Document:

Exhibit

Exhibit 10.20

XILINX, INC.

CHANGE OF CONTROL AGREEMENT

    
THIS CHANGE OF CONTROL AGREEMENT (this “Agreement”), is made by and between Xilinx, Inc. (hereinafter the “Company”), and ____________ (hereinafter “Executive”) and shall be effective as of ____________ (the “Effective Date”).

WHEREAS, the Company and Executive desire to enter into an agreement governing a constructive or actual termination connected with a change of control of the Company. 

NOW, THEREFORE, the Company and Executive, in consideration of the mutual promises set forth herein, hereby agree as follows:

1.Term.  The term of this Agreement will commence on the Effective Date and will continue in effect until, and terminate on _________, 20__ (the “Term”).  This Agreement may be renewed by mutual agreement of the Company and Executive, pursuant to the terms agreed to between the Company and Executive at the time of such renewal. 

2.Termination Without Cause or Constructive Termination in Connection With a Change of Control.  

(i)Cash Payments and COBRA Benefits.  If the Company terminates Executive’s employment without Cause or Executive resigns under circumstances that constitute a Constructive Termination, and (i) a Change of Control is consummated within the 90 day period commencing on such termination or (ii) a Change of Control has occurred anytime in the two (2) year period on or prior to such termination, then, provided that Executive executes a waiver and release of all claims in a form substantially similar to Exhibit A (the “Release”) and such Release becomes effective and enforceable in accordance with its terms following the expiration of any applicable revocation period under federal or state law no later than 50 days following the Executive’s Separation from Service, the Executive shall receive the payments and benefits set forth in this Section 2(i).  Subject to Executive’s continued compliance with the requirements set forth in Sections 2(iii) and 2(iv), Executive shall receive (in each case less applicable withholding):

(A)a cash payment equal to 150% of Executive’s then-current annual Base Salary, payable as a lump sum payment on the 60th day following the date of Executive’s Separation from Service; 

(B)a cash payment equal to 150% of the amount of Executive’s Annual Bonus for the fiscal year in which Executive’s Separation from Service occurs (the “Severance Bonus Payment”), payable as a lump sum payment on the 60th day following the date of Executive’s Separation from Service; and

(C)if Executive elects continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), then, at the Company’s election, the Company will (i) for a period of 12 months from Executive’s Separation from Service, reimburse Executive for coverage premiums applicable under COBRA (at the coverage levels in effect immediately prior to Executive’s Separation from Service) or (ii) pay Executive a lump sum payment on the 60th day following the date of Executive’s Separation from Service equal to the cost of 12 months of such COBRA coverage (at the coverage levels in effect immediately prior to Executive’s Separation from Service).

(ii)Equity Acceleration.  If the Company terminates Executive’s employment without Cause or Executive resigns under circumstances that constitute a Constructive Termination, in either case after the consummation of a Change of Control, and such Change of Control has occurred within the timeframes specified below, then, provided that Executive executes a waiver and release of all claims in a form substantially similar to Exhibit A (the “Release”) and such Release becomes effective and enforceable in accordance with its terms following the expiration of any applicable revocation period under federal or state law no later than 50 days following the Executive’s Separation from Service, in addition to the payments and benefits set forth in Sections 2(i)(A)-(C), the 

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Executive shall receive the benefits set forth in this Section 2(ii).  Subject to Executive’s continued compliance with the requirements set forth in Sections 2(iii) and 2(iv), Executive shall receive:

(A)25% acceleration of the vesting of all Executive’s equity awards (including, without limitation, stock options and restricted stock units whether or not the vesting of such restricted stock units is subject to time-based vesting conditions or the attainment of performance targets) that are unvested and outstanding as of the Separation from Service, subject to such Change of Control having been consummated during the 12-month period immediately following the commencement of the Executive's employment with the Company; 

(B)50% acceleration under the same terms as provided in 2(ii)(A), subject such Change of Control having been consummated during the period commencing on the 12-month anniversary of the commencement of Executive's employment with the Company and ending on the 24-month anniversary of the commencement of the Executive's employment with the Company; or 
(C)100% acceleration under the same terms as provided in 2(ii)(A), subject such Change of Control having been consummated during the period commencing after the first 24 months of the commencement of Executive’s employment with the Company.

(iii)     Until one year after Executive’s Separation from Service, Executive will not directly or indirectly induce, encourage, solicit, influence or attempt to influence any employee, contractor or other service provider of the Company or its subsidiaries to cease providing services for the Company or its subsidiaries for any reason, or to employ, interview or arrange to have business opportunities offered to any such individual.

