Document:

Exhibit

OCTOBER 2019 SECOND EXTENSION TO CONSULTING AGREEMENT

This Second Extension to Consulting Agreement (the “Second Extension”), effective as of October 1, 2019 (the “Effective Date”), is entered into by and between ENERGY FUELS INC., having an office at 225 Union Blvd., Suite 600, Lakewood, CO 80228 (herein referred to as “Company”), and LIVIAKIS FINANCIAL COMMUNICATIONS, INC., a California corporation, having its headquarters at 655 Redwood Hwy., Suite 395, Mill Valley, CA (herein referred to as “Consultant”).  Company and Consultant are sometimes referred to herein individually as a “party” and collectively as the “parties.” 

RECITALS

WHEREAS, Company desires to engage the services of Consultant to represent Company in investor communications and financial public relations with existing and prospective shareholders, brokers, dealers and other investment professionals with respect to Company’s current and proposed activities, and to consult with Company’s management concerning such activities;

AND WHEREAS the parties entered into a Consulting Agreement dated as of October 1, 2017 (the “Consulting Agreement”), which was approved by the Company’s Board of Directors at its December 19, 2017 meeting with respect to the provision of such services up to and ending on September 30, 2018 (the “Initial Term”), and by the shareholders of the Company on May 30, 2018 with respect to the provision of such services during the Initial Term of the Consulting Agreement and up to three one-year Extensions Periods (ending no later than September 30, 2021) with a maximum of 900,000 common shares to be issued as compensation for services;

AND WHEREAS the parties entered into an October 2018 Amended and Restated Consulting Agreement, constituting the First Extension to Consulting Agreement, dated as of October 1, 2018 (the “First Extension”), which was approved by the Company’s Board of Directors on November 1, 2018 with respect to the provision of such services during the First Extension and any subsequent Extension Periods, with a maximum of 652,513 common shares of the Company further allotted and reserved for issuance to Consultant as compensation for services, representing the number of shares remaining from the 900,000 approved by shareholder vote after conclusion of the Initial Term; 

AND WHEREAS the parties now desire to further extend the Consulting Agreement and to make certain other ancillary amendments thereto pursuant to the above-referenced shareholder approval on May 30, 2018 and second Board approval on November 1, 2018,

AGREEMENT

NOW THEREFORE, in consideration of the mutual obligations contained herein, the parties agree as follows:

		
	1)
	Second Extension Term.  Company hereby agrees to retain the Consultant as an independent contractor to act in a consulting capacity to Company upon the terms and conditions hereinafter set forth, and Consultant hereby agrees to provide such services to Company commencing on the Effective Date and ending on September 30, 2020 (the “Second Extension Term”), unless earlier terminated pursuant to Section 13 or extended pursuant to Section 2 of this Second Extension. 

		
	2)
	Extension Period(s).  The  services of Consultant may be extended beyond the Second Extension Term for a final one-year Extension Period, as defined in the Consulting Agreement, (the “Third Extension”) by mutual agreement of the parties. Such Third Extension, if any, shall be determined by the parties in advance of the Second Extension Term’s expiration.  

		
	3)
	Duties of Consultant.  Subject to all applicable laws, regulations, and stock exchange rules, Consultant agrees that it will generally provide the following consulting services:

		
	a)
	consult and assist Company in developing and implementing appropriate plans and means for presenting Company and its business plans, strategy and personnel to the financial community, establishing an image for Company in the financial community, and creating the foundation for subsequent financial public relations efforts;

		
	b)
	introduce Company to the financial community;

		
	c)
	with the cooperation of Company, maintain an awareness during the term of this Second Extension of Company’s plans, strategy and personnel, as they may evolve during such period, and consult and assist Company in communicating appropriate information regarding such plans, strategy and personnel to the financial community;

		
	d)
	assist and consult with Company with respect to its (i) relations with stockholders, (ii) relations with brokers, dealers, analysts and other investment professionals, and (iii) financial public relations generally;

		
	e)
	perform the functions generally assigned to stockholder relations and public relations departments in major corporations, including responding to telephone and written inquiries (which may be referred to Consultant by Company); preparing reports and other communications with or to shareholders, the investment community and the general public; consulting with respect to the timing, form, distribution and other matters related to such reports and communications; and, at Company’s request and subject to Company’s securing its own rights to the use of its names, marks, and logos, consulting with respect to corporate symbols, logos, names, the presentation of such symbols, logos and names, and other matters relating to corporate image;

		
	f)
	upon Company’s direction and approval, disseminate information regarding Company to shareholders, brokers, dealers, other investment community professionals and the general investing public;

		
	g)
	upon Company’s approval, conduct meetings, in person or by telephone, with brokers, dealers, analysts and other investment professionals to communicate with them regarding Company’s plans, goals and activities, and assist Company in preparing for press conferences and other forums involving the media, investment professionals and the general investment public;

		
	h)
	at Company’s request, review business plans, strategies, mission statements budgets, proposed transactions and other plans for the purpose of advising Company of the public relations implications thereof;

		
	i)
	assist Company in raising capital through introductions (it is understood Consultant is not an “investment banking” firm and may not receive any commission for such introductions); and

		
	j)
	otherwise perform as Company’s consultant for public relations and relations with financial professionals.

Consultant will not publish or distribute electronically or otherwise any written materials relating to Company or its business or affairs without the prior written approval of Company.

		
	4)
	Allocation of Time and Energies.  Consultant agrees to perform and discharge faithfully the responsibilities which may be assigned to Consultant from time to time by the officers and fully authorized representatives of Company in connection with the conduct of its financial and public relations and communications activities, so long as such activities are in compliance with applicable securities laws and regulations.  Although no specific hours-per-day requirement will be required, Consultant agrees that it will perform the duties set forth in this Second Extension in a diligent and professional manner.  It is explicitly understood that Consultant’s performance of its duties hereunder will in no way be measured by the price of the Company’s common shares (“Common Shares”), nor the trading volume of the Common Shares.  It is also understood that Company is entering into this Second Extension with Consultant, and not any individual member of Consultant.  Consultant will not be deemed to have breached this Second Extension if any member, officer or director of Consultant leaves the firm or dies or becomes physically unable to perform any meaningful activities during the term of the Second Extension, provided Consultant otherwise performs its obligations under this Second Extension.

		
	5)
	Compensation.

a)   Fees.

As full and complete compensation for undertaking this engagement and for performance of the services described herein, Company shall pay to Consultant:

(i)During the Second Extension Term, US$60,000 per calendar quarter, payable in arrears, at the end of each quarter for services performed during the quarter; and
(ii)During the Third Extension, if any, an amount per calendar quarter, payable in arrears, at the end of each quarter for services performed during the quarter, to be determined by mutual agreement of the parties prior to commencement of the Third Extension.

b)    Fees Payable in Common Shares

Subject to Section 5(d), below, all fees payable hereunder during the Term of this Second Extension shall be paid in Common Shares at the applicable issue price (the “Issue Price”) determined in accordance with Section 5(c), below.  

The resale of all Common Shares issued under this Second Extension shall be restricted in accordance with Rule 144 under (“Rule 144”) the Securities Act of 1933 (the “Securities Act”), as adopted by the U.S. Securities and Exchange Commission (“SEC”) and applicable Canadian securities laws and Toronto Stock Exchange rules.  The Common Shares to be issued under this Second Extension were duly authorized by the Company’s Board of Directors prior to the date of issuance of such shares.

c)    Determination of Issue Price.

