Document:

Ireland Inc.: Exhibit 10.27 - Filed by newsfilecorp.com

DIRECTOR NON-QUALIFIED STOCK OPTION AGREEMENT
OF

IRELAND INC. 
A Nevada Corporation 

THIS AGREEMENT is made between IRELAND INC., a
Nevada corporation (hereinafter referred to as the "Company"), and STEVEN A.
KLEIN of [Address] (hereinafter referred to as the “Optionee”), a
director of the Company, effective as of the 17th day of January, 2014 (the
“Grant Date”). 

1.                   Options Granted. The Company hereby grants the
Optionee non-qualified stock options to purchase an aggregate of Three
Hundred Thousand (300,000) shares of the Company’s Common Stock exercisable
at a price of $0.28 per share (the “Exercise Price”) for a term commencing on
the vesting dates set out below (the “Vesting Date”) and expiring at 5:00 pm
(Pacific Time) on the fifth (5th) year anniversary of the respective Vesting
Date (the “Expiration Date”), subject to termination as set forth herein:

	 	Number of Options to Vest 	Vesting Date 	Expiration Date 
	 	75,000 	March 31, 2014 	March 31, 2019 
	 	75,000 	June 30, 2014 	June 30, 2019 
	 	75,000 	September 30, 2014 	September 30, 2019 
	 	75,000
	December 31, 2014 	December 31, 2019 
	 	300,000
    	Total 	 
    

No option may be exercised unless the option has vested. The
vesting of all options will be cumulative. All options which have not vested
will terminate on the date of termination of the options in accordance with this
Agreement. 

2.                   Method of Exercise. The options may be exercised to
the extent they have vested and become exercisable and not yet been forfeited or
terminated by written notice delivered to the Company at its principal place of
business, stating the number of shares for which the option is being exercised.
The notice must be accompanied by a check or other methods of payment acceptable
to the Plan Administrator for the amount of the purchase price, and comply with
all the requirements of the Company’s 2007 Stock Incentive Plan dated March 27,
2007, a copy of which has been provided to the Optionee. 

3.                   Capital Adjustments. The existence of the options
shall not affect in any way the right or power of the Company or its
stockholders to: (1) make or authorize any or all adjustments,
recapitalizations, reorganizations, or other changes in the Company's capital
structure or its business; (2) enter into any merger or consolidation; (3) issue
any bonds, debentures, preferred or prior preference stocks ahead of or
affecting the common stock or the rights thereof, (4) issue any securities
convertible into any common stock, (5) issue any rights, options, or warrants to
purchase any common stock, (6) dissolve or liquidate the Company, (7) sell or
transfer all or any part of its assets or business, or (8) take any other
corporate act or proceedings, whether of a similar character or otherwise. 

4.                   Adjustments for Reorganizations and Recapitalizations.
If there shall, prior to the exercise of any of the options provided for by
this Agreement, be any stock dividend, stock split, spin-off, combination or
exchange of shares, recapitalization, merger, consolidation, distribution to
stockholders (other than a normal cash dividend) or other change in the
Company’s corporate or capital structure that results in (a) the Company’s
outstanding shares of common stock (or any securities exchanged therefore or
received in their place) being exchanged for a different number or kind of
securities of the Company or any other corporation, or (b) new, different or
additional securities of the Company or of any other corporation being received
by the holders of shares of the Company’s common stock, then there shall
automatically be an adjustment in either the number of shares which may be
purchased pursuant hereto, the type of shares which may be purchased pursuant
hereto or the price at which such shares may be purchased, or any combination
thereof, so that the rights evidenced hereby shall thereafter as reasonably as
possible be equivalent to those originally granted hereby.

- 2 -

The Company shall have the sole and exclusive power to make
such adjustments as it considers necessary and desirable. 

5.                   Transfer of the Options. During the Optionee's
lifetime, the options shall be exercisable only by the Optionee. The options
shall not be transferable by the Optionee other than by the laws of descent and
distribution upon the Optionee's death. In the event of the Optionee's death
during the term of this Agreement, the Optionee's personal representatives may
exercise any portion of the options that remains vested and unexercised at the
time of the Optionee's death, provided that any such exercise must be made, if
at all, during the period within six (6) months after the Optionee's death, and
subject to the option termination date specified in Section 7. 

