Document:

Exhibit 4.1

 

UR-ENERGY
INC.

 

AMENDED AND RESTATED STOCK OPTION PLAN

 

2005

 

		1.	PURPOSE OF THE PLAN

 

		1.1	The purpose of the Plan is to attract, retain and motivate persons of training, experience and
leadership to the Corporation and its Subsidiaries, including their directors, officers, employees and service providers, and to
advance the interests of the Corporation by providing such persons with the opportunity, through share options, to acquire an increased
proprietary interest in the Corporation.

 

		2.	DEFINED TERMS

 

Where used herein, the following
terms shall have the following meanings, respectively:

 

		2.1	“Board” means the Board of Directors of the Corporation or, if established and duly
authorized to act, the Executive Committee of the Board of Directors of the Corporation;

 

		2.2	“Change of Control” includes:

 

		(i)	the acquisition by any persons acting jointly or in concert (as determined by the Securities Act),
whether directly or indirectly, of voting securities of the Corporation that, together with all other voting securities of the
Corporation held by such persons, constitute in the aggregate more than 50% of all outstanding voting securities of the Corporation;

 

		(ii)	an amalgamation, arrangement or other form of business combination of the Corporation with another
corporation that results in the holders of voting securities of that other corporation holding, in the aggregate, more than 50%
of all outstanding voting securities of the corporation resulting from the business combination;

 

		(iii)	the sale, lease or exchange of all or substantially all of the property of the Corporation to another
person, other than in the ordinary course of business of the Corporation or to a Related Entity; or

 

		(iv)	any other transaction that is deemed to be a “Change of Control” for the purposes of
this Plan by the Board in its sole discretion;

 

		2.3	“Committee” shall have the meaning attributed thereto in Section 3.1 hereof;

 

		2.4	“Control” by a person over a second person means the power to direct, directly or indirectly,
the management and policies of the second person by virtue of:

 

		(i)	ownership of or direction over voting securities in the second person;

 

		(ii)	a written agreement or indenture;

 

    	 

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		(iii)	being or Controlling the general partner of the second person; or

 

		(iv)	being a trustee of the second person;

 

		2.5	“Corporation” means Ur-Energy Inc. and includes any successor corporation thereof;

 

		2.6	“Eligible Person” means:

 

		(i)	any Insider, director, officer or employee of the Corporation or any Subsidiary, or any other Service
Provider (an “Eligible Individual”); or

 

		(ii)	a corporation controlled by an Eligible Individual, the issued and outstanding voting shares of
which are, and will continue to be, beneficially owned, directly or indirectly, by such Eligible Individual and/or the spouse,
children and/or grandchildren of such Eligible Individual (an “Employee Corporation”);

 

		2.7	“Insider” means any insider, as such term is defined in Subsection 1(1) of the Securities
Act (Ontario), of the Corporation, other than a person who falls within that definition solely by virtue of being a director or
senior officer of a Subsidiary, and includes any associate, as such term is defined in Subsection 1(1) of the Securities Act (Ontario),
of any such insider;

 

		2.8	“Market Price” at any date in respect of the Shares means the closing price of such
Shares on the TSX (or, if such Shares are not then listed and posted for trading on the TSX, then on the recognized stock exchange
on which such Shares are listed or posted or, if such Shares are not so listed on any recognized stock exchange, then on the over-the-counter
market on which they are traded or posted as selected for such purpose by the Committee or, in accordance with Section 5.5 hereof)
on the immediately preceding Trading Day;

 

		2.9	“Option” means an option to purchase Shares granted to an Eligible Person under the
Plan;

 

		2.10	“Option Price” means the price per Share at which Shares may be purchased under an
Option, as the same may be adjusted from time to time in accordance with Article 8 hereof;

 

		2.11	“Optioned Shares” means the Shares issuable pursuant to an exercise of Options;

 

		2.12	“Optionee” means an Eligible Person to whom an Option has been granted and who continues
to hold such Option;

 

		2.13	“Plan” means this Amended and Restated Stock Option Plan, as the same may be further
amended or varied from time to time;

 

		2.14	“Related Entity” means, for the Corporation, a person that Controls or is Controlled
by the Corporation or that is Controlled by the same person that controls the Corporation;

 

		2.15	“Service Provider” means any person or company engaged as an independent contractor
or otherwise to provide ongoing management or consulting services for the Corporation or for any entity controlled by the Corporation;

 

    	 

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		2.16	“Shares” means the Common Shares of the Corporation or, in the event of an adjustment
contemplated by Article 8 hereof, such other shares or securities to which an Optionee may be entitled upon the exercise of an
Option as a result of such adjustment;

 

		2.17	“Subsidiary” means any corporation which is a subsidiary, as such term is defined in
Subsection 1(2) of the Canada Business Corporations Act, of the Corporation;

 

		2.18	“Trading Day” means the any business day on which the Shares are listed or posted
for trading on the TSX or on a recognized stock exchange or on the over-the-counter market, as applicable, whether or not there
are any transactions in Shares on such date;

 

		2.19	“TSX” means the Toronto Stock Exchange; and

 

		2.20	“U.S. Code” means the U.S. Internal Revenue Code of 1986, as amended.

 

		3.	ADMINISTRATION OF THE PLAN

 

		3.1	The Plan shall be administered by the Board or, if determined by the Board, by the Board with the
assistance of the compensation committee (the “Committee”) of the Board.