The Issue Price will be determined as follows:

(i)         the Issue Price for all Common Shares issued for services performed during the first calendar quarter of the Second Extension Term (which quarter shall start on the Effective Date and end on December 31, 2019) shall be US$2.00 per share (the “Second Extension First Quarter Price”), which is the agreed upon price by the parties and constitutes a price greater than US$1.9564 - the volume weighted average price of the Common Shares on the NYSE American for the 5 trading days ending on and including September 30, 2019 (the last trading day before the Effective Date); 
(ii)        the Issue Price for all Common Shares issued for services performed during each subsequent calendar quarter of the Second Extension Term shall be the greater of: (A) the Second Extension First Quarter Price; and (B) the volume weighted average price of the Common Shares on the NYSE American for the 5 trading days ending on the day prior to commencement of such quarter; and
(iii)        the Issue Price for all Common Shares issued during the Third Extension, if any, shall be as determined by mutual agreement of the parties prior to commencement of the Third Extension. 

d)    Maximum Number of Shares to be Issued Under this Second Extension.

The maximum number of Common Shares that may be issued under this Second Extension, taken together with the Consulting Agreement and First Extension, shall not exceed 900,000 Common Shares in total without prior approval of the shareholders and Board of Directors of the Corporation, and without prior receipt of all applicable regulatory and stock exchange approvals.  

		
	6)
	Restricted Securities.  

		
	a)
	Consultant Representations & Warranties. Consultant acknowledges, represents, warrants and agrees as follows:

		
	(i)
	the Common Shares will be issued by Company to Consultant in reliance on the exemption from Canadian prospectus and registration requirements set out in Section 2.24 of National Instrument 45-106 - Prospectus and Registration Exemptions adopted by the Canadian Securities Administrators and are not subject to a hold period under Canadian securities laws and regulations.  Consultant acknowledges and confirms that it has not been induced to accept the Common Shares in partial satisfaction of its compensation hereunder by expectation of the engagement or continued engagement of Consultant to provide services to Company or its affiliates;

		
	(ii)
	Consultant has had the opportunity to ask questions of and receive answers from Company regarding the acquisition of the Common Shares, and has received all the information regarding Company that it has requested;

		
	(iii)
	Consultant acknowledges that the Common Shares are highly speculative in nature and Consultant has such sophistication and experience in business and financial matters as to be capable of evaluating the merits and risks of the investment.  In connection with the delivery of the Common Shares, Consultant has not relied upon Company for investment, legal or tax advice, or other professional advice, and has in all cases sought or elected not to seek the advice of its own personal investment advisers, legal counsel and tax advisers.  Consultant is able, without impairing its financial condition, to bear the economic risk of, and withstand a complete loss of the investment and it can otherwise be reasonably assumed to have the capacity to protect its own interests in connection with its investment in the Common Shares;

		
	(iv)
	Consultant acknowledges that Company may be required to file a report of trade with applicable Canadian securities regulators containing personal information about Consultant and that Company may also be required pursuant to applicable securities laws to file this Second Extension on SEDAR and EDGAR. By executing this Second Extension, Consultant authorizes the indirect collection of the information described in this Section by all applicable securities regulators and consents to the disclosure of such information to the public through (i) the filing of a report of trade with all applicable securities regulators and (ii) the filing of this Second Extension on SEDAR and EDGAR; 

		
	(v)
	Consultant acknowledges that the Common Shares have not been and will not be registered under the Securities Act, or applicable state securities laws, and the Common Shares are being offered and sold to Consultant in reliance upon Rule 506(b) of Regulation D and/or Section 4(a)(2) under the Securities Act;

		
	(vi)
	Consultant is an Accredited Investor as defined in Rule 501(a) of Regulation D under the Securities Act;

		
	(vii)
	Consultant acknowledges that it is not acquiring the Common Shares as a result of “general solicitation” or “general advertising” (as such terms are used in Regulation D under the Securities Act), including without limitation, advertisements, articles, notices or other communications published in any newspaper, magazine or similar media or on the internet, or broadcast over radio or television or on the internet, or any seminar or meeting whose attendees have been invited by general solicitation or general advertising;

		
	(viii)
	Consultant acknowledges that it is not acquiring the Common Shares as a result of, and will not itself engage in, any "directed selling efforts" (as defined in Regulation S under the Securities Act) in the United States in respect of any of the Common Shares which would include any activities undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for the resale of any of the Common Shares; provided, however, that Consultant may sell or otherwise dispose of any of the Common Shares pursuant to registration of any of the Common Shares pursuant to the Securities Act and any applicable state securities laws or under an exemption from such registration requirements and as otherwise provided herein;

		
	(ix)
	Consultant understands and agrees not to engage in any hedging transactions involving any of the Common Shares unless such transactions are in compliance with the provisions of the Securities Act and in each case only in accordance with applicable state and provincial securities laws;

		
	(x)
	Consultant acknowledges that the Common Shares are “restricted securities”, as such term is defined under Rule 144 of the Securities Act, and may not be offered, sold, pledged, or otherwise transferred, directly or indirectly, without prior registration under the Securities Act and applicable state securities laws, and Consultant agrees that if it decides to offer, sell, pledge or otherwise transfer, directly or indirectly, any of the Common Shares absent such registration, it will not offer, sell, pledge or otherwise transfer, directly or indirectly, any of the Common Shares, except:

		
	A.
	to Company; or

		
	B.
	outside the United States in an “offshore transaction” in compliance with the requirements of Rule 904 of Regulation S under the Securities Act, if available, and in compliance with applicable local laws and regulations; or

		
	C.
	in compliance with an exemption from registration under the Securities Act provided by (a) Rule 144 or (b) Rule 144A thereunder, if available, and in accordance with any applicable state securities or “Blue Sky” laws; or

		
	D.
	in a transaction that does not require registration under the Securities Act or any applicable state securities laws; and

		
	E.
	in the case of subparagraphs (ii), (iii) or (iv), it has furnished to Company and to Company’s transfer agent an opinion of counsel of recognized standing in form and substance satisfactory to Company and to Company’s transfer agent to such effect.

b)     Legend Requirements.  Consultant acknowledges that the certificates representing the Common Shares shall bear a legend in the following form:

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”).  THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO ENERGY FUELS INC., (B) IF THE SECURITIES HAVE BEEN REGISTERED IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT IN ACCORDANCE WITH RULE 144 THEREUNDER, IF APPLICABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) 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 THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO ENERGY FUELS INC. AN OPINION OF COUNSEL OF RECOGNIZED STANDING, OR OTHER EVIDENCE OF EXEMPTION, REASONABLY SATISFACTORY TO ENERGY FUELS INC.  HEDGING TRANSACTIONS INVOLVING THE SECURITIES REPRESENTED HEREBY MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH U.S. SECURITIES LAWS.”

Notwithstanding the foregoing, if the certificates representing the Common Shares have been held by Consultant for a period of at least six (6) months after the respective payment dates, and if Rule 144 under the Securities Act is applicable (there being no representations by Company that Rule 144 is applicable), and subject to the restrictions set forth hereof, Consultant may make sales of the Common Shares only under the terms and conditions prescribed by Rule 144 of the Securities Act or other exemptions therefrom and provided that Consultant provides an opinion of counsel of recognized standing in form and substance satisfactory to Company and Company’s transfer agent to the effect that the U.S. restrictive legend is no longer required under applicable requirements of the Securities Act.

c)     TSX Requirements.  The certificate(s) evidencing the Common Shares shall bear a legend (the “TSX Legend”) as required by Section 607.1 of the TSX Company Manual, substantially in the form below:

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED ON THE TORONTO STOCK EXCHANGE (“TSX”); HOWEVER, THE SAID SECURITIES CANNOT BE TRADED THROUGH THE FACILITIES OF TSX SINCE THEY ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY ANY CERTIFICATE REPRESENTING SUCH SECURITIES IS NOT “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON TSX.”