	6. 	
      Changes in Control.

	 	 	 
	(a) 	
      Notwithstanding any other provision in this Agreement to
        the contrary, all unvested options outstanding under this Agreement shall
        immediately vest and become exercisable upon a Change in
    Control.

	 	 	 
	(b) 	
      “Change in Control” means any of the following
    events:

	 	(i) 	
      Approval by the stockholders of the Company of a merger
      or consolidation of the Company with any other corporation, other than a
      merger or consolidation that would result in the voting securities of the
      Company outstanding immediately prior to such merger or consolidation
      continuing to represent (either by remaining outstanding or being
      converted into voting securities of the surviving entity) more than fifty
      percent (50%) of the total voting power of the voting securities of the
      Company, the surviving entity or any parent thereof outstanding
      immediately after such merger or consolidation;

	 	 	 
	 	(ii) 	
      Approval by the stockholders of the Company of (i) a plan
      of complete liquidation or dissolution of the company or (ii) a sale by
      the Company of all of its property and assets pursuant to Section 78.565
      of the Nevada Revised Statutes (the “NRS”); or

	 	 	 
	 	(iii) 	
      Any person or group of persons (as defined in Section
      13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Exchange
      Act”)) together with its affiliates, but excluding (i) the Company or any
      of its subsidiaries; (ii) any employee benefit plan of the Company or
      (iii) a corporation or other entity owned, directly or indirectly, by the
      stockholders of the Company in substantially the same proportions as their
      ownership of stock of the Company (individually a “Person” and
      collectively, “Persons”) is or becomes, directly or indirectly, the
      beneficial owner (as defined in Rule 13d-3 promulgated under the Exchange
      Act) of 50% or more of the combined voting power of the Company’s then
      outstanding securities.

	7. 	Termination of Option. 
	  	  
	(a) 	The Optionee’s right to exercise any options
      that have vested and are exercisable shall terminate on 
	  	the earliest of the following dates:
  

	 	(i) 	
      The Expiration Date;

	 	 	 
	 	(ii) 	
      Subject to subsections (c) and (d) below, the date which
      is six (6) months from the date on which the Optionee ceases to act as a
      director of the Company or any subsidiary of the Company;

	 	 	 
	 	(iii) 	
      In the event of the termination of the Optionee as a
      director of the Company or any subsidiary of the Company as a result of a
      breach of the Optionee’s obligations to the Company or any subsidiary of
      the Company, or as a result of any dishonesty, fraud, misconduct, the
      unauthorized use or disclosure of confidential information or trade
      secrets, or conviction or confession of a crime punishable by law (except
      minor violations) (each of which being a termination for “Cause”), the
      earliest date on which the Optionee is notified by the Company of such
      termination; and

- 3 -

	 	(iv) 	
      The date which is six (6) months from the date of the
      Optionee’s death or the date the Optionee is determined by the Company to
      be unable to perform his or her duties as a director of the Company or any
      subsidiary of the Company as a result of any mental or physical disability
      that is expected to result in death or that is expected to last for a
      continuous period of twelve (12) months or more (the “Disability
      Determination Date”).

	(b) 	
      The Optionee’s right to exercise any options that have
      not vested and are not exercisable shall terminate on the earliest of the
      following dates:

	 	(i) 	
      The date the Optionee ceases to act as a director of the
      Company or any subsidiary of the Company;

	 	 	 
	 	(ii) 	
      In the case of the termination of the Optionee as a
      director of the Company or any subsidiary of the Company for Cause, on the
      earliest date on which the Optionee is notified by the Company of such
      termination; and

	 	 	 
	 	(iii) 	
      The date of the Optionee’s death or the Disability
      Determination Date, as applicable.

	(c) 	
      For purposes of this Section 7, the Optionee will be
      deemed not to have ceased to act as a director of the Company or any
      subsidiary of the Company (the “Original Position”) if the Optionee
      continues to act as an employee, officer, director or consultant of the
      Company or a subsidiary of the Company in some other capacity immediately
      upon ceasing to act in the Original Position. 