 

		3.2	The Committee shall have the power, where consistent with the general purpose and intent of the
Plan and subject to the specific provisions of the Plan:

 

		(a)	to establish policies and to adopt rules and regulations for carrying out the purposes, provisions
and administration of the Plan;

 

		(b)	to interpret and construe the Plan and to determine all questions arising out of the Plan or any
Option, and any such interpretation, construction or determination made by the Committee shall be final, binding and conclusive
for all purposes;

 

		(c)	to determine the number of Shares covered by each Option;

 

		(d)	to determine the Option Price of each Option;

 

		(e)	to determine the time or times when Options will be granted and exercisable;

 

		(f)	to determine if the Shares which are issuable on the exercise of an Option will be subject to any
restrictions upon the exercise of such Option; and

 

		(g)	to prescribe the form of the instruments relating to the grant, exercise and other terms of Options.

 

		3.3	The Committee may, in its discretion, require as conditions to the grant or exercise of any Option
that the Optionee shall have:

 

		(a)	represented, warranted and agreed in form and substance satisfactory to the Corporation that he
or she is acquiring and will acquire such Option and the Shares to be issued upon the exercise thereof or, as the case may be,
is acquiring such Shares, for his or her own account, for investment and not with a view to or in connection with any distribution,
that he or she has had access to such information as is necessary to enable him or her to evaluate the merits and risks of such
investment and that he or she is able to bear the economic risk of holding such Shares for an indefinite period;

 

    	 

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		(b)	agreed to restrictions on transfer in form and substance satisfactory to the Corporation and to
an endorsement on any option agreement on certificate representing the Shares making appropriate reference to such restrictions;
and

 

		(c)	agreed to indemnify the Corporation in connection with the foregoing.

 

		3.4	Any Option granted under the Plan shall be subject to the requirement that, if at any time counsel
to the Corporation shall determine that the listing, registration or qualification of the Shares subject to such Option upon any
securities exchange or under any law or regulation of any jurisdiction, or the consent or approval of any securities exchange or
any governmental or regulatory body, is necessary as a condition of, or in connection with, the grant or exercise of such Option
or the issuance or purchase of Shares thereunder, such Option may not be accepted or exercised in whole or in part unless such
listing, registration, qualification, consent or approval shall have been effected or obtained on conditions acceptable to the
Committee. Nothing herein shall be deemed to require the Corporation to apply for or to obtain such listing, registration, qualification,
consent or approval.

 

		3.5	The Chief Executive Officer of the Corporation may grant Options, in the context of non-executive
employment or consulting arrangements, from time to time between the dates of meetings of the Board in the amount of up to 100,000
Shares in aggregate and upon the reporting from time to time of the grant of such Options to the Board, the amount available for
such grants by the Chief Executive Officer shall be restored to the full amount of 100,000 Shares.

 

		4.	SHARES SUBJECT TO THE PLAN

 

		4.1	Subject to adjustment as provided in Article 8 hereof, the Shares to be offered under the Plan
shall consist of the Corporation’s authorized but unissued common shares. The aggregate number of Shares issuable upon the
exercise of all options granted under the Plan shall not exceed 10% of the issued and outstanding shares of the Corporation as
at the date of grant of each Option under the Plan. If any Option granted hereunder shall expire or terminate for any reason in
accordance with the terms of the Plan without being exercised, the un-purchased shares subject thereto shall again be available
for the purpose of this Plan.

 

		5.	ELIGIBILITY; GRANT; TERMS OF OPTIONS

 

		5.1	Options may be granted to any Eligible Person in accordance with Section 5.2 hereof.

 

		5.2	Options may be granted by the Corporation pursuant to the recommendations of the Committee from
time to time provided and to the extent that such decisions are approved by the Board.

 

		5.3	Subject as herein and otherwise specifically provided in this Article 5, the number of Shares subject
to each Option, the Option Price of each Option, the expiration date of each Option, the extent to which each Option is exercisable
from time to time during the term of the Option and other terms and conditions relating to each such Option shall be determined
by the Committee.

 

    	 

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		5.4	In the event that no specific determination is made by the Committee with respect to any of the
following matters, each Option shall, subject to any other specific provisions of the Plan, contain the following terms and conditions:

 

		(a)	the period during which an Option shall be exercisable shall be 5 years from the date the Option
is granted to the Optionee; and

 

		(b)	the Optionee may exercise the Option for not more than 10% of the Shares covered by the Option
on the date of the grant of the Option, as to not more than an additional 22%, four and one half months after the date of grant,
as to not more than an additional 22%, nine months after the date of grant, as to an additional 22%, thirteen and one half months
after the date of grant and as to the final 24%, eighteen months after the date of grant,

 

subject to the right of the Board
to determine at the time of grant that a particular Option will be exercisable in whole or in part on different dates and to determine
at any time after the date of grant that a particular Option will be exercisable in whole or in part on earlier dates for any reason,
including the occurrence of a proposal by the Corporation or any other person to implement a transaction that would, if implemented,
result in a Change of Control.

 

		5.5	Subject to any adjustments pursuant to the provisions of Article 8 hereof, the Option Price of
any Option shall in no circumstances be lower than the Market Price on the date on which the grant of the Option is approved by
the Committee. Notwithstanding the foregoing, in the event that the Shares are not listed on any stock exchange on the date on
which the grant of an Option is approved by the Committee, the Option Price for such Option shall be determined by the Committee
and shall be deemed to be the Market Price; provided further, that in the case of a determination by the Committee, the Committee
shall determine the fair market value of a Share in accordance with Treasury Regulations Section 1.409A-1(b)(5)(iv)(B). If, as
and when any Shares have been duly purchased and paid for under the terms of an Option, such Shares shall be conclusively deemed
allotted and issued as fully paid non-assessable Shares at the price paid therefor.