In accordance with Section 607.1 of the TSX Company Manual, the TSX Legend may be removed at such time as the U.S. Legend has been removed.

		
	7)
	Required Approvals.  

		
	a)
	Stock Exchange Approvals

The issuances of Common Shares contemplated in this Second Extension were approved by the Toronto Stock Exchange on November 7, 2019 and by the NYSE American LLC on May 29, 2018.

		
	b)
	Shareholder Approval

The issuance of Common Shares hereunder was approved by the shareholders of the Company on May 30, 2018.

		
	c)
	Board of Directors Approval

The issuance of Common Shares hereunder was approved by the Board of Directors of the Company on November 1, 2018. 

As a result of the foregoing approvals, no further approvals are required at this time.

		
	8)
	Expenses.  Consultant agrees to pay for all its expenses (phone, mailing, labor, and the like), other than extraordinary items (travel required, or specifically requested, by Company, luncheons or dinners to large groups of investment professionals, investor conference calls, print advertisements in publications, and the like) approved by Company prior to it incurring an obligation for reimbursement.

		
	9)
	Indemnification.  Company warrants and represents that all oral communications, written documents or materials furnished to Consultant by Company with respect to financial affairs, operations, profitability and strategic planning of Company are accurate and Consultant may rely upon the accuracy thereof without independent investigation.  Company will protect, indemnify and hold harmless Consultant against any claims or litigation including any damages, liability, cost and reasonable attorney’s fees as incurred with respect thereto resulting from Consultant’s communication or dissemination of any said information, documents or materials in accordance with the terms of this Second Extension.  Consultant will protect, indemnify and hold harmless Company against any claims or litigation including any damages, liability, cost and reasonable attorney’s fees as incurred with respect thereto resulting from Consultant’s communication or dissemination of any information, documents or materials related to Company that had not previously been approved by Company.

		
	10)
	Compliance with Laws.  Consultant (on its own behalf and on behalf of any and all related parties, affiliates, owners, members, employees, officers, and directors) agrees that it (and such persons) will comply with all laws, rules and regulations related to the activities on behalf of Company contemplated pursuant to this Second Extension.  Consultant shall provide a prominent notice on all newsletters and websites/webcasts/interview materials and other communications with investors or prospective investors in which Consultant could be perceived to be giving advice or making a recommendation that Consultant has been compensated for its services and, if applicable, received or owns stock of Company (directly or indirectly) specifically referencing Company by name and the number of shares received (directly or indirectly) and will profit from its activities on behalf of Company.  If asked, Consultant agrees that it will not conceal at any time if it will, directly or indirectly, be selling shares while promoting the stock and recommending that investors purchase the stock of Company.  Consultant covenants and agrees that it will at all times engage in acts, practices and courses of business that comply with Section 17(a) and (b) of the Securities Act, as amended, as well as Section 10(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and has adopted policies and procedures adequate to assure all of Consultant’s personnel are aware of the limitation on their activities, and the disclosure obligations, imposed by such laws and the rules and regulations promulgated thereunder.  Consultant is aware that the federal securities laws restrict trading in Company’s securities while in possession of material non-public information concerning Company, as well as the requirements of Regulation FD that prohibit communications of material non-public information, and the requirements thereof in the event of an unintentional or inadvertent non-public disclosure.  Consultant agrees to immediately inform Company in the event that an actual or potential Regulation FD disclosure has occurred and assist counsel in the method by which corrective steps should be taken.  Consultant acknowledges that with respect to any Common Shares now or at any time hereafter beneficially owned by Consultant or any of its affiliates, that it will refrain from trading in Company’s securities while Consultant or any such affiliate is in possession of material non-public information concerning Company, its financial condition, or its business and affairs or prospects.

		
	11)
	Representations of Consultant.  Consultant represents that it is not required to maintain any licenses or registrations under federal or state regulations necessary to perform the services set forth herein, and that it is not 

rendering legal advice or performing accounting services, nor acting as an investment advisor or broker/dealer within the meaning of applicable federal and/or state securities laws and regulations and it is not required to register as a broker-dealer pursuant to Section 15(b) of the Exchange Act and state securities laws.  Consultant further represents that the performance of the services set forth under this Second Extension will not violate any rule or provision of any regulatory agency having jurisdiction over Consultant.  Consultant represents that, to the best of its knowledge, Consultant and its officers and directors are not the subject of any investigation, claim, decree or judgment involving any violation of the SEC or securities laws.  Company acknowledges that, to the best of its knowledge, it has not violated any rule or provision of any regulatory agency having jurisdiction over Company.  Company represents that, to the best of its knowledge, Company is not the subject of any investigation, claim, decree or judgment involving any violation of the SEC or securities laws.

		
	12)
	Status as Independent Contractor.  Consultant’s engagement pursuant to this Second Extension shall be as an independent contractor, and not as an employee, officer or other agent of Company.  Neither party to this Second Extension shall represent or hold itself out to be the employer or employee of the other.  Consultant further acknowledges the consideration provided herein above is a gross amount of consideration and that Company will not withhold from such consideration any amounts as to income taxes, social security payments or any other payroll taxes.  All such income taxes and other such payments shall be made or provided for by Consultant, and Company shall have no responsibility or obligations regarding such matters.  Neither Company nor Consultant possesses the authority to bind the other party in any agreements without the express written consent of the entity to be bound.

		
	13)
	Termination.  Company may terminate this Second Extension at the end of any calendar quarter during the Term for any reason or no reason, upon providing 10 calendar days’ prior written notice to Consultant.  In the instance one or both parties do not wish to renew this Second Extension for an additional Extension Period, the Second Extension shall automatically terminate on September 30, 2020.  In the event of any such termination or automatic termination, Company shall pay Consultant all fees accrued to the end of the quarter of termination.  Company shall have no obligation to pay any fees to Consultant after termination. Notwithstanding the foregoing, termination in any instance shall not relieve either party from its obligations incurred prior to the effective date of termination, including the obligation to pay all accrued fees and any obligations hereunder arising out of any act or omission of the parties prior to the effective date of termination.

		
	14)
	Attorneys’ Fees.  If any legal action, arbitration or other proceeding is brought for the enforcement or interpretation of this Second Extension, or because of an alleged dispute, breach, default or misrepresentation in connection with or related to this Second Extension, the successful or prevailing party shall be entitled to recover reasonable attorneys’ fees and other reasonable costs incurred in connection with such action or proceeding, in addition to any other relief to which it may be entitled.

		
	15)
	Waiver.  The waiver by either party of a breach of any provision of this Second Extension by the other party shall not operate or be construed as a waiver of any subsequent breach by such other party.

		
	16)
	Choice of Law, Jurisdiction and Venue.  This Second Extension shall be governed by, construed and enforced in accordance with either the laws of the State of Colorado.  The parties agree that Denver, Colorado shall be the venue of any dispute.