	  	
       

	(d) 	
      Also notwithstanding the forgoing, if the Optionee dies
      after he or she ceases to be a director of the Company or any subsidiary
      of the Company for reasons other than a termination for Cause or for
      disability in accordance with the above, the Optionee’s right to exercise
      any options that have vested and are exercisable on the date the Optionee
      ceases to be a director of the Company or any subsidiary of the Company
      shall terminate on the earliest of the Expiration Date and the date which
      is six (6) months after the date of death. 

	  	
       

	8. 	
      Rights as Shareholder. The Optionee will not be
      deemed to be a holder of any shares pursuant to the exercise of these
      options until he or she pays the option price and a stock certificate is
      delivered to him or her for those shares. No adjustment shall be made for
      dividends or other rights for which the record date is prior to the date
      the stock certificate is delivered. 

	  	
       

	9. 	
      Integration with the Company’s 2007 Stock Incentive
      Plan. All of the terms and conditions of the Company’s 2007 Stock
      Incentive Plan, a copy of which has been provided to the Optionee, are
      specifically made a part of this Agreement and shall control with regard
      to the interpretation or construction of any provision that is
      inconsistent herewith. This Agreement will be governed by and construed in
      accordance with the laws of the State of Nevada. 

	  	
       

	10. 	
      Withholding Taxes. The Optionee authorizes the
      Company to withhold from any payments due to the Optionee by the Company,
      whether pursuant to this Agreement or otherwise, any amounts required to
      be withheld and remitted by the Company on account of any income and
      employment taxes resulting from this Agreement. 

	  	
       

	11. 	
      Miscellaneous. 

	(a) 	
      Any notice required or permitted to be given under this
      Agreement shall be in writing and may be delivered personally or by fax,
      or by prepaid registered post addressed to the parties at such address of
      which notice may be given by either of such parties. Any notice shall be
      deemed to have been received, if personally delivered or by fax, on the
      date of delivery, and, if mailed as aforesaid, then on the fifth business
      day after and excluding the day of mailing.

	 	 
	(b) 	
      This Agreement and the rights and obligations and
      relations of the parties shall be governed by and construed in accordance
      with the laws of the State of Nevada and the federal laws of the United
      States applicable therein (but without giving effect to any conflict of
      laws rules). The parties agree that the courts of the State of Nevada
      shall have jurisdiction to entertain any action or other legal proceedings
      based on any provisions of this agreement. Each party attorns to the
      jurisdiction of the courts of the State of
Nevada.

- 4 -

	(c) 	
      Time shall be of the essence of this agreement and of
      every part of it and no extension or variation of this agreement shall
      operate as a waiver of this provision.

	 	 
	(d) 	
      This Agreement may be executed in one or more
      counterparts, each of which so executed shall constitute an original and
      all of which together shall constitute one and the same
  agreement.

	IN WITNESS WHEREOF, the parties hereto have executed
      this Agreement as of the 17th day of January, 2014. 
	
	 
	IRELAND INC. 
	by its authorized signatory: 
	 
	/s/ Douglas D.G. Birnie 
	 
	DOUGLAS D.G. BIRNIE, 
	CEO, PRESIDENT & SECRETARY 
	  
	 
	OPTIONEE: 
	 
	/s/ Steven A. Klein 
	 
	SIGNATURE OF DIRECTOR 
	 
	STEVEN A.
      KLEIN 
	NAME OF DIRECTOR 
	 
	[Address]
    
	ADDRESS 
	 
	300,000
  
	NUMBER OF OPTIONSEx10.63

EXHIBIT 10.63
 

Confidential information has been omitted in places marked “*****” and has been filed separately with the Securities and Exchange Commission.  Confidential treatment has been requested with respect to this omitted information.