(iv)     If a court determines that any provision of this section exceeds the maximum scope, time period, or geographic area that the court deems enforceable, the scope, time period, or geographic area shall be deemed the maximum that the court considers reasonable.

(v)     For the avoidance of doubt, in the event Executive breaches any of the agreements in this Section 2, any rights or entitlements Executive may have to the payments and benefits set forth in this Agreement shall terminate immediately upon such breach and no further payments will be made, and no further benefits will be provided, to Executive pursuant to this Agreement.  

3.Exclusive Remedy.  This Agreement specifies all of Executive’s compensation and benefits resulting from an actual termination or Constructive Termination in connection with a Change of Control.  Executive shall not be entitled to any other compensation and benefits from the Company except to the extent provided under any written Company benefit plan, stock option or other equity agreement or indemnification agreement, or as may be required under applicable law.
 
		
	4.
	Definitions.

(i)“Annual Bonus” means (A) Executive’s target incentive cash compensation under the annual bonus program then in effect for the current fiscal year in which a Separation from Service occurs or (B) Executive’s target incentive cash compensation under the annual bonus program at the time the Change of Control occurred, whichever is greater, factoring any performance targets at 100% achievement.

(ii)“Base Salary” means Executive’s then-current cash compensation paid on the Company’s standard salary payment schedule.

(iii)“Cause” means (A) gross dereliction of duties which continues after at least two notices, each 30 days apart, from the Company, specifying in reasonable detail the tasks which must be accomplished and a timeline for their accomplishment to avoid termination for Cause, (B) willful and gross misconduct which injures the Company, (C) willful and material violations of laws applicable to the Company, or (D) embezzlement or theft of Company property.

(iv)“Change of Control” means the occurrence of any of the following events:

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(A)Any “person” or “group” as such terms are defined under Sections 13 and 14 of the Securities Exchange Act of 1934 (“Exchange Act”) (other than the Company, a subsidiary of the Company, or a Company employee benefit plan) is or becomes the “beneficial owner” (as defined in Exchange Act Rule 13d-3), directly or indirectly, of Company securities representing 50% or more of the combined voting power of the Company’s then outstanding securities.

(B)The closing of:  (1) the sale of all or substantially all of the assets of the Company if the holders of Company securities representing all voting power for the election of directors before the transaction hold less than a majority of the total voting power for the election of directors of all entities which acquire such assets, or (2) the merger of the Company with or into another corporation if the holders of Company securities representing all voting power for the election of directors before the transaction hold less than a majority of the total voting power for the election of directors of the surviving entity.

(C)The issuance of securities, which would give a person or group beneficial ownership of Company securities representing 50% or more of all voting power for the election of directors.

(D)A change in the board of directors over a period of twenty-four (24) months such that the incumbent directors as of the beginning of any such twenty-four (24) month period and nominees of the incumbent directors are no longer a majority of the total number of directors.

Notwithstanding the foregoing, and only to the extent necessary to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), a “Change of Control” will have occurred only if, in addition to the requirements set above, the event constitutes a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, within the meaning of guidance issued by the Secretary of the Treasury under Section 409A of the Code.

(v)“Constructive Termination” means Executive’s resignation following the occurrence of any of the following events, without Executive’s approval:  (A) a material reduction in Executive’s Base Salary, target bonus or benefits, other than a reduction that is implemented across-the-board to all employees at Executive’s level; (B) a material reduction in Executive’s title, authority or responsibilities; or (C) the requirement that Executive relocate to a place of employment more than 50 miles from the Executive’s primary work location as in effect immediately prior to the Change of Control; provided, however, the Executive must provide written notice to the Company of the existence of a condition described in clause (A), (B) or (C) within ninety (90) days of the initial occurrence of the condition, and if within thirty (30) days of the Company’s receipt of such notice (or, if later, Executive’s actual termination of employment) the Company remedies such condition, a Constructive Termination will not be deemed to have occurred.

(vi)“Separation from Service” means the cessation of Executive’s status as an employee of the Company and shall be deemed to occur at such time as the level of the bona fide services Executive is to perform as an employee (or as a consultant or other independent contractor) permanently decreases to a level that is not more than 20% of the average level of services Executive rendered as an employee during the immediately preceding 36 months (or such shorter period for which the Executive may have rendered such service).  Any such determination as to Separation from Service, however, shall be made in accordance with the applicable standards of the Treasury Regulations issued under Section 409A of the Code.