 

		5.6	No Options shall be granted to any Optionee if the total number of Shares issuable to such Optionee
under this Plan, together with any Shares reserved for issuance to such Optionee under options for services or any other stock
option plans, would exceed 5% of the issued and outstanding Shares.

 

		5.7	An Option is personal to the Optionee and non-assignable (whether by operation of law or otherwise),
except as provided for herein. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of an Option contrary
to the provisions of the Plan, or upon the levy of any attachment or similar process upon an Option, the Option shall, at the election
of the Corporation, cease and terminate and be of no further force or effect whatsoever.

 

		5.8	No Options shall be granted to an Optionee if such grant could result, at any time, in:

 

		(a)	the number of Shares reserved for issuance pursuant to Options or other stock options granted to
Insiders exceeding 10% of the issued and outstanding Shares;

 

    	 

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		(b)	the issuance to Insiders, within a one-year period, of a number of Shares exceeding 10% of the
issued and outstanding Shares; or

 

		(c)	the issuance to any one Insider and such Insider’s associates, within a one-year period,
of a number of Shares exceeding 5% of the issued and outstanding Shares.

 

For the purposes of this Section
5.8, the phrase “issued and outstanding Shares” excludes any Shares issued pursuant to the Plan or other stock options,
stock option plans, employee stock purchase plans or other compensation or incentive mechanisms, over a preceding one-year period
and “associate” means any person associated with such Insider.

 

		6.	TERMINATION OF EMPLOYMENT; DEATH

 

		6.1	Subject to (i) the provisions of this Article 6, (ii) any express resolutions passed by the Committee
or Board, or (iii) any provisions specifically included in employment agreements or other written arrangement with Eligible Persons,
an Option and all rights to purchase Shares pursuant thereto shall expire and terminate immediately upon the Optionee who holds
such Option ceasing to be an Eligible Person.

 

		6.2	If, before the expiry of an Option in accordance with the terms thereof, an Optionee shall cease
to be an Eligible Person (an “Event of Termination”) for any reason other than termination for “cause”
of his or her employment with the Corporation or any Subsidiary, or except as set out in Section 6.7, then the Optionee may:

 

		(a)	exercise the Option to the extent that he or she was entitled to do so at the time of such Event
of Termination, at any time up to and including, but not after, a date three (3) months following the date of such Event of Termination,
or prior to the close of business on the expiration date of the Option, whichever is earlier; and

 

		(b)	with the prior written consent of the Board or the Committee, which consent may be withheld in
the Corporation’s sole discretion, exercise a further Option at any time up to and including, but not after, a date three
(3) months following the date of such Event of Termination, or prior to the close of business on the expiration date of the Option,
whichever is earlier, to purchase all or any of the Optioned Shares as the Board or the Committee may designate but not exceeding
the number of Optioned Shares the Optionee would have otherwise been entitled to purchase pursuant to the Option had the Optionee’s
status as an Eligible Person been maintained for the term of the Option.

 

		6.3	If an Optionee dies before the expiry of an Option in accordance with the terms thereof, the Optionee’s
legal representative(s) may, subject to the terms of the Option and the Plan:

 

		(a)	exercise the Option to the extent that the Optionee was entitled to do so at the date of his or
her death at any time up to and including, but not after, a date one year following the date of death of the Optionee, or prior
to the close of business on the expiration date of the Option, whichever is earlier; and

 

		(b)	with the prior written consent of the Board or the Committee, exercise at any time up to and including,
but not after, a date one year following the date of death of the Optionee, a further Option to purchase all or any of the Optioned
Shares as the Board or the Committee may designate but not exceeding the number of Optioned Shares the Optionee would have otherwise
been entitled to purchase had the Optionee survived.

 

    	 

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		6.4	For greater certainty, Options shall not be affected by any change of employment of the Optionee
or by the Optionee ceasing to be a director of the Corporation provided that the Optionee continues to be an Eligible Person.

 

		6.5	For the purposes of this Article 6, a determination by the Corporation that an Optionee was discharged
for “cause” shall be binding on the Optionee; provided, however, that such determination shall not be conclusive of
the Optionee’s potential entitlement to damages for the loss of the right to exercise an Option in the event that a court
of competent jurisdiction ultimately determines that the discharge was without “cause”.

 

		6.6	If the Optionee is an Employee Corporation, the references to the Optionee in this Article 6 shall
be deemed to refer to the Eligible Individual associated with the Employee Corporation.

 

		6.7	Notwithstanding the provisions of this Article 6:

 

		(a)	all vested Options held by an officer of the Corporation, as designated by the Board of the Corporation
(a “Designated Officer”), provided such person has been a Designated Officer for at least one year, will expire on
the expiration date identified at the time of grant of the Option and all unvested Options will expire upon the date of termination
whether as a result of resignation or termination by the Corporation without cause;

 

		(b)	all vested Options held by a director on the Board of the Corporation, provided such person has
been a director for at least one year, whether as a result of appointment or election to the Board, will expire on the expiration
date identified at the time of grant of the Option and all unvested Options will expire on the date of termination whether as a
result of resignation or failure to be re-elected to the Board; and

 

		(c)	nothing in this Section 6.7 will be construed as extending an Option beyond the expiration date
identified at the time of grant of the Option and in accordance with the Plan.

 

		7.	EXERCISE OF OPTIONS

 

		7.1	Subject to the provisions of the Plan, an Option may be exercised from time to time by delivery
to the Corporation at its registered office of a written notice of exercise addressed to the Secretary of the Corporation specifying
the number of Shares with respect to which the Option is being exercised and accompanied by payment in full, by cash or cheque,
of the Option Price of the Shares then being purchased. Certificates for such Shares shall be issued and delivered to the Optionee
within a reasonable time following the receipt of such notice and payment.

