 
	
Der Geschäftsführer erhält einmalig Restricted Stock Units (RSU) in Höhe von $ 100.000 (in Worten: hunderttausend US-Dollar) der Hill-Rom Holdings, Inc. [gemäß dem Hill-Rom Holdings, Inc. Stock Award Programm sowie der Stock-Award-Vereinbarung.] Die Anzahl der Aktien wird auf Basis des Aktienkurses am 18.01.2016 bestimmt. Diese Prämie wird am Tag nach dem dritten Jahrestag des Stichtages vollständig "vesten". Kurz nach dem Stichtag wird dem Geschäftsführer eine Stock-Award-Vereinbarung von Hill-Rom Holdings, Inc. zur Verfügung gestellt, die die Bedingungen und weitere Details der Prämie enthält. Die Informationen werden durch Hill-Roms equity administrator, Fideltity, als dritte Partei zur Verfügung gestellt.

	  	
Managing director will receive a one-time award of shares of Restricted Stock Units (RSUs) in the amount of $ 100,000 (in words: a hundred thousand US-Dollar) of Hill-Rom Holdings, Inc., subject to the Hill-Rom Holdings, Inc. Stock Award Program and the Stock-Award-Agreement. The number of shares will be determined based on the stock price on the 18.01.2016. This award will fully vest on the day following the third anniversary of the effective date of your promotion. Shortly after the effective date of your promotion, you will be provided with a Hill-Rom Holdings, Inc. stock award agreement providing the terms and additional details regarding your equity award.  The information will be provided through Hill-Rom’s third party equity administrator, Fidelity.

 

  

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UNTERSCHRIFTEN

	  	
SIGNATURES

	 	 	 
	
  Chicago

	
, den  

	
  19th Feb 2016

	  	
  Puchheim

	
, the  

	
11th Feb 2016

	  	  	  
	 	 	 
	 	 	 
	
  /s/  Taylor Smith

	  	
  /s/  Dirk Ehlers

	  	  	  
	  	  	  
	
Unterschrift der Gesellschaft

Diese vertreten durch

[Name, Position]

	  	
Unterschrift des Geschäftsführers /

Signature of the Managing Director

Dr. Dirk Ehlers

	  	  	  
	
Signature of the company

Which is represented by

[name, position]

	  	  

Page 5 of 5

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