5.Golden Parachute Excise Tax.  If the benefits provided for in this Agreement or otherwise payable to Executive constitute “parachute payments” within the meaning of Section 280G of the Code and will be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then Executive’s severance benefits under Section 2 shall be (i) delivered in full, or (ii) delivered as to such lesser extent which would result in no portion of such severance benefits being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by Executive on an after-tax basis, of the greatest amount of severance benefits.  Unless the Company and Executive otherwise agree in writing, any determination required under this Section 5 shall be made in writing in good faith by the accounting firm serving as the Company’s independent public accountants immediately prior to the Change of Control (the “Accountants”).  For purposes of making the calculations required by this Section 5, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations 

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concerning the application of Sections 280G and 4999 of the Code.  The Company and Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section.  If the Accountants determine that reduction of Executive’s severance benefits is required by this Section 5 such that no portion of Executive’s severance benefits will be subject to the Excise Tax, the severance benefits shall be reduced in the following order:  (i) cash severance pay that is exempt from Section 409A, (ii) any other cash severance pay, (iii) any other cash payable that is a severance benefit other than stock appreciation rights, (iv) any stock appreciation rights, (v) any restricted stock and/or restricted stock units, and (vi) stock options.  The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section 5.  

6.Section 409A.  

(i) Notwithstanding any provision to the contrary in this Agreement (other than Section 6(ii) below), no payments or benefits to which the Executive becomes entitled under Section 2 of this Agreement shall be made or paid to the Executive prior to the earlier of (A) the expiration of the 6-month period measured from the date of his Separation from Service or (B) the date of the Executive’s death, if the Executive is deemed at the time of such Separation from Service a “key employee” within the meaning of that term under Code Section 416(i) and such delayed commencement is otherwise required in order to avoid a prohibited distribution under Code Section 409A(a)(2).  Upon the expiration of the applicable Code Section 409A(a)(2) deferral period, all payments deferred pursuant to this Section 6 shall be paid in a lump sum to the Executive, and any remaining payments due under this Agreement shall be paid in accordance with the normal payment dates specified for them herein.   

(ii) The six month holdback set forth in Section 6(i) above shall not be applicable to (A) any severance payments under Section 2 that qualify as Short-Term Deferral Payments in the discretion of the Company and (B) any remaining portion of the severance payments due Executive under Section 2 to the extent the Company determines in its discretion that such payments are not subject to Section 409A of the Code pursuant to Treasury Regulations Section 1.409A-1(b)(9)(iii).

(iii)  No reimbursement payable to the Executive pursuant to any provision of this Agreement or pursuant to any plan or arrangement of the Company shall be paid later than the last day of the calendar year following the calendar year in which the related expense was incurred, and no such reimbursement during any calendar year shall affect the amounts eligible for reimbursement in any other calendar year, except, in each case, to the extent that the right to reimbursement does not provide for a “deferral of compensation” within the meaning of Section 409A of the Code. 

7.Assignment.  This Agreement shall bind and benefit (i) Executive’s heirs, executors and legal representatives upon Executive’s death to the extent the benefit is due and payable at the time of Executive’s death and (ii) any successor of the Company.  Any such successor of the Company shall be deemed substituted for the Company under the terms of this Agreement for all purposes.  “Successor” shall include any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company.  Executive has no other right to assign this Agreement and any such attempted assignment is void.

8.Notices.  All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed given if:  (i) delivered personally, (ii) one day after being sent by FedEx or a similar commercial overnight service, or (iii) three days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to Company at its principal office, attention:  General Counsel, or to Executive at Executive’s last principal residence known to the Company, or at such other addresses as the parties may designate by written notice.

9.Severability.  In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision.

10.Entire Agreement.  This Agreement represents the entire agreement and understanding between the Company and Executive concerning payments to Executive in the event of a Change of Control and supersedes any 

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and all prior change of control or similar agreements between the Company and Executive but does not supersede any other agreements between Company and Executive, including but not limited to, any confidentiality or similar agreement, any indemnification agreement, and any restricted stock purchase agreement, restricted stock unit agreement, stock option agreement or other equity award agreement entered into pursuant to the Company’s stock plans, except as expressly provided herein.  In case of conflict between any of the terms and conditions of this Agreement and the documents herein referred to, the terms and conditions of this Agreement shall control.

11.Arbitration and Equitable Relief.