 

		7.2	Notwithstanding any of the provisions contained in the Plan or in any Option, the Corporation’s
obligation to issue Shares to an Optionee pursuant to the exercise of any Option shall be subject to:

 

    	 

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		(a)	completion of such registration or other qualification of such Shares or obtaining approval of
such governmental or regulatory authority as the Corporation shall determine to be necessary or advisable in connection with the
authorization, issuance or sale thereof;

 

		(b)	the administration of such Shares to listing on any stock exchange on which the Shares may then
be listed;

 

		(c)	the receipt from the Optionee of such representations, warranties, agreements and undertakings,
as the Corporation determines to be necessary or advisable in order to safeguard against the violation of the securities laws of
any jurisdiction; and

 

		(d)	the satisfaction of any conditions on exercise prescribed pursuant to Section 3.4 hereof,

 

in this connection the Corporation
shall, to the extent necessary, take all commercially reasonable steps to obtain such approvals, registrations, and qualifications
as may be necessary for the issuance of such Shares in compliance with applicable securities laws and for the listing of such Shares
on any stock exchange on which the Share are then listed.

 

		7.3	Options shall be evidenced by a share option agreement, instrument or certificate in such form
not inconsistent with this Plan as the Committee may from time to time determine as provided for under Subsection 3.2(g), provided
that the substance of Article 5 be included therein.

 

		8.	CERTAIN ADJUSTMENTS

 

		8.1	In the event of any subdivision or redivision of the Shares into a greater number of Shares at
any time after the grant of an Option to any Optionee and prior to the expiration of the term of such Option, the Corporation shall
deliver to such Optionee at the time of any subsequent exercise of his or her Option in accordance with the terms hereof, in lieu
of the number of shares to which he or she was theretofore entitled upon such exercise, but for the same aggregate consideration
payable therefor, such number of Shares as such Optionee would have held as a result of such subdivision or redivision if, on the
record date thereof, the Optionee had been the registered holder of the number of Shares to which he or she was theretofore entitled
upon such exercise.

 

		8.2	In the event of any consolidation of the Shares into a lesser number of Shares at any time after
the grant of an Option to any Optionee and prior to the expiration of the term of such Option, the Corporation shall deliver to
such Optionee at the time of any subsequent exercise of his or her Option in accordance with the terms hereof, in lieu of the number
of Shares to which he or she was theretofore entitled upon such exercise, but for the same aggregate consideration payable therefor,
such number of Shares as such Optionee would have held as a result of such consolidation if, on the record date thereof, the Optionee
had been the registered holder of the number of Shares to which he or she was theretofore entitled upon such exercise.

 

		8.3	Subject to the provisions of Article 9, if at any time after the grant of any Option to an Optionee
and prior to the expiration of the term of such Option, the Shares shall be reclassified, reorganized or otherwise changed, otherwise
than as specified in Sections 8.1 and 8.2 or the Corporation shall consolidate, merge or amalgamate with or into another corporation
(the corporation resulting or continuing from such consolidation, merger or amalgamation being herein called the “Successor
Corporation”) or, the Corporation shall pay a stock dividend (other than any dividends in the ordinary course), the Optionee
shall be entitled to receive upon the subsequent exercise of his or her Option in accordance with the terms hereof and shall accept
in lieu of the number of Shares to which he or she was theretofore entitled upon such exercise but for the same aggregate consideration
payable therefor, the aggregate the number of shares of the appropriate class and/or other securities of the Corporation or the
Successor Corporation (as the case may be) that the Optionee would have been entitled to receive as a result of such reclassification,
reorganization or other change or as a result of such consolidation, merger, amalgamation, or stock dividend, if on the record
date of such reclassification, reorganization, other change or stock dividend, or the record date of such consolidation, merger
or amalgamation or dividend payment, as the case may be, he or she had been the registered holder of the number of Shares to which
he or she was theretofore entitled upon such exercise.

 

    	 

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		8.4	Notwithstanding any other provision herein, in the event of a Change of Control all Options, whether
vested or unvested, will become fully vested and exercisable immediately prior to the date of a Change of Control without notice
to Optionees.

 

		8.5	In the event the Corporation should declare and pay a special cash dividend or other distribution
out of the ordinary course, a special dividend in specie on the Shares, or a stock dividend other than in the ordinary course,
the Option Price of all Options outstanding on the record date of such dividend or other distribution shall be reduced by an amount
equal to the cash payment or other distribution or the fair market value of the dividend in specie or stock dividend or other distribution,
as determined by the Committee in its sole discretion. Any adjustment to the Option Price pursuant to this Section 8.5 shall be
made only to the extent that such adjustment will not cause the Option to be nonqualified deferred compensation within the meaning
of the U.S. Code Section 409A and the U.S. Treasury Regulations promulgated thereunder.

 

		9.	AMENDMENT OR DISCONTINUANCE OF THE PLAN

 

		9.1	Subject to applicable regulatory requirements and except as provided herein, the Board may, in
its sole and absolute discretion and without shareholder approval, amend, suspend, terminate or discontinue the Plan and may amend
the terms and conditions of Options granted pursuant to the Plan. Provided, however, that if the Board wishes to increase the maximum
percentage in Section 4.1 hereof or extend the Option period or reduce the Option Price of Options granted to Insiders of the Corporation
pursuant to the Plan, shareholder approval will be required.