DE-NE0000530
Amendment 008

 

AMENDMENT NO. 008
TO
COOPERATIVE AGREEMENT DE-NE0000530 BETWEEN
DEPARTMENT OF ENERGY (“DOE”),
USEC INC. (“USEC”), 
AND 
AMERICAN CENTRIFUGE DEMONSTRATION, LLC (“ACD”) 
(collectively, the “Agreement”)

		
	1.
	Line 2 of the Opening Page: Amendment No. is changed from 007 to 008.

		
	2.
	Section 8.01 of the Agreement is deleted in its entirety and replaced with the following:

8.01:  The maximum amount of liability assumed from the Recipient by DOE, which is made available through DOE assumption of Depleted Uranium Hexafluoride (DUF6) title and liability, shall be as set forth in the table below.  For each of the periods set forth below, the Recipient is prohibited from incurring costs for which DOE reimbursement will be sought in excess of the following amounts; provided, however, that unutilized funds made available in any period may be made available to reimburse costs incurred in any subsequent period at DOE’s discretion.

	
			
	Award Period
	DOE Method of Cost Share
	Maximum DOE Incremental Amount of Cost Share Dollars

	Budget Period 1 Funding Period 1 6/1/12-7/31/12
	DOE assumption of 11,813 MT of DUF6 liability - 
	$26,410,272 
(in the form of DUF6 liability assumed by DOE)

	Budget Period 1 Funding Period 2 8/1/12-11/30/12
	DOE assumption of up to 27,387 MT of DUF6 liability
	$61,259,912
(in the form of DUF6 liability assumed by DOE)

	Total for Budget Period 1
	DOE assumption of up to 39,200 MT of DUF6 liability
	$87,670,184
(in the form of DUF6 liability assumed by DOE)

	Budget Period 2
Funding Period 1
12/1/12-3/12/13
	Appropriated Funding
	$45,720,000

	Budget Period 2
Funding Period 2
3/13/13-6/15/13 
	DOE transfer to USEC Inc. of ***** KgU EUP containing ***** SWU as the SWU Component and approximately 408,833.614 KgU as the Feed Component with Recipient to return approximately 408,833.614 KgU Feed Component to DOE as set forth in Attachment H.
	$44,378,055 (agreed value of ***** SWU transferred as a component of the EUP transferred to USEC Inc.) 

	Budget Period 2
Funding Period 3
6/16/13-7/31/13 Estimated Government Cost Share
	Appropriated Funding
	$20,000,000

	Budget Period 2
Funding Period 4
8/1/13-11/1/13 Estimated Government Cost Share
	Appropriated Funding
	$29,913,183

	Budget Period 2
Funding Period 5
11/2/13-12/31/13 Estimated Government Cost Share
	To be determined by DOE based upon the availability of appropriations or other sources of consideration
	TBD

	Total Estimated Government Cost Share for Budget Period 2
	 
	$192,329,816

Budget Period 1 is divided into two funding periods.  DOE will accept title to DUF6 for the initial period (6/1/12-7/31/12) after award of this Agreement to allow the Recipient to begin work on approved activities.  Upon satisfying the conditions set forth in this Article 8.01 below, the Contracting Officer will issue written authorization allowing the Recipient to incur costs during the remainder of Budget Period 1 and DOE shall assume the remainder of the DUF6 liability to be assumed for Budget Period 1.  As of the execution date of Amendment No. 001, the Parties acknowledge and agree that the Contracting Officer 

issued the necessary written authorization required by the preceding sentence on 7/31/12.  DOE cost share for Budget Period 1 will be fulfilled through DOE’s assuming title and liability for up to 39,200 MT of Depleted Uranium Hexafluoride (DUF6), which the parties agree will be treated as the Government providing $87,670,184 in cost share contributions (80% of the total estimated cost of the agreement for Budget Period 1).  