(i)         Any dispute or controversy arising out of, relating to, or in connection with this Agreement, or the interpretation, validity, construction, performance, breach, or termination thereof shall be settled by arbitration to be held in the State of California in accordance with the Employment Arbitration Rules of the American Arbitration Association (the “Rules”) then in effect, and not by court or jury trial, to be held (unless the parties agree in writing otherwise) within 45 miles of where Executive is or was last employed by the Company.  The Rules may be found at www.adr.org or by searching for “AAA Employment Arbitration Rules” using a service such as www.Google.com or www.Bing.com or by asking the Company’s Legal Department for a copy of the Rules.  If for any reason the American Arbitration Association will not administer the arbitration, either party may apply to a court of competent jurisdiction with authority over the location where the arbitration will be conducted for appointment of a neutral arbitrator.  The arbitrator may grant injunctions or other relief in such dispute or controversy.  The decision of the arbitrator shall be final, conclusive and binding on the parties to the arbitration.  Judgment may be entered on the arbitrator’s decision in any court having jurisdiction.  This arbitration agreement shall survive after the employment relationship terminates.
(ii)        The arbitrator shall apply California law to the merits of any dispute or claim, without reference to rules of conflict of law.  The arbitration proceedings shall be governed by federal arbitration law and by the Rules, without reference to state arbitration law.
(iii)       The Company shall pay the costs and expenses of such arbitration.  Each party shall separately pay its counsel fees and expenses; provided, however, that the arbitrator shall have the authority to award reasonable attorneys’ fees and costs to a party who prevails on a claim under a statute that provides for such fees and costs to the prevailing party.
(iv)    Executive understands that to the extent Executive is employed in the United States, nothing in this Agreement modifies Executive’s at-will employment status.  Either the Company or Executive can terminate the parties’ employment relationship at any time, with or without cause.
12.No Oral Modification, Cancellation or Discharge.  This Agreement may be amended, canceled or discharged only in writing signed by Executive and a duly authorized officer of the Company.

[remainder of page intentionally left blank]

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13.Withholding.  The Company shall be entitled to withhold, or cause to be withheld, from payment any amount of withholding taxes required by law with respect to payments made to Executive in connection with his employment hereunder.

14.Governing Law.  This Agreement shall be governed by the laws of the State of California (with the exception of its conflict of laws provisions).

15.Representations.  Executive represents that he has had the opportunity to discuss this matter with and obtain advice from his own legal counsel, has had sufficient time to, and has carefully read and fully understands all the provisions of this agreement, and is knowingly and voluntarily entering into this Agreement.

XILINX, INC.:

    
                        
___________________________                
Name:
Title:

EXECUTIVE:

    
                        
___________________________                
Signature 

            
Print Name 
                
                    

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EXHIBIT A

FORM OF GENERAL RELEASE OF ALL CLAIMS
On behalf of myself, my heirs, executors, administrators and assigns, I hereby make the following agreements and acknowledgements in exchange for benefits to be received by me under my Change of Control Agreement (the “Agreement”):

1.    I agree that I fully and forever release and discharge the Company and all of its parents, divisions, subsidiaries, affiliates, related entities, and their predecessors, successors, and past and present officers, directors, shareholders, employees, agents, partners, attorneys, benefit plans, insurers, and representatives, (hereinafter “Releasees”) from any and all claims of whatever nature, except as noted below, whether known or unknown, which exist or may exist on my behalf against Releasees as of the date of this Agreement, including but not limited to any and all tort claims, contract claims, equitable claims, breach of fiduciary duty claims, ERISA claims, wrongful termination claims, public policy claims, retaliation claims, statutory claims, personal injury claims, emotional distress claims, invasion of privacy claims, defamation claims, fraud claims, quantum meruit claims, and any and all claims arising under any federal, state or other governmental statute, law, regulation or ordinance covering discrimination in employment, including but not limited to Title VII of the Civil Rights Act of 1964, as amended, the Americans with Disabilities Act, the Age Discrimination in Employment Act, and the California Fair Employment and Housing Act, including any claims based on race, color, religious creed, national origin, ancestry, physical or mental disability, medical condition, marital status, sex, age, harassment, or retaliation.  Notwithstanding any provisions and covenants in this paragraph, I am not waiving any claim I may have against Releasees to:  (a) unemployment benefits; (b) state disability and/or workers’ compensation insurance benefits; (c) my vested rights upon termination in certain of the Company’s group benefit plans pursuant to the federal law known as COBRA and the terms of the Company’s benefit plans; (d) any right to indemnification I may have under the Company’s Bylaws or under the Indemnification Agreement between the Company and me, if applicable; and (e) any claim that may not legally be waived.  I also understand that this General Release shall not prevent me from filing a charge with the Equal Employment Opportunity Commission (or similar state or local agency) or participating in any investigation conducted by the Equal Employment Opportunity Commission (or similar state or local agency); provided, however, I acknowledge and agree that any claims for personal relief in connection with such a charge or investigation (such as reinstatement or monetary damages) would be and hereby are barred.
2.    I agree that I fully and forever waive any and all rights and benefits conferred upon me by the provisions of Section 1542 of the Civil Code of the State of California and any similar statute or regulation in any other applicable jurisdiction, which states as follows (parentheticals added):
A general release does not extend to claims which the creditor [i.e., me] does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his settlement with the debtor [i.e., the Company].
I understand and agree that this means that if, hereafter, I discover facts different from or in addition to those which I now know or believe to be true, that the waivers and releases of this General Release shall be and remain effective in all respects subject to the exceptions in Section 1, notwithstanding such different or additional facts or the discovery of such fact.