 

		9.2	Without limiting the generality of the foregoing, the Board may make the following amendments to
the Plan, without obtaining shareholder approval:

 

		(a)	amendments to the terms and conditions of the Plan necessary to ensure that the Plan complies with
the applicable regulatory requirements, including the rules of the TSX, in place from time to time;

 

		(b)	amendments to the provisions of the Plan respecting administration of the Plan and eligibility
for participation under the Plan;

 

    	 

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		(c)	amendments to the provisions of the Plan respecting the terms and conditions on which options may
be granted pursuant to the Plan, including the provisions relating to the option price, the option period and the vesting schedule;
and

 

		(d)	amendments to the Plan that are of a “housekeeping” nature.

 

		9.3	Without limiting the generality of the foregoing, the Board may amend the Option Price, the option
period, the vesting schedule and the termination provisions of Options granted pursuant to the Plan, without shareholder approval.
Provided, however, that. if the Board proposes to reduce the Option Price or extend the option period of options granted to Insiders
of the Corporation pursuant to the Plan, such amendments will require shareholder approval.

 

		10.	MISCELLANEOUS PROVISIONS

 

		10.1	An Optionee shall not have any rights as a shareholder of the Corporation with respect to any of
the Shares covered by such Option until the date of issuance of a certificate for Shares upon the exercise of such Option, in full
or in part, and then only with respect to the Shares represented by such certificate or certificates. Without in any way limiting
the generality of the foregoing, no adjustment shall be made for dividends or other rights for which the record date is prior to
the date such share certificate is issued.

 

		10.2	Nothing in the Plan or any Option shall confer upon an Optionee any right to continue or be re-elected
as a director of the Corporation or any right to continue in the employ of the Corporation or any Subsidiary, or affect in any
way the right of the Corporation or any Subsidiary to terminate his or her employment at any time; nor shall anything in the Plan
or any Option be deemed or construed to constitute an agreement, or an expression of intent, on the part of the Corporation or
any Subsidiary to extend the employment of any Optionee beyond the time which he or she would be normally be retired pursuant to
the provisions of any present or future retirement plan of the Corporation or any Subsidiary or any present or future retirement
policy of the Corporation or any Subsidiary, or beyond the time at which he or she would otherwise be retired pursuant to the provisions
of any contract of employment with the Corporation or any Subsidiary.

 

		10.3	Notwithstanding Section 5.8 hereof, Options may be transferred or assigned between an Eligible
Individual and the related Employee Corporation provided the assignor delivers notice to the Corporation prior to the assignment.

 

		10.4	The Plan and all matters to which reference is made herein shall be governed by and interpreted
in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein.

 

		10.5	With respect to any Optionee, this Plan, any Option, and any Option award are intended to be rights
that do not provide for the deferral of compensation subject to U.S. Code Section 409A by means of complying with U.S. Treasury
Regulations Section 1.409A-1(b)(5) or to otherwise be exempt from U.S. Code Section 409A.  This Plan, any Option, and any
Option award shall be interpreted and administered in a manner so as to avoid the imposition of additional tax, interest, or other
sanction on any Optionee pursuant to U.S. Code Section 409A. 

 

    	 

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		11.	SHAREHOLDER AND REGULATORY APPROVAL

 

		11.1	The Plan shall be subject to acceptance by the TSX and any other relevant regulatory authority.
Any Options granted prior to such acceptance shall be conditional upon such acceptance being given and no such Options may be exercised
unless and until such acceptance are given.Ur-Energy Inc.

 

Amended Restricted Share Unit Plan

 

    	 

    	 

    

Article 1

GENERAL PROVISIONS

 

1.1Purpose

 

This Restricted Share
Unit Plan is established as a vehicle by which equity-based incentives may be awarded to retain employees, to recognize and reward
their significant contributions to the long-term success of the Corporation including to align the employees and directors interests
more closely with the shareholders of the Corporation.

 

1.2Definitions

 

As used in the Plan,
the following terms have the following meanings:

 

		(a)	“Board” means the Board of Directors of the Corporation;

 

		(b)	“Change of Control” includes:

 

		(i)	the acquisition by any persons acting jointly or in concert (as determined by the Securities Act
(Ontario)), whether directly or indirectly, of voting securities of the Corporation that, together with all other voting securities
of the Corporation held by such persons, constitute in the aggregate more than 50% of all outstanding voting securities of the
Corporation;

 

		(ii)	an amalgamation, arrangement or other form of business combination of the Corporation with another
corporation that results in the holders of voting securities of that other corporation holding, in the aggregate, more than 50%
of all outstanding voting securities of the corporation resulting from the business combination;

 

		(iii)	the sale, lease or exchange of all or substantially all of the property of the Corporation to another
person, other than in the ordinary course of business of the Corporation or to a Related Entity; or

 

		(iv)	any other transaction that is deemed to be a “Change of Control” for the purposes of
this Plan by the Board in its sole discretion.