Among other requirements set forth elsewhere in this Agreement, DOE will not assume liability from the Recipient incurred beyond 7/31/12 unless (a) the Equipment Contract (Contract No. DE-NE0000488) has been executed and title to the Transferred Property (as defined therein) has been transferred to DOE and (b) the Recipient provides a revised application for financial assistance under this award to DOE no later than 7/24/12 that includes: (1) cost, schedule, Performance Indicator/Milestone detailed estimate (to Work Breakdown Structure level 3) for the Project; (2) a report detailing ACD’s efforts to implement a governance structure demonstrating capability to provide overall management of the project (see Article 6.02) and demonstrating that the ACD has submitted to the Nuclear Regulatory Commission (NRC) a complete package requesting a Foreign Ownership, Control or Influence (FOCI) determination in a form acceptable to the NRC; and (3) a revised Attachment B that includes proposed Technical Milestone dates.  As of the execution date of Amendment No. 001, the Parties acknowledge and agree that Recipient has met the requirement in the preceding sentence.  

DOE will not issue written authorization permitting incurrence of costs under this Agreement during Budget Period 2 unless the Recipient submits the following to DOE no later than 9/21/12: (1) documentation evidencing the existence of ACD with, subject to obtaining necessary regulatory approvals, the governance structure referenced in Article 6.02; and (2) revised cost, schedule, Performance Indicator/Milestone detailed estimate (to Work Breakdown Structure level 3) for the American Centrifuge Cascade Demonstration Test Program.  Execution of this Amendment No. 001 acknowledges that the requirements of the preceding sentence have been met and written authorization to incur costs under this Agreement during Budget Period 2 was provided by the Contracting Officer.  

Budget Period 2 is divided into multiple funding periods.  For Budget Period 2, Funding Period 1, DOE has provided up to $45,720,000 for the Government Cost Share.  For Budget Period 2, Funding Period 2 (3/13/13-6/15/13), DOE has provided $44,378,055 in Government Cost Share (80% of the total estimated cost of the agreement for Budget Period 2, Funding Period 2).  This Cost Share was met via the agreed upon value of the SWU Component (***** SWU) of the EUP transferred to USEC Inc. in accordance with the provisions of Attachment H. For Budget Period 2, Funding Period 3, DOE provided $20,000,000 for the Government Cost Share.  For Budget Period 2, Funding Period 4, DOE will provide up to $29,913,183 for the Government Cost Share.  

At DOE’s discretion, and subject to requirements elsewhere in this agreement and the availability of appropriations or other sources of consideration, DOE may provide funding for future funding periods through further amendment(s) of this Agreement.  DOE will not authorize continuation of the Project or provide Cost Share funding to reimburse costs incurred by the Recipient under this Agreement for future funding periods unless the Recipient has successfully met all milestones and provided to DOE all deliverables scheduled for performance or delivery before the end of Budget Period 2 Funding Period 4 as set forth in Attachment B Project Scope - Amendment #2 and demonstrates to DOE’s satisfaction evidence of sufficient progress toward Recipient’s ability to successfully meet the milestones scheduled to be completed during future funding periods.  In the event DOE provides Additional Funding (above the “Current Funding” provided by Amendment No. 006 to this Agreement), DOE and Recipient shall amend this Agreement to reflect such Additional Funding.  

DOE will not assume liability or otherwise reimburse costs incurred by the Recipient under this Agreement above the Current Funding without first issuing written authorization permitting the Recipient to incur costs under this Agreement above the Current Funding.  Notwithstanding the above, there is no requirement for written authorization permitting the Recipient to incur costs under this Agreement constituting the Government Cost Share up to the Total Government Funds Obligated.  

In addition to other available remedies, in the event the conditions in this Section 8.01 for the continued funding of the program are not met, the Contracting Officer may suspend or terminate this award without recourse through corrective action by Recipient.  In the case of such a suspension or termination, costs shall be addressed as set forth in 10 CFR § 600.24.

		
	3.
	In accordance with Section 8.01 of the Agreement, the Recipient is authorized to expend unutilized funds from previous Funding Periods beyond the end date of the current Funding Period.

		
	4.
	All other terms and conditions of the Agreement remain the same.

/s/ Karen S. Shears                    /s/ Philip G. Sewell            
Karen S. Shears                    Philip G. Sewell
Contracting Officer                    Senior Vice President
U.S. Department of Energy                USEC Inc.

10/11/2013                        10/11/2013                
Date                            Date

/s/ Paul Sullivan            
Paul Sullivan
Project Manager
American Centrifuge Demonstration, LLC

10/11/2013                
Date

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