3.    I agree that neither the fact nor any aspect of this General Release is intended, or should be construed at any time, to be an admission of liability or wrongdoing by either myself or by the Company.

4.    I agree that if any provision, or portion of a provision, of this General Release is, for any reason, held to be unenforceable, that such unenforceability will not affect any other provision, or portion of a provision, and this General Release shall be construed as if such unenforceable provision or portion had never been contained herein.

5.    I understand that I may have [twenty-one (21)/forty-five (45)] days after receipt of this General Release within which I may review and consider it, and I have been advised in this writing that I should discuss it with an attorney of my own choosing, and decide whether or not to sign this General Release.  I also understand that, for 

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the period of seven (7) days after I sign this General Release, I may revoke it by delivering a written notification of my revocation, no later than the seventh day, to:

Xilinx, Inc.
c/o General Counsel
2100 Logic Drive
San Jose, CA 95124

I further understand that the Effective Date of this General Release will be the eighth day after I have signed it, provided that I have delivered it to the Company and have not revoked it during the seven days after I signed it.  I further understand and agree that the severance benefits provided pursuant to Section 2 of the Agreement constitutes consideration beyond which I am otherwise entitled to receive and is offered in exchange for my release and waiver of all claims and other covenants as set forth herein and in the Agreement.

6.     This General Release, in all respects, shall be interpreted, enforced and governed by and under the laws of the State of California. 

7.    This General Release contains the entire agreement between the Company and me with respect to any matters referred to herein.

I HAVE READ THIS GENERAL RELEASE; I UNDERSTAND IT AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS; I AM AWARE OF MY RIGHT TO CONSULT WITH AN ATTORNEY OF MY OWN CHOOSING BEFORE SIGNING IT AND I HAVE BEEN ENCOURAGED TO CONSULT WITH SUCH AN ATTORNEY; AND I SIGN IT VOLUNTARILY:
Signed:  ________________, 20__.        Employee’s Signature: 
                    
Print Name:          ________________

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EVP/SVP New HireEx10_14

		
			Exhibit 10.14
		

		
			 
		

		
			
		

		
			 
		

			
					
						SBA Loan#

					
					
						REDACTED

				
	
					
						BOKF Loan#

					
					
						REDACTED

				
	
					
						SBA Loan Name

					
					
						SBPP – SBA Paycheck Protection Program

				
	
					
						Date

					
					
						April 16, 2020

				
	
					
						Loan Amount

					
					
						$366,600.00

				
	
					
						Interest Rate

					
					
						1.00%

				
	
					
						Maturity Date

					
					
						April 16, 2022

				
	
					
						Borrower

					
					
						UR-Energy USA Inc.

				
	
					
						Lender

					
					
						BOKF, NA dba Bank of Oklahoma

				

		
			 
		

		
			1.   PROMISE TO PAY:
		

		
			In return for the Loan, Borrower promises to pay to the order of Lender the amount of $366,600.00, all accrued interest on the unpaid principal balance, and all other amounts required by this Note.
		

		
			 
		

		
			2.   DEFINITIONS:
		

		
			“Loan” means the loan evidenced by this Note.
		

		
			“Loan Documents” means this Note and all other documents, agreements, certificates, instruments and acknowledgements evidencing and/or related to the Loan.
		

		
			“SBA” means the Small Business Administration, an Agency of the United States of America.
		

		
			 
		

		
			3.   PAYMENT TERMS:
		

		
			Borrower must make all payments at the place Lender designates. The payment terms for this Note are: 
		

		
			 
		

		
			The interest rate is 1.000% per year. The interest rate may only be changed in accordance with SOP 50 10.
		

		
			 
		

		
			From the date hereof (“Effective Date”) to the date that is six (6) months from the Effective Date, and so long as no Default has occurred and is continuing, no payments of principal or interest will be required under this Note. Notwithstanding the foregoing payment deferral, interest shall accrue on the Loan from the Effective Date through the date the Loan is paid in full or fully forgiven in accordance with the provisions hereof.
		