 

		(c)	“Code” means the US Internal Revenue Code of 1986, as amended;

 

		(d)	“Committee” means the Compensation Committee of the Board or such other persons designated
by the Board;

 

		(e)	“Common Share” means a common share in the capital of the Corporation;

 

		(f)	“Corporation” means Ur-Energy Inc. and its successors and assigns;

 

    	 

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		(g)	“Director” means a non-Employee director of the Board of the Corporation;

 

		(h)	“Dividend” means a dividend declared and payable on a Common Share in accordance with
the Corporation’s dividend policy as the same may be amended from time to time (an “Ordinary Dividend”), and
may, in the discretion of the Committee, include a special or stock dividend (a “Special Dividend”) declared and payable
on a Common Share;

 

		(i)	“Eligible Person” means an Employee or a Director who is designated as an Eligible
Person pursuant to Section 2.1;

 

		(j)	“Employee” means an employee of the Corporation or a Subsidiary;

 

		(k)	“Fair Market Value” means the closing price of the Common Shares on the Toronto Stock
Exchange on the Business Day immediately prior to the Redemption Date, or if the shares are not listed on the Toronto Stock Exchange,
then on such other stock exchange or quotation system as may be selected by the Committee, provided that, if the Common Shares
are not listed or quoted on any other stock exchange or quotation system, then the Fair Market Value will be the value determined
by the Committee in its sole discretion acting in good faith;

 

		(l)	“Grant Date” means any date determined from time to time by the Committee as a date
on which a grant of Restricted Share Units will be made to one or more Eligible Persons under this Plan;

 

		(m)	“Plan” means the Ur-Energy Inc. Restricted Share Unit Plan, as amended from time to
time;

 

		(n)	“Redemption Date” in respect of any Restricted Share Unit means (A) 50% of such Restricted
Share Unit on the first anniversary of the Grant Date on which such Restricted Share Unit was granted to the Eligible Person, and
(B) 50% of such Restricted Share Unit on the second anniversary of the Grant Date on which such Restricted Share Unit was granted
to the Eligible Person, unless (i) an earlier date has been approved by the Committee as the Redemption Date in respect of such
Restricted Share Unit, or (ii) Section 3.6, 4.1, 4.2 or 6.2, is applicable, in which case the Redemption Date in respect of such
Restricted Share Unit shall be the date established as such in accordance with the applicable Section; provided that, notwithstanding
any other provision hereof, in no event will the Redemption Date in respect of any Restricted Share Unit be after the end of the
calendar year which is three years following the end of the year in which services to which the grant of such Restricted Share
Unit relates were performed by the Employee or Director to whom such Restricted Share Unit was granted;

 

		(o)	“Reorganization” means any declaration of any stock dividend (other than a Special
Dividend in respect of which the Committee, in its discretion, determines that Eligible Persons are to be paid a cash amount pursuant
to Section 3.4), stock split, combination or exchange of shares, merger, consolidation, recapitalization, amalgamation, plan of
arrangement, reorganization, spin-off or other distribution (other than Ordinary Dividends) of the Corporation assets to shareholders
or any other similar corporate transaction or event which the Committee determines affects the Common Shares such that an adjustment
is appropriate to prevent dilution or enlargement of the rights of Eligible Persons under this Plan;

 

    	 

    	3-

    

		(p)	“Restricted Share Unit” means one notional Common Share (without any of the attendant
rights of a shareholder of such Common Share, including the right to vote such Common Share and the right to receive dividends
thereon, except to the extent otherwise specifically provided herein) credited by bookkeeping entry to a notional account maintained
by the Corporation in respect of an Eligible Person in accordance with this Plan; and

 

		(q)	“Subsidiary” has the meaning set out in the Securities Act (Ontario).

 

1.3Effective
Date

 

The Plan shall be effective
May 7, 2010 with respect to the Eligible Person payable commencing in and with respect to the 2010 fiscal year; provided that no
Common Shares may be issued under the Plan until and unless all required regulatory and shareholder approvals have been obtained
with respect to the issuance of Common Shares hereunder.

 

1.4Governing
Law; Subject to Applicable Regulatory Rules

 

The Plan shall be governed
by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. The
provisions of the Plan shall be subject to the applicable by-laws, rules and policies of the Toronto Stock Exchange and applicable
securities legislation.

 

Article 2

ELIGIBILITY AND PARTICIPATION

 

2.1Eligibility

 

This Plan applies to
those Employees and Directors whom the Committee designates as eligible for a grant of Restricted Share Units pursuant to Section
3.1. The Committee shall make such a designation prior to each Grant Date.

 

2.2Rights Under
the Plan

 

Subject to Article 4
and Article 5, an Eligible Person who has been granted Restricted Share Units shall continue to have rights in respect of
such Restricted Share Units until such Restricted Share Units have been redeemed for cash or shares in accordance with this Plan.

 

2.3Copy of Plan

 

The Corporation shall
provide each Eligible Person with a copy of this Plan following the initial grant of Restricted Share Units to such Eligible Person
and shall provide each Eligible Person with a copy of all amendments to this Plan.

 

    	 

    	4-

    

2.4Limitation
on Rights

 

Nothing in this Plan
shall confer on any Employee or Director any right to be designated as an Eligible Person or to be granted any Restricted Share
Units. There is no obligation for uniformity of treatment of Eligible Persons or any group of Employees, Directors or Eligible
Persons, whether based on salary or compensation, grade or level or organizational position or level or otherwise. A grant of Restricted
Share Units to an Eligible Person on one or more Grant Dates shall not be construed to create a right to a grant of Restricted
Share Units on a subsequent Grant Date.

 

2.5Grant Agreements

 

Each grant of Restricted
Share Units shall be evidenced by a written agreement executed by the Eligible Person in substantially the form appended hereto.
An Eligible Person will not be entitled to any grant of Restricted Share Units or any benefit of this Plan unless the Eligible
Person agrees with the Corporation to be bound by the provisions of this Plan. By entering into an agreement described in this
Section 2.5, each Eligible Person shall be deemed conclusively to have accepted and consented to all terms of this Plan and all
bona fide actions or decisions made by the Committee. Such terms and consent shall also apply to and be binding on the legal representative,
beneficiaries, heirs and successors of each Eligible Person.