		
	17)
	Arbitration.  Any controversy or claim arising out of or relating to this Second Extension, or the alleged breach thereof, or relating to Consultant’s activities or remuneration under this Second Extension, shall be settled by binding arbitration in Denver, Colorado in accordance with customary rules of arbitration and any judgment on an award rendered by the arbitrator(s) shall be binding on the parties and may be entered in any court having jurisdiction of such matters.   

		
	18)
	Complete Agreement.  This Second Extension contains the entire understanding of the parties relating to the subject matter hereof, and hereby supersedes and replaces any prior oral or written agreements between the parties hereto, including without limitation the Consulting Agreement and First Extension.  This Second Extension may 

be modified only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification, extension or discharge is sought.

		
	19)
	Confidentiality.  In the course of carrying out its duties under this Second Extension, Consultant may from time to time receive or become aware of material, non-public information regarding Company, or proprietary information that is valuable, special and a unique asset of Company and/or its business and operations (the “Confidential Information”).  Except as may be required by law, Consultant agrees to hold this Second Extension and the Confidential Information in strict confidence, according the same protection to such information as it accords to its own proprietary and confidential information for a period of two (2) years following the expiration or termination of this Second Extension.  Consultant shall not disclose the Confidential Information to any third party without the prior written consent of Company.  Consultant hereby acknowledges and agrees that it is aware that the securities laws of the United States prohibit any person who has received from an issuer of securities material, non-public information or insider information (such as may form part of the Confidential Information) from purchasing or selling securities of such issuer on the basis of such information or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities on the basis of such information.  If Consultant becomes aware of any Confidential Information, Consultant shall not disclose such information to any party, except as may be required by law pursuant to a written opinion of competent counsel.  Consultant shall instruct its officers, directors, employees, agents, and affiliates of the confidentiality obligations described herein and shall be responsible for any unauthorized disclosure by these parties.

In witness whereof, the parties affix their signatures as of the dates set out below:

	
		
	ENERGY FUELS INC.

By: /s/ Mark S. Chalmers
Mark Chalmers, President & CEO
Date:  October 1, 2019
	LIVIAKIS FINANCIAL COMMUNICATIONS, INC.

By: /s/ John Liviakis
John Liviakis, CEO
Date:  October 1, 2019Exhibit 10.1

 

SEPARATION AND RELEASE AGREEMENT

 

This SEPARATION AND
RELEASE Agreement (this “Separation Agreement”) is made and entered
into this 16th day of March, 2020, by and between Broadmark Realty Capital Inc. (“Company”), a Maryland corporation,
and Adam Fountain (“Employee”).

 

WHEREAS, the Company
and the Employee previously entered into that certain Employment Agreement dated as of August 9, 2019, pursuant to which the
Contractor provides services as the Executive Vice President of the Company (the “Employment Agreement”);

 

WHEREAS, the Employee
has provided written notice of his intent to resign and thereby terminate his employment relationship with the Company effective
as of March 31, 2020;

 

WHEREAS, the Company
wishes to provide Employee with a severance benefit in consideration of Employee’s agreement to a release of claims; and

 

WHEREAS, any terms
used but not defined in this Separation Agreement shall have the meanings ascribed to them in the Employment Agreement.

 

NOW, THEREFORE,
in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.            Termination.
As of March 31, 2020 (the “Termination Date”), the Employee will no longer be an employee, agent, or representative
of the Company. Effective as of the Termination Date, Employee shall have resigned from all his positions with the Company and
its affiliates. Employee terminated the Employment Agreement without Good Reason pursuant to Section 4(a) of the Employment
Agreement and the Employee has provided sufficient notice to the Company. Employee will be paid for accrued but unpaid Base Salary,
unused accrued vacation, and any unreimbursed Business Expenses through the Termination Date as set forth in Section 4(e)(i) of
the Employment Agreement.

 

2.            Consideration.
In consideration of signing this Separation Agreement, including the Releases provided for in Paragraph 4, in full settlement of
any compensation and benefits to which Employee would otherwise be entitled, and in exchange for the promises, covenants, releases,
and waivers set forth herein, the Company will provide Employee with the opportunity to enter into an independent contractor arrangement
with the Company as described in the form of agreement attached as Exhibit I hereto (the “Severance Benefit”).

 

3.            Valuable
Exchange. Employee acknowledges and agrees that the Severance Benefit provided to Employee are in full discharge of any and
all liabilities and obligations of the Company to the Employee as of the Termination Date and exceed any payment, benefit, or other
thing of value to which Employee might otherwise be entitled.

 

     

     

    

 

4.            Releases.

 

A.            In
exchange for the consideration set forth in Paragraph 2, which Employee acknowledges is fair and sufficient, Employee hereby releases
any and all claims that Employee had, has, or might have against the Company and all of its direct and indirect stockholders, subsidiaries,
divisions, affiliates, successors, assigns, officers, directors, employees, insurers, funds, agents, investors, and representatives
(collectively “Releasees”), from liability for any and all claims or damages that Employee had, has, or may
have against any of the Releasees at any time prior to and including the Termination Date, whether known or unknown to Employee,
including but not limited to: (i) any and all claims or rights arising out of, or which might be considered to arise out of
or to be connected in any way with, Employee’s relationship with the Company, or the termination of Employee’s relationship
with the Company; (ii) any claims under any contracts, agreements, or understandings Employee may have with any of the Releasees,
written or oral, at any time prior to the date hereof; and (iii) any claims or causes of action arising under any federal,
state, or local law, rule, or ordinance, tort, express or implied contract, public policy, or any other obligation, including without
limitation any claims arising under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, the Civil Rights Act
of 1991, the Americans With Disabilities Act, the Family and Medical Leave Act, the Fair Labor Standards Act, the Older Workers
Benefit Protection Act, the Employee Retirement Income Security Act of 1974, the Vietnam Era Veterans Readjustment Act of 1974,
the Immigration Reform and Control Act of 1974, the Labor Management Relations Act, the National Labor Relations Act, the Occupational
Safety and Health Act, the Rehabilitation Act of 1973, the Uniformed Services Employment and Reemployment Rights Act, the Worker
Adjustment and Retraining Notification Act, the Sarbanes-Oxley Act of 2002, the Internal Revenue Code of 1986, all as amended,
and/or any other federal, state, or local labor laws, wage and hour laws, employee relations, and/or fair employment practices
laws, any public policy, including whistleblower protections, any claim for misrepresentation, defamation, or invasion of privacy,
any claim for compensation, wages, commissions, bonuses, royalties, stock options, deferred compensation, other monetary or equitable
relief, vacation, personal or sick time, other fringe benefits, attorneys’ fees, or any tangible or intangible property of
Employee’s that remains with the Company, and any other applicable laws, regulations, and rules, whether arising under any
contract (express or implied), agreement, statute, regulation, ordinance, common law, public policy or any other source. Employee
specifically intends this release to be the broadest possible release permitted under law. Notwithstanding the foregoing, Employee
shall not be deemed to have released: (a) any obligations undertaken within this Separation Agreement or claims Employee may
have arising from or related to a breach of this Separation Agreement by the Company; (b) any claims to indemnification to
which Employee may be entitled under the Company’s certificate of incorporation, bylaws, indemnification agreements, directors
and officers insurance policies or applicable law with respect to the period of Employee’s employment; (c) any claims
or rights which cannot be waived by law, including Employee’s right to workers compensation; and (d) any vested benefits
under any employee benefit pension plan.