		
			
		

		
			

		 

		

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			Commencing with the payment due on the date that is seven (7) months from the Effective Date (the “Payment Commencement Date”), and continuing on the same day of each month thereafter, Borrower will pay this Loan in consecutive monthly payments of principal and interest, with each payment equal to the “Payment Amount” (defined below). On the Maturity Date, Borrower shall pay the remaining balance of principal and all accrued interest and other amounts due hereunder in full.
		

		
			 
		

		
			The “Payment Amount” shall be an amount determined by Lender on the Payment Commencement Date, and shall be equal to the total outstanding amount of principal and accrued interest hereunder on such date, amortized over a period of eighteen (18) months at the interest rate of 1.000% per annum.
		

		
			 
		

		
			Lender will apply each payment first to pay interest accrued to the day Lender receives the payment, then to bring principal current, then to pay any late fees or other expenses, and will apply any remaining balance to reduce principal.
		

		
			 
		

		
			PAYMENTS SHOULD BE REMITTED TO: BOKF, NA dba Bank of Oklahoma, P.O. Box 248818, Oklahoma City, OK 73124-8818. If a payment is made consistent with the written payment instructions provided by Lender and received on a business day by 5:00 p.m. local time, the payment will be applied that day. If a payment is received on a business day after 5:00 p.m., the payment may be applied the following business day.
		

		
			 
		

		
			Late Charge; Default Interest: If a payment on this Note is more than 15 days late, Lender may charge Borrower a late fee of up to 5.00% of the unpaid portion of the regularly scheduled payment. If any Default shall occur, the interest rate on the Loan may, in Lender’s sole discretion, be increased to an amount equal to the stated Interest Rate plus ten percent (10%) per annum.
		

		
			 
		

		
			4.   DEFAULT:  Borrower is in default (“Default”) under this Note if Borrower does not make any payment when due under this Note, or if Borrower:
		

		
			A.   Fails to do anything required by this Note and other Loan Documents;
		

		
			B.   Defaults on any other loan with Lender;
		

		
			C.   Does not disclose, or anyone acting on their behalf does not disclose, any material fact to Lender or SBA;
		

		
			D.   Makes, or anyone acting on their behalf makes, a materially false or misleading representation to Lender or SBA (whether in any Loan Document, any application or submission in regards to the Loan or the PPP (defined below) or otherwise);
		

		
			E.   Defaults on any loan or agreement with another creditor, if Lender believes the default may materially affect Borrower’s ability to pay this Note;
		

		
			F.   Fails to pay any taxes when due;
		

		
			G.   Becomes the subject of a proceeding under any bankruptcy or insolvency law;
		

		
			H.   Has a receiver or liquidator appointed for any part of their business or property;
		

		
			I.    Makes an assignment for the benefit of creditors;
		

		
			J.   Has any adverse change in financial condition or business operation that Lender believes may materially affect Borrower’s ability to pay this Note;
		

		
			K.   Reorganizes, merges, consolidates, or otherwise changes ownership or business structure without Lender’s prior written consent; or
		

		
			L.   Becomes the subject of a civil or criminal action that Lender believes may materially affect Borrower’s ability to pay this Note.
		

		
			
		

		
			

		 

		

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			5.   LENDER’S RIGHTS IF THERE IS A DEFAULT: Without notice or demand and without giving up any of its rights, Lender may:
		

		
			A.   Require immediate payment of all amounts owing under this Note and the other Loan Documents;
		

		
			B.   Collect all amounts owing from any Borrower, including any default interest;
		

		
			C.   File suit and obtain judgment; or
		

		
			D.   Take any other action permitted by law, in equity or otherwise.
		

		
			 
		

		
			6.   LENDER’S GENERAL POWERS: Without notice and without Borrower’s consent, Lender may take the following action (which is not an exhausted list of Lender’s general power):
		

		
			A.   Incur expenses and other costs to collect amounts due under this Note, and enforce the terms of this Note or any other Loan Document. Among other things, the expenses may include reasonable attorney’s fees and costs. If Lender incurs such expenses, Borrower shall pay such amounts to Lender within five (5) days after written demand. Any such costs, expenses or other amounts shall be added to the indebtedness evidenced by this Note;
		

		
			B.   Release anyone obligated to pay this Note; and
		

		
			C.   Take any action necessary to collect amounts owing on this Note.
		

		
			 
		