 

2.6Maximum Number
of Common Shares

 

Notwithstanding any provision
herein, the aggregate number of Common Shares which may be issuable upon the redemption of all Restricted Share Units under the
Plan, in combination with the aggregate number of Common Shares which may be issuable under any and all of the Corporation’s
equity incentive plans in existence from time to time, including the Corporation’s Stock Option Plan 2005, as amended from
time to time, shall not exceed ten percent (10%) of the issued and outstanding shares of the Corporation as at the Grant Date of
each Restricted Share Unit under the Plan or such greater number of Common Shares as shall have been duly approved by the Board
and, if required by the rules or policies of the Toronto Stock Exchange or any other stock exchange on which the Common Shares
of the Corporation may then be listed, and by the shareholders of the Corporation. No fractional Common Shares may be issued under
the Plan.

 

Article 3

RESTRICTED SHARE UNITS

 

3.1Grant of
Restricted Share Units

 

On each Grant Date, the
Committee shall designate Eligible Persons and determine the number of Restricted Share Units to be granted to each Eligible Person
in the Committee’s sole discretion.

 

3.2Redemption
of Restricted Share Units

 

		(a)	Unless redeemed earlier in accordance with this Plan, the Restricted Share Units of each Eligible
Person will be redeemed on or within thirty (30) days after the Redemption Date for cash or Common Shares, as determined by the
Committee, for an amount equal to the Fair Market Value of a Restricted Share Unit.

 

    	 

    	5-

    

		(b)	If the Committee determines that any Restricted Share Units are to be redeemed for Common Shares,
the Eligible Person will be entitled to receive and the Corporation will issue to the Eligible Person a number of Common Shares
equal to the Fair Market Value of the Restricted Share Units (net of any applicable statutory withholdings) that have vested on
the Redemption Date.

 

3.3Compliance
With Tax Requirements

 

In taking any action
hereunder, or in relation to any rights hereunder, the Corporation and each Eligible Person shall comply with all provisions and
requirements of any income tax, pension plan, or employment or unemployment insurance legislation or regulations of any jurisdiction
which may be applicable to the Corporation or Eligible Person, as the case may be. The Corporation shall have the right to deduct
from all payments made to the Employee in respect of the Restricted Share Units, whether in cash or Common Shares, any federal,
provincial, local, foreign or other taxes, Canadian Pension Plan or Employment Insurance Commission or other deductions required
by law to be withheld with respect to such payments. The Corporation may take such other action as the Board or the Committee may
consider advisable to enable the Corporation and any Eligible Person to satisfy obligations for the payment of withholding or other
tax obligations relating to any payment to be made under this Plan. Each Eligible Person (or the heirs and legal representatives
of the Eligible Person) shall bear any and all income or other tax imposed on amounts paid to the Eligible Person (or the heirs
and legal representatives of the Eligible Person) under this Plan, including any taxes, interest or penalties resulting from the
application of Section 409A of the Code. If the Board or the Committee so determines, the Corporation shall have the right to require,
prior to making any payment under this Plan, payment by the recipient of the excess of any applicable Canadian or foreign federal,
provincial, state, local or other taxes over any amounts withheld by the Corporation, in order to satisfy the tax obligations in
respect of any payment under this Plan. If the Corporation does not withhold from any payment, or require payment of an amount
by a recipient, sufficient to satisfy all income tax obligations, the Eligible Person shall make reimbursement, on demand, in cash,
of any amount paid by the Corporation in satisfaction of any tax obligation. Notwithstanding any other provision hereof, in taking
such action hereunder, the Board and the Committee shall endeavour to ensure that the payments to be made hereunder will not be
subject to the “salary deferral arrangement” rules under the Income Tax Act (Canada), as amended, or income tax legislation
of any other jurisdiction.

 

3.4Payment of
Dividend Equivalents

 

When Dividends are paid
on Common Shares, an Eligible Person shall be credited with Dividend equivalents in respect of the Restricted Share Units credited
to the Eligible Person’s account as of the record date for payment of Dividends. Such Dividend equivalents shall be converted
into additional Restricted Share Units (including fractional Restricted Share Units) based on the Fair Market Value per Common
Share on the date credited.

 

3.5Adjustments

 

If any change occurs
in the outstanding Common Shares by reason of a Reorganization, the Committee, in its sole discretion, and without liability to
any person, shall make such equitable changes or adjustments, if any, as it considers appropriate, in such manner as the Committee
may consider equitable, to reflect such change or event including, without limitation, adjusting the number of Restricted Share
Units credited to Eligible Persons and outstanding under the Plan, provided that any such adjustment will not otherwise extend
the Redemption Date otherwise applicable. The Corporation shall give notice to each Eligible Person of any adjustment made pursuant
to this section and, upon such notice, such adjustment shall be conclusive and binding for all purposes. The existence of outstanding
Restricted Share Units shall not affect in any way the right or power and authority of the Corporation or its shareholders to make
or authorize any alteration, recapitalization, reorganization or any other change in the Corporation’s capital structure
or its business or any merger or consolidation of the Corporation, any issue of bonds, debentures or preferred or preference shares
(ranking ahead of the Common Shares or otherwise) or any right thereto, or the dissolution or liquidation of the Corporation, any
sale or transfer of all or any part of its assets or business or any corporate act or proceeding whether of a similar character
or otherwise.