 

B.             In
exchange for the consideration set forth in Paragraph 2, which Employee acknowledges is fair and sufficient, Employee hereby releases
any and all claims that Employee had, has, or might have against the Releasees, whether known or unknown, from the beginning of
time through the date of the Employee’s execution of this Separation Agreement arising under the Age Discrimination in Employment
Act, as amended, and its implementing regulations. By signing this Separation Agreement, the Employee hereby acknowledges and confirms
that:

 

    2

     

    

 

		(1)	The Employee has read this Separation Agreement in its entirety and understands all of its terms;

 

		(2)	The Employee has been advised in writing to consult an attorney of the Employee’s choosing before signing this Agreement;

 

		(3)	The Employee knowingly, freely, and voluntarily agrees to all of the terms and conditions set out in this Separation Agreement
including, without limitation, the releases and covenants contained in it;

 

		(4)	The Employee was given at least 21 days to consider the terms of this Separation Agreement and consult with an attorney of
the Employee’s choice, although the Employee may sign sooner if desired and changes to this Separation Agreement, whether
material or immaterial, do not restart the running of the 21-day period;

 

		(5)	The Employee understands that the Employee has 7 days after signing this Separation Agreement to revoke the release in this
Paragraph 4(B) by delivering notice of revocation to Janet Rockas at the Company before the end of the 7-day period; and

 

		(6)	The Employee understands that the release contained in this Paragraph 4(B) does not apply to rights and claims that may
arise after the Employee signs this Separation Agreement.

 

5.            No
Claims Pending. Employee represents that he has not filed or caused to be filed any lawsuit, complaint, or charge against any
of the Releasees in any court, any municipal, state or federal agency, or any other tribunal. Employee agrees that he will not,
to the fullest extent permitted by law, sue or file a complaint, grievance or demand for arbitration in any forum pursuing any
claim released under this Separation Agreement; assist or otherwise participate in any claim, arbitration, suit, action, investigation,
or other proceeding of any claim released hereunder; or accept any monetary or other recovery in connection with any charge, complaint,
grievance, demand, or other action brought by any other person or entity related to any claim released hereunder. Employee is not
waiving or releasing Employee’s right to file a charge with, or participate in an investigation by, the Equal Employment
Opportunity Commission or any other federal or state agency. Employee is, however, waiving his right to recover any money in connection
with such a charge or investigation, whether such charge is filed by Employee or someone else. Employee further represents and
warrants that he has not assigned or conveyed to any other person or entity any part of or interest in the Severance Benefit or
in any of the claims released in Paragraph 4 of this Separation Agreement. Employee further expressly waives any claim to any monetary
or other damages or any other form of recovery in connection with any proceeding that violates Paragraph 4 and/or 5 of this Separation
Agreement.

 

    3

     

    

 

6.            No
Additional Compensation Due. Employee acknowledges and agrees that none of the Releasees owes Employee any wages, commissions,
bonuses, sick pay, personal leave pay, severance pay, vacation pay, or other compensation or payments, or continued coverage under
any medical or other benefit policy or plan, qualified or non-qualified retirement benefits or forms of remuneration of any kind
or nature, other than the unpaid amounts specifically provided in Paragraph 1 above and the Severance Benefit specifically provided
in Paragraph 2 above.

 

7.            Restrictive
Covenants. The Company and the Employee agree that the Employee’s obligations and the Company’s rights set forth
in Sections 5 through 12 of the Employment Agreement survive the Termination Date.

 

8.            Miscellaneous.

 

A.           This
Separation Agreement shall be governed by and construed in accordance with the laws of the State of Washington, without giving
effect to the conflict of law principles thereof. Any action or proceeding by either of the parties to enforce this Separation
Agreement shall be brought in any state or federal court located in the State of Washington. The parties hereby irrevocably submit
to the non-exclusive jurisdiction of these courts and waive the defense of inconvenient forum to the maintenance of any action
or proceeding in such venue.

 

B.           This
Separation Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes
any and all prior agreements, written and oral, with respect thereto including the Employment Agreement; provided, however, the
parties agree that Sections 5 through 12 of the Employment Agreement survive and Employee remains subject to the restrictive covenants
set forth therein. No change, amendment, or modification of any provision of this Separation Agreement shall be valid unless set
forth in a written instrument signed by both parties.

 

C.           This
Separation Agreement may be executed in any number of counterparts, each of which shall be deemed an original and together which
shall constitute one and the same instrument.

 

D.           Each
provision of this Separation Agreement shall be considered severable and if, for any reason, any provision hereof is determined
to be invalid and contrary to, or in conflict with, any existing or future law or regulation of any court or agency having valid
jurisdiction, such invalid provisions shall be deemed not to be a part of this Separation Agreement, and the remaining provisions
shall continue to be given full force and effect and bind the parties hereto.

 

E.           The
failure of either party to exercise any right or remedy provided for herein shall not be deemed a waiver of any right or remedy
hereunder.

 

[SIGNATURE PAGE FOLLOWS]

 

    4

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Separation Agreement on the dates set forth below.

 

	 	Company:
	 	 
	 	BROADMARK REALTY CAPITAL INC.
	 	 
	
	
	 	By:	/s/ Jeffrey B. Pyatt
	 	Name:  	Jeffrey B. Pyatt
	 	Title:	Chief Executive Officer
	 	 
	 	Employee:  
	 	 
	 	/s/ Adam Fountain
	 	Name: Adam Fountain    
	 

[Signature
Page to Separation and Release Agreement]

 

     

     

    

 

Exhibit I

 

Independent Contractor Agreement

 

This INDEPENDENT CONTRACTOR
Agreement (this “Agreement”) is made and entered into this 16th
day of March, 2020, by and between Broadmark Realty Capital Inc. (“Company”), a Maryland corporation and Adam
Fountain (“Contractor”).

 

WHEREAS, the Company
and the Contractor previously entered into that certain Employment Agreement dated as of August 9, 2019, pursuant to which
the Contractor provided services as the Executive Vice President of the Company (the “Employment Agreement”);

 

WHEREAS, the Contractor
has provided written notice of his intent to resign and thereby terminate his employment relationship with the Company effective
as of March 31, 2020 (the “Employment Termination Date”); and

 

WHEREAS, following
the Employment Termination Date, the Contractor has agreed to provide the Company part-time transitional services in exchange for
compensation at a set hourly rate and a cash bonus opportunity.

 

NOW, THEREFORE,
in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.            Services.
Effective as of April 1, 2020, the Company hereby engages Contractor to provide marketing services to Broadmark Private
REIT Management, LLC (the “Manager”), as manager of the newly launched Broadmark Private REIT, LLC (the “Private
REIT”) as requested by the Company from time to time (the “Services”). Contractor accepts the engagement,
and agrees to deliver the Services in the most professional, complete, expeditious, and economical manner consistent with the
Company’s interests and to devote the time and effort necessary to perform the Services in such manner. Contractor agrees
to comply with all applicable Company policies while providing the Services during the Term. During the Term, Contractor further
agrees to maintain his FINRA Series 7 and 63 licenses as an “associated person” of Herald Investment Marketing,
LLC (“HIM”) in accordance with applicable securities laws and regulations and HIM’s Registered Representative
Compliance and Supervisory Procedures Manual, and to assist the Manager in marketing the Private REIT’s units to those individuals
and institutions that Contractor reasonably believes are qualified purchasers (as defined in the Investment Company Act of 1940,
as amended) who meet the standards set forth under the Private REIT’s offering documents and applicable federal laws. During
the Term, Company maintains the discretion to limit the number of hours per week during which Contractor delivers the Services.