		
			7.   RIGHT TO SEEK LOAN FORGIVENESS. In accordance with the provisions of the PPP loan program, Borrower may apply for forgiveness of all or a portion of the Loan which was used by Borrower, during the eight (8) week period from the initial disbursement of the Loan, to pay (i) eligible payroll costs, (ii) payment of interest on a mortgage obligation incurred before February 15, 2020 (but excluding any principal payments); (iii) payment of rent obligations under leases dated before February 15, 2020; and (iv) payments of utility obligations under service agreements dated before February 15, 2020, provided, at least seventy-five percent (75%) of the forgivable amount must be used for payroll costs. As a material inducement to Lender making the Loan, Borrower acknowledges and agrees that neither Lender nor any of its employees, officers, directors, shareholders, agents, representatives and attorneys has made any promises or assurances that the Loan (or any portion thereof) will be forgiven and Borrower completely and unconditionally accepts all risks as to whether the Loan (or any portion thereof) may actually be forgiven under the CARES Act, the PPP or otherwise and unconditionally and irrevocably waives any and all rights, claims and causes of action against Lender and its employees, officers, directors, shareholders, agents, representatives and attorneys in connection therewith (whether existing now or in the future and whether under law, in equity or otherwise). Borrower is directed to the CARES Act (defined below), the PPP and all rules or guidance issued therewith for a detailed breakdown of eligible expenses and payments and a complete list of all requirements and conditions to request Loan forgiveness. To be eligible for consideration for Loan forgiveness, the Borrower must submit all required evidence and written documentation as well as a Borrower’s attestation of such payments as required under the PPP and all rules or guidance issued therewith and such other documents as may otherwise be requested by Lender to process and consider Borrower’s request for Loan forgiveness. The decision to forgive or not forgive all or any portion of the Loan shall be made by the Lender in its sole discretion.
		

		
			 
		

		
			8.   WHEN FEDERAL LAW APPLIES: When SBA is the holder, this Note will be interpreted and enforced under federal law, including SBA regulations. Lender or SBA may use state or local procedures for filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax, or liability. As to this Note, Borrower
		

		
			
		

		
			

		 

		

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			may not claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law.
		

		
			 
		

		
			When Lender is the holder, this Note will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Oklahoma without regard to its conflicts of law provisions. This Note has been accepted by Lender in the State of Oklahoma. If there is a lawsuit, Borrower agrees upon Lender’s request to submit to the jurisdiction of the courts of Tulsa County, State of Oklahoma.
		

		
			 
		

		
			9.   SUCCESSORS AND ASSIGNS: Under this Note, Borrower includes its successors, and Lender includes its successors and assigns (including, without limitation, the SBA). Borrower may not assign this Note or any other Loan Document (whether directly, indirectly, by operation of law or otherwise) without Lender’s prior written consent.
		

		
			 
		

		
			10.   REPRESENTATIONS AND WARRANTIES. Borrower hereby represents and warrants to the Lender that: (a) it possesses all requisite power and authority to execute, deliver and comply with the terms of this Note and the other Loan Documents to which it is a party; (b) this Note and the other Loan Documents have been duly authorized and approved by all requisite corporate or other action on the part of the Borrower; (c) no additional consent of any other entity or person (other than the Lender) is required for this Note and the other Loan Documents to be effective; (d) the execution and delivery of this Note and the other Loan Documents do not violate the constituent organizational governance documents of Borrower, or any other contract or agreement to which Borrower or any of its assets is subject; (e) the representations and warranties contained in the Loan application and the Loan Documents are true and correct in all material respects on and as of the Effective Date and on the date of disbursement of the Loan; and (f) Borrower is in full compliance with all covenants and agreements applicable to it as contained in this Note and each other Loan Document. The representations and warranties made in this Note and each other Loan Document shall survive the execution and delivery hereof.
		

		
			 
		

		
			11.   GENERAL PROVISIONS:
		

		
			A.   Borrower waives all suretyship defenses.
		

		
			B.   Borrower must sign all documents necessary at any time to comply with the Loan Documents. Borrower agrees to provide Lender with such additional information and documentation and take such other action as may be requested by Lender from time to time during the Loan to assure and confirm the rights created (or intended now or hereafter to be created) under this Note and the other Loan Documents or for carrying out the intention or facilitating the performance of the terms of this Note or any Loan Document.
		

		
			C.   Lender may exercise any of its rights separately or together, as many times and in any order it chooses. Lender may delay or forgo enforcing any of its rights without giving up or waiving any of them. Any waiver, forbearance or modification may only be made by a written document expressly signed by Lender and only to the extent set forth therein.
		

		
			D.   Borrower may not use an oral statement of Lender or SBA to contradict or alter the written terms of this Note.
		

		
			E.   If any part of this Note is unenforceable, all other parts remain in effect.
		

		
			F.   Borrower covenants and agrees to comply with all rules, regulations and requirements of the PPP and all rules, guidance and regulations therewith whether existing now or in the future including, without limitation, as to the use of Loan proceeds, document retention and submission and compliance requirements. This Loan is a business loan and has been made by the Lender, and accepted by Borrower, in accordance with the PPP and all rules, guidance and regulations therewith.
		