 

     

     

    

 

2.            Term.
The term of the independent contractor relationship as described in this Agreement (the “Term”) shall begin
as of April 1, 2020 and shall continue until December 31, 2020 unless this Agreement is terminated earlier by either
party providing advanced written notice to the other (a “Termination Notice”), which Termination Notice shall
be delivered at least 30 calendar days before the effective date of termination set forth in the Termination Notice (the “Termination
Date”) or immediately for Cause by the Company. If either the Company or Contractor delivers a Termination Notice, then
the Company, in its sole discretion, may direct Contractor to cease providing the Services at any time prior to the Termination
Date, provided that the Company pays Contractor any unpaid fees earned through such time. The term “Cause” shall
mean:

 

A.            Any
act of fraud, embezzlement, theft, intentional dishonesty, misrepresentation, or breach of duty with respect to the Company or
any of its subsidiaries;

 

B.            Contractor’s
gross negligence or willful misconduct in the performance of duties to the Company;

 

C.            Deliberate
and continual refusal to perform the Services described herein;

 

D.            Any
breach of a restrictive covenant as set forth in the Separation and Release Agreement dated
March 16, 2020, by and between the Company and Contractor or any material written policy applicable to independent
contractors of the Company;

 

E.            Conviction
of, indictment for or entering of a guilty plea or plea of no contest or nolo contendere with respect to any felony or any crime
involving an act of moral turpitude or any “disqualifying event” occurs with respect to Contractor as that term is
defined in Rule 506 of SEC Regulation D such that the Company or the Private REIT would be prohibited from using Rule 506
as a safe harbor for the offering of its units on a private placement basis;

 

F.            Any
conduct which the Company reasonably believes will cause irreparable harm to the relationships between the Company and its investors,
business partners, or employees;

 

G.           Any
false or misleading statement of a material fact relating to the Company, the Manager or the Private REIT or other action by the
Contractor that materially increases the expenses of the Company in connection with the offering of units in the Private REIT or
materially delays the acceptance of subscriptions for interests in the Private REIT in compliance with applicable laws; or

 

H.           Contractor
is no longer licensed as an associated person of HIM or another SEC-registered broker-dealer and FINRA member acceptable to the
Company.

 

3.            Fees.

 

A.            Hourly
Fee. The Company will pay the Contractor for Services provided at the rate of $200 per hour. The Company’s obligation
to pay the Contractor is conditioned on the Contractor’s timely submission of the hours worked per week, in a manner and
form as reasonably acceptable to the Company in its sole discretion. Payments for Services under this Agreement shall be made no
less frequently than the Company’s regular payroll schedule.

 

    I-2

     

    

 

B.            Cash
Bonus Opportunity. The Company will pay the Contractor a cash bonus of two hundred and fifty thousand dollars ($250,000) (the
 “Bonus”) upon the earliest occurrence of any of the following events, subject to the Contractor continuing to
perform the Services under this Agreement through the date of such triggering event:

 

		(1)	Aggregate assets under management by the Manager or executed and valid subscription agreements
from qualified purchasers received by the Private REIT, equal or exceed $60 million since inception of the Private REIT (excluding,
for the avoidance of doubt, units purchased by the Company or its subsidiaries);

 

		(2)	The Company and the Private REIT are not subject to any law, regulation
or legal proceeding that would restrict their ability to offer units or raise capital through the Private REIT and the Company
(i) abandons the proposed offering of units through the Private REIT; (ii) receives executed, valid subscriptions from
qualified purchasers for at least $60 million of Private REIT units prior to December 31, 2020 that have not been revoked
and elects not to accept subscriptions of at least $60 million by December 31, 2020; or (iii) makes a business decision
that the Private REIT will not solicit or accept new contributions of at least $60 million prior to December 31,
2020.

 

		(3)	The Company terminates the independent contractor relationship with the Contractor without Cause
prior to December 31, 2020.

 

Whether an event constitutes a payment
trigger of the Bonus will be determined by the Company, in its sole discretion. Payment of the Bonus shall be made as soon as practicable
following the applicable triggering event, but no later than March 15th of the calendar year following the calendar year in
which the triggering event occurs.

 

C.            COBRA
Reimbursement. If Contractor is eligible for and timely elects continuation of health insurance benefits for himself and his
eligible dependents pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), then the
Company will reimburse the Contractor for COBRA premiums for the first nine (9) months of COBRA coverage such that the coverage,
if elected, will terminate upon the earliest occurrence of any of the following events:

 

		(1)	December 31, 2020;

 

		(2)	Contractor becomes employed with another employer and is eligible to receive health insurance benefits under another employer-provided
plan; or

 

		(3)	The Company terminates the independent contractor relationship with the Contractor for Cause.

 

Such continued group medical and dental plan coverage is contingent
on Contractor (i) timely electing and remaining eligible for continued coverage under COBRA and (ii) timely submitting
his COBRA premium payments for each month. Contractor may be subject to federal and state tax on the value of these reimbursements.

 

    I-3

     

    

 

D.            Expense
Reimbursement. The Company will be responsible for any reasonable and necessary out-of-pocket expenses incurred by Contractor
during the Term that are directly related to the provision of the Services in accordance with the Company’s standard expense
reimbursement policies applicable to independent contractors, provided that (i) the incurrence of such expenses are approved
in advance by the Company and (ii) appropriate documentation for such expenses is submitted to the Company within thirty (30)
days after the expenses are incurred.

 

E.            Technology.
The Contractor may continue to use his Company-provided email address and cellular telephone for the duration of the Term. Upon
the termination of this Agreement, Contractor may elect to retain his cellular telephone number.

 

4.            Other
Activities. During the Term, the Contractor may be otherwise engaged, employed or concerned in any other business, trade, profession
or other activity that does not negatively affect Contractor’s ability to provide the Services in accordance with this Agreement,
place the Contractor in a conflict of interest with the Company, or violate any existing restrictive covenant entered into with
the Company or its affiliates.

 

5.            Independent
Contractor Status. During the Term, Contractor at all times shall be and act solely as an independent contractor, not as an
employee of the Company. Nothing in this Agreement or the relationship between Contractor and the Company shall operate or be construed
as creating the relationship of employer/employee, agent, partners, joint ventures, or any other relationship whatsoever between
Contractor and the Company other than an independent contractor relationship. Contractor shall have no authority to, and shall
not: (i) act as an agent of the Company; (ii) contractually bind or obligate the Company in any way; (iii) hold
himself out as an employee of the Company or as having the authority to contractually bind or obligate the Company; or (iv) provide
any services to or on behalf of the Company other than pursuant to this Agreement. The parties to this Agreement agree that as
of March 31, 2020 the Contractor shall not be eligible to continue enrollment or elect to enroll in any employee benefit plan
or other compensatory program administered by, contributed to, or sponsored by the Company or any of its affiliates other than
COBRA continuation coverage.

 

6.            Withholding.
Contractor agrees that: (i) the Company shall not make any withholdings for any income, social security, or other taxes from
any monies being paid to Contractor pursuant to this Agreement; (ii) the Company shall report to the appropriate government
authorities on the appropriate Form 1099 all monies paid to Contractor pursuant to this Agreement; (iii) Contractor shall
have sole and exclusive responsibility for the payment of any and all federal, state, and local income, social security, and other
taxes arising out of any monies paid to Contractor pursuant to this Agreement; and (iv) Contractor indemnifies and holds harmless
the Company from and against all claims, damages, liabilities, demands, causes of action, costs, and expenses, including, but not
limited to, reasonable attorneys’ fees incurred by the Company, and interest and penalties arising out of or in connection
with the payment or nonpayment of any taxes relating to any monies paid to Contractor pursuant to this Agreement.