		
			
		

		
			

		 

		

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			G.   To the extent allowed by law, Borrower waives all demand and notices in connection with this Note, including presentment, demand, protest, and notice of dishonor. Borrower also waives any defenses based upon any claim that Lender did not obtain any guarantee; or that all or any portion of this Loan is not subject to forgiveness.
		

		
			H.   In consideration of the Lender’s extension of the Loan to the Borrower, and other agreements and considerations the adequacy and sufficiency of which are hereby acknowledged, Borrower hereby agrees to indemnify, defend and hold Lender and its employees, officers, directors, shareholders, agents, representatives and attorneys harmless from and against all claims, costs, expenses, fees (including, without limitation, attorneys’ fees and expenses), liabilities, claims, damages, losses, actions and causes of action arising from, related to or suffered by Lender in connection with the Loan, Borrower’s use of the proceeds of the Loan, the relationship of Borrower and Lender, or any transaction contemplated by this Note or any other Loan Document (including, without limitation, Borrower’s request for full or partial Loan forgiveness as provided herein).
		

		
			I.    If the interest or charges in the nature of interest, if any, provided for by this Note or by any other Loan Document, contravenes a legal or statutory limitation applicable to the Loan, if any, Borrower will pay only such amounts as legally permitted; provided,  however, that if the defense of usury and all similar defenses are unavailable to Borrower, Borrower will pay all amounts provided for in this Note and in the other Loan Documents. If, for any reason, amounts in excess of the amounts permitted in the preceding sentence have been paid, received, collected or applied to this Note, whether by reason of acceleration or otherwise, then, and in that event, any such excess amounts will be applied to principal, unless principal has been fully paid, in which event such excess amount will be refunded to Borrower.
		

		
			J.   Time is of the essence hereof with respect to the dates, terms and conditions of this Note and the other Loan Documents.
		

		
			K.   Borrower acknowledges that in executing this Note, Borrower is not relying on, and has not relied on, any representation or statement (whether written or oral) by Lender or any of its affiliates, employees, officers, agents or representatives including, without limitation, respecting the benefits of, and Borrower’s choice of, participating in the PPP, Borrower’s ability to receive loan forgiveness under the PPP or any other requirements or benefits of the PPP. Borrower further acknowledges that this Note and the other Loan Documents may only be amended or modified, or the provisions hereof or thereof waived or supplemented, by an instrument in writing signed by the Borrower and Lender.
		

		
			L.   THIS NOTE AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.
		

		
			 
		

		
			12.   EXECUTION/EFFECTIVENESS. Delivery of an executed counterpart of a signature page of this Note and any other Loan Document by telecopy, emailed pdf., tif. or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Note and such other Loan Documents. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection with this Note, the other Loan Documents and the transactions contemplated hereby and thereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Upon the written request of Lender, Borrower shall promptly deliver to Lender an original manually executed original of
		

		
			
		

		
			

		 

		

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			this Note and such other Loan Documents and Borrower’s failure to provide such original signatures in a reasonable period of time (as determined by Lender in its discretion) shall constitute a Default hereunder. For purposes hereof, an “Electronic Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record.
		

		
			 
		

		
			Lender is making this loan pursuant to the Paycheck Protection Program (the “PPP”) created by Section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and governed by the CARES Act, section 7(a)(36) of the Small Business Act, any rules or guidance that has been issued by the Small Business Administration implementing the PPP, or any other applicable Loan Program Requirements, as defined in 13 CFR § 120.10, as amended from time to time (collectively “PPP Loan Program Requirements”). Notwithstanding anything to the contrary herein, the Borrower (a) agrees that this Promissory Note shall be interpreted and construed to be consistent with the PPP Loan Program Requirements and (b) authorizes the Lender to unilaterally amend any provision of this Promissory Note to the extent required to comply with the PPP Loan Program Requirements.
		

		
			 
		

		
			BORROWER’S NAME(S) AND SIGNATURES(S):
		

		
			 
		

		
			By signing below, each individual or entity executing this Note is attesting to his/her/their authority to execute this Note on behalf of the Borrower and bind the Borrower hereunder. As of the date hereof, the Borrower is fully obligated under this Note for all intents and purposes hereof.
		

		
			 
		

		
			 
		

		
			BORROWER:
		

		
			 
		

		
			UR-Energy USA Inc.
		

		
			 
		

		
			 
		

			
					
						X

					
					
						/s/ Roger L. Smith

					
					
						 

				

		
			 
		

		
			BY Roger L. Smith, President
		

		 

		

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