 

    I-4

     

    

 

7.            Indemnification.
Contractor shall indemnify, defend, and hold harmless the Company and all of its direct and indirect stockholders, subsidiaries,
divisions, affiliates, successors, assigns, officers, directors, employees, insurers, funds, agents, investors, and representatives,
and the heirs, executors, administrators, receivers, successors, and assigns of all of the foregoing, from and against any and
all claims, damages, losses, judgments, liens, penalties, interest, and expenses, including but not limited to attorneys’
fees, arising or alleged to arise or resulting from: (i) Contractor’s performance or failure to perform any obligations
under this Agreement; (ii) the inaccuracy of any representations or warranties of the Contractor contained herein; (iii) the
breach of this Agreement by Contractor; (iv) any act, error, or omission of Contractor in performing the Services; and (v) the
payment or non-payment of any taxes relating to any monies paid to Contractor pursuant to this Agreement. The foregoing provisions
and all other liabilities of Contractor hereunder, shall survive the termination of this Agreement for any reason.

 

8.            Representations
and Warranties. Contractor represents and warrants to the Company that: (i) this Agreement does not violate any other
agreement to which Contractor is a party; (ii) Contractor has had an opportunity to review the Agreement and consult with
legal and other professional counsel and advisors before executing and delivering it to the Company; (iii) this Agreement
constitutes Contractor’s valid and binding agreement, enforceable in accordance with its terms; and (iv) Contractor
will comply with all federal, state, and local laws regarding the performance of the Services and with all policies and procedures
set forth in the applicable Company policies.

 

9.            Acknowledgments.

 

B.            A.
Contractor acknowledges and agrees that as a result and as part of Contractor’s engagement with the Company, he has received
and will receive knowledge and expertise in the Business of the Company that is special and unique. As used in this Agreement,
the term “Business” shall mean the business of originating mortgages, lending money or other financing, in each
case, for the purpose of acquiring, developing or otherwise financing real estate and related assets or the operation of a real
estate investment fund or such other fund, real estate investment trust or other entity that participates in the foregoing described
real estate-related activities within the United States, whether through origination activities or in the secondary market (including,
without limitation, through the acquisition of real estate related loans or interests therein).For purposes of this Agreement,
the term “Confidential Information” means any confidential or proprietary information of the Company, which
is not already or does not become generally available to the public (but not through any breach of confidentiality by Contractor),
whether contained in documents, electronic media or other forms, including, but not limited to, information about materials, procedures,
inventions, processes, manufacturing, expertise, customer lists, potential customer lists, customer data, financial data, vendors,
marketing plans, and trade secrets. Confidential Information shall also include personal information of the Company’s customers,
clients, employees, and vendors (“Personal Information”).

 

C.            Contractor
acknowledges and agrees that the restrictive covenants and other continuing obligations in this Agreement are reasonable and necessary
and that consideration and compensation provided to Contractor pursuant to this Agreement constitute good and sufficient consideration
for Contractor’s agreements and covenants in Paragraphs 10, 11 and 12.

 

    I-5

     

    

 

D.            For
purposes of Paragraphs 10 through 13, the term “Company” includes both the Company and its direct and indirect subsidiaries.

 

10.            Nondisclosure
and Nonuse of Confidential Information; Nondisparagement.

 

A.            Contractor
acknowledges and agrees that he will be afforded access to Confidential Information that could have an adverse effect on the Company
and its Business if it is used in an unauthorized manner and/or disclosed. Contractor will not, at any time, either during the
Term or thereafter, disclose or use any Confidential Information, or permit any person to use, examine or make copies of any Confidential
Information, except as may be required in his duties on behalf of the Company. Contractor agrees to take reasonable measures to
protect the secrecy of, and avoid the disclosure and the unauthorized use of, any Confidential Information.

 

B.            Contractor
shall deliver to the Company at the termination of the Term, or at any time the Company may request, all memoranda, notes, plans,
records, reports, files, electronic data, computer tapes, software and other documents and data (and copies thereof) that is Confidential
Information or Personal Information or Work Product (each as defined herein) or other information relating to the Business of the
Company which Contractor may then possess or have under his control. Notwithstanding the foregoing, Contractor will have the right
to retain and remove all personal property and effects which are owned by Contractor.

 

C.            Contractor
agrees that he will not view or access any Personal Information except as needed in the course of his duties and responsibilities
for the Company.

 

D.            Contractor
agrees not to make, or cause any other person to make, any public statement that criticizes or disparages the Company, executive
officers, employees, directors or products. Nothing set forth herein shall be interpreted to prohibit Contractor from responding
publicly to incorrect public statements, making truthful statements when required by law, subpoena, court order, or the like and/or
from responding to any inquiry about this Agreement or its underlying facts and circumstances by any regulatory or investigatory
organization and/or from making any truthful statements in the course of any litigation.

 

E.            Pursuant
to 18 U.S.C. § 1833(b), Contractor will not be held criminally or civilly liable under any federal or state trade secret law
for the disclosure of a trade secret of the Company that (i) is made (A) in confidence to a federal, state, or local
government official, either directly or indirectly, or to Contractor’s attorney and (B) solely for the purpose of reporting
or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in
a lawsuit or other proceeding. If Contractor files a lawsuit for retaliation by the Company for reporting a suspected violation
of law, Contractor may disclose the trade secret to Contractor’s attorney and use the trade secret information in the court
proceeding, if Contractor files any document containing the trade secret under seal and does not disclose the trade secret except
under court order. Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for
disclosures of trade secrets that are expressly allowed by such section.

 

    I-6

     

    

 

11.           Inventions
and Patents. Contractor agrees that all inventions, innovations, improvements, technical information, certifications, systems,
software developments, methods, designs, analyses, drawings, reports, service marks, trademarks, trade names, logos and all similar
or related information (whether patentable or unpatentable) which relates to the Company’s (or any predecessor’s) Business,
research and development or existing or future products or services and which are conceived, developed or made by Contractor (whether
or not during usual business hours and whether or not alone or in-conjunction with any other person) in the course of his engagement
with the Company or relationship with the Company or any predecessor, together with all patent applications, letters patent, trademark,
trade name and service mark applications or registrations, copyrights and reissues thereof that may be granted for or upon any
of the foregoing (collectively referred to herein as “Work Product”) belong to the Company. Contractor hereby
assigns and agrees to assign to the Company any rights he may have or acquire in such Work Product, whether created before, on,
after or prior to the effective date of this Agreement. Contractor agrees that his copyrightable works prepared for the Company
are “supplementary works” or “works for hire,” as defined in Title 17 of the United States Code, and if
any such works are deemed not to be a supplementary work or work for hire, then Contractor hereby assigns and agrees to assign
his entire right, title and interest in the copyright to such works to the Company. Contractor will take reasonable steps to promptly
disclose such Work Product to the Company and perform all actions reasonably requested by the Company (whether during or after
the Term) to establish and confirm such ownership (including the execution and delivery of assignments, consents, powers of attorney
and other instruments) and to provide reasonable assistance to the Company in connection with the prosecution of any applications
for patents, trademarks, trade names, service marks or reissues thereof or in the prosecution or defense of interferences relating
to any Work Product, to the extent the assistance of Contractor is reasonably required to prosecute such applications or reissues
thereof or to prosecute or defend such interferences.

 

12.          Non-Competition
and Non-Solicitation.

 

A.            Contractor
acknowledges that, in the course of his independent contractor relationship with the Company he will become familiar with the Company’s
and its respective predecessors’ trade secrets and with other Confidential Information concerning the Company and its respective
predecessors and that his services have been and will be of special, unique and extraordinary value to the Company. Contractor
agrees that, in consideration of his engagement as contemplated under this Agreement and all compensation and benefits being provided
herein, it is both reasonable and fair as well as necessary for the protection of the Company’s confidential information,
good will in the marketplace, and other protectable business interests, that he be subject to certain limitations in his activities
in the event of this Agreement’s termination by either party for any reason.

 

B.            Therefore,
in consideration of the foregoing, Contractor agrees that, for a period of eighteen (18) months following termination of his independent
contractor relationship for any reason, he will not (i) engage in, sell or provide any products or services which are the
same as or similar to or otherwise competitive with the products and services sold or provided by the Company; (ii) own, acquire,
or control any interest, financial or otherwise, in any entity or business engaged in selling or providing the same, similar or
otherwise competitive services or products which the Company is selling or providing in connection with the Business; (iii) call
on or solicit which may interfere with or impair the relationship between the Company and any current or prospective customer,
supplier, distributor, developer, service provider or other material business relation of the Company in connection with the Business;
and (iv) act or provide services as a consultant or advisor or loan or otherwise provide financing or financial assistance
of any kind, to any third party who is or is attempting, directly or indirectly, to engage in any of the activities listed in subsections
(i) through (iii) above; provided that nothing in this Subsection (B) shall prohibit Contractor from owning less
than five percent (5%) of the outstanding shares of any public company as long as Contractor has no other role with such company.

 

    I-7

     

    

 

C.            In
addition, in consideration of the foregoing, Contractor agrees that, for a period of twelve (12) months following any termination
of his independent contractor relationship, Contractor shall not, directly or indirectly, through another person or entity (i) induce,
attempt to induce, or solicit any employee of the Company to terminate his employment with the Company, or in any way interfere
with the relationship between the Company, on the one hand, and any employee thereof, on the other hand, (ii) employ, hire,
induce, attempt to induce, or solicit the employment of any former employee of the Company until one (1) year after such employee’s
independent contractor relationship with the Company has been terminated, (iii) call on, solicit, service, divert or take
away or attempt to call on, solicit, service, divert or take away any customer, supplier, contractor, designer, licensee or other
business relation of the Company with respect to products or services related to the Company’s Business as of the date of
this Agreement’s termination or induce any of such parties to cease doing business with the Company, or in any way interfere
with the relationship between any such customer, supplier, contractor, designer, licensee or business relation, on the one hand,
and the Company, on the other hand, or (iv) make any statement or do any act to impair, prejudice or destroy the goodwill
of the Company, to prejudice or impair the relationship or dealing between the Company and any of its customers, suppliers, contractors,
designers, licensees, employees or other business relations, or to cause existing or potential customers of the Company to make
use of the services or purchase the services or products of any competitive business.

 

13.            Enforcement.

 

A.            If
Contractor breaches or threatens to commit a breach of any of the covenants set forth in Paragraphs 10, 11 and 12 above, then the
Company shall have the right to seek to have the covenants in Paragraphs 10, 11 and 12 specifically enforced against Contractor,
including temporary restraining orders and injunctions by any court of competent jurisdiction, in order to enforce, or prevent
any violations of, the provisions hereof (without posting a bond or other security), it being agreed by Contractor that any breach
or threatened breach by Contractor of Paragraphs 10, 11 and 12 would cause irreparable injury to the Company and that money damages
would not provide an adequate remedy to the Company. The prevailing party is entitled to its attorneys’ fees and costs incurred
in relation to any action addressing Paragraphs 10, 11 and 12 of this Agreement. In addition, the Company shall not be required
to post any bond or other surety as a condition to the issuance of any temporary restraining order or injunction, and Contractor
irrevocably waives any such requirement of any statute or applicable law.

 

    I-8

     

    

 

B.            If,
during the enforcement of any or all of the covenants and provisions set forth in Paragraphs 10, 11 and 12 above, any court of
competent jurisdiction enters a final judgment that declares that the duration, scope, or area restrictions stated therein are
unreasonable under circumstances then existing, are invalid, or are otherwise unenforceable, then the parties hereto agree that
the maximum enforceable duration, scope, or area reasonable under such circumstances shall be substituted for the stated duration,
scope, or area, and that the court making the determination of invalidity or unenforceability shall have the power to revise the
scope, duration, or area of the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable
term or provision with a term or provision that is valid and enforceable and that comes the closest to expressing the intention
of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified to cover the maximum
duration, scope, or area permitted by law.

 

C.            If
any of the provisions of Paragraphs 10, 11 and 12 are violated, then the time limitations set forth in those sections shall be
extended for a period of time equal to the period of time during which such breach occurs, and, in the event the Company is required
to seek relief from such breach before any court, board or other tribunal, then the time limitation shall be extended for a period
of time equal to the pendency of such proceedings, including all appeals.

 

14.          Miscellaneous.

 

A.            This
Agreement shall be governed by and construed in accordance with the laws of the State of Washington, without giving effect to the
conflict of law principles thereof. Any action or proceeding by either of the parties to enforce this Agreement shall be brought
in any state or federal court located in the State of Washington. The parties hereby irrevocably submit to the non-exclusive jurisdiction
of these courts and waive the defense of inconvenient forum to the maintenance of any action or proceeding in such venue.

 

B.            This
Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes any and
all prior agreements, written and oral, with respect thereto including the Employment Agreement; provided, however, the parties
agree that Sections 5 through 12 of the Employment Agreement survive and Contractor remains subject to the restrictive covenants
set forth therein. No change, amendment, or modification of any provision of this Agreement shall be valid unless set forth in
a written instrument signed by both parties.

 

C.            This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original and together which shall constitute
one and the same instrument.

 

D.            This
Agreement may not be assigned by Contractor, and the duties or obligations of Contractor may not be delegated by Contractor. Any
purported assignment or delegation without such consent shall be void and of no effect. Subject to the foregoing provisions of
this Paragraph 14, all of the covenants, conditions, and obligations contained in this Agreement shall be binding upon and inure
to the benefit of the successors and assigns of the Company or the Contractor.

 

    I-9

     

    

 

E.            Each
provision of this Agreement shall be considered severable and if, for any reason, any provision hereof is determined to be invalid
and contrary to, or in conflict with, any existing or future law or regulation of any court or agency having valid jurisdiction,
such invalid provisions shall be deemed not to be a part of this Agreement, and the remaining provisions shall continue to be given
full force and effect and bind the parties hereto.

 

F.            Paragraphs
7 and 10 through 14 of this Agreement shall survive the expiration or termination of this Agreement.

 

G.           The
failure of either party to exercise any right or remedy provided for herein shall not be deemed a waiver of any right or remedy
hereunder.

 

[SIGNATURE PAGE FOLLOWS]

 

    I-10

     

    

 

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement on the dates set forth below.

 

	 	Company:
	 
	 	BROADMARK REALTY CAPITAL INC.
	 
	 	By:	 
	 	Name:  	Jeffrey B. Pyatt
	 	Title:	Chief Executive Officer
	 	 	 
	 	Contractor:
	 
	 	 
	 	Name: Adam Fountain
	 

[Signature
Page to Independent Contractor Agreement]

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