 

    	 

    	6-

    

3.6Offer for
Common Shares – Change of Control

 

Notwithstanding anything
else herein to the contrary, in the event of a Change of Control, then the Corporation shall redeem 100% of the Restricted Share
Units granted to the Eligible Persons and outstanding under the Plan as soon as reasonably practical, but no later than thirty
(30) days following the Redemption Date for cash. For the purposes of this Section 3.6: (i) the Redemption Date shall be the date
on which the Change of Control occurs, and (ii) the Fair Market Value of a Restricted Share Unit shall be the greater of (i) the
closing price per Common Share on the Toronto Stock Exchange on the Business Day immediately preceding the Redemption Date, and
(ii) the price at which Common Shares are taken up under the Change of Control, as applicable.

 

Article 4

EVENTS AFFECTING ENTITLEMENT

 

4.1Termination
of Employment or Election as a Director

 

		(a)	Voluntary Termination or Termination for Cause. If an Eligible Person is terminated by the Corporation
for cause (as determined by the Corporation), or if an Eligible Person, voluntarily terminates employment for any reason or resigns
as a Director, as applicable, all of the Eligible Person’s Restricted Share Units shall be cancelled and no amount shall
be paid by the Corporation to the Eligible Person in respect of the Restricted Share Units so cancelled.

 

		(b)	Involuntary Termination. The Restricted Share Units of an Eligible Person, other than a Director,
who is involuntarily terminated by the Corporation, for reasons other than cause, shall be redeemed for cash at the Fair Market
Value of a Restricted Share Unit on the Redemption Date. For the purposes of this Section 4.1(b) the Redemption Date shall be the
date on which the employment of the Eligible Person, other than a Director, is terminated irrespective of any entitlement of the
Eligible Person to notice, pay in lieu of notice or benefits beyond the termination date.

 

		(c)	Termination related to Directors. The Restricted Share Units of a Director, who is not re-elected
at an annual or special meeting of shareholders shall be redeemed for cash at the Fair Market Value of a Restricted Share Unit
on the Redemption Date. For purposes of this Section 4.1(c), the Redemption Date shall be the date on which the annual or special
meeting is held.

 

    	 

    	7-

    

4.2Death

 

All of the Restricted
Share Units of an Eligible Person who dies shall be redeemed in accordance with Section 3.2. For the purposes of the foregoing,
the Redemption Date shall be the date of the Eligible Person’s death.

 

4.3No Grants
Following Last Day of Active Employment

 

In the event of termination
of any Eligible Person’s employment with the Corporation, such Eligible Person shall not be granted any Restricted Share
Units pursuant to Section after the last day of active employment of such Eligible Person. Without limiting the generality of the
foregoing and of Section 2.4, notwithstanding any other provision hereof, and notwithstanding any provision of any employment agreement
between any Eligible Person and the Corporation, no Eligible Person will have any right to be awarded additional Restricted Share
Units, and shall not be awarded any Restricted Share Units, pursuant to Section 3.1 after the last day of active employment of
such Eligible Person on which such Eligible Person actually performs the duties of the Eligible Person’s position, whether
or not such Eligible Person receives a lump sum payment of salary or other compensation in lieu of notice of termination, or continues
to receive payment of salary, benefits or other remuneration for any period following such last day of active employment. Notwithstanding
any other provision hereof, or any provision of any employment agreement between the Corporation and an Eligible Person, in no
event will any Eligible Person have any right to damages in respect of any loss of any right to be awarded Restricted Share Units
pursuant to Section 3.1 after the last day of active employment of such Eligible Person and no severance allowance, or termination
settlement of any kind in respect of any Eligible Person will include or reflect any claim for such loss of right and no Eligible
Person will have any right to assert, claim, seek or obtain, and shall not assert, claim, seek or obtain, any judgment or award
in respect of or which includes or reflects any such right or claim for such loss of right.

 

Article 5

ADMINISTRATION

 

5.1Transferability

 

Rights respecting Restricted
Share Units shall not be transferable or assignable other than by will or the laws of decent and distribution.

 

5.2Administration

 

The Committee shall,
in its sole and absolute discretion, but subject to applicable corporate, securities and tax law requirements: (i) interpret and
administer the Plan; (ii) establish, amend and rescind any rules and regulations relating to the Plan; and (iii) make any other
determinations that the Committee deems necessary or desirable for the administration and operation of the Plan. The Committee
may delegate to any person any administrative duties and powers under this Plan. The Committee may correct any defect or supply
any omission or reconcile any inconsistency in the Plan in the manner and to the extent the Committee deems, in its sole and absolute
discretion, necessary or desirable. Any decision of the Committee with respect to the administration and interpretation of the
Plan shall be conclusive and binding on the Eligible Person and his or her legal representative. The Board may establish policies
respecting minimum ownership of Common Shares of the Corporation by Eligible Persons and the ability to elect Restricted Share
Units to satisfy any such policy.

 

    	 

    	8-

    

5.3Records

 

The Corporation will
maintain records indicating the number of Restricted Share Units credited to an Eligible Person under the Plan from time to time
and the Grant Dates of such Restricted Share Units. Such records shall be conclusive as to all matters involved in the administration
of this Plan.

 

5.4Statements

 

The Corporation shall
furnish annual statements to each Eligible Person indicating the number of Restricted Share Units credited to the Eligible Person
and the Grant Dates of the Restricted Share Units and such other information that the Corporation considers relevant to the Eligible
Person.

 

5.5Legal Compliance

 

Without limiting the
generality of the foregoing, the Committee may take such steps and require such documentation from Eligible Persons as the Committee
may determine are desirable to ensure compliance with all applicable laws and legal requirements, including all applicable corporate
and securities laws and regulations of any country, and any political subdivisions thereof, and the by-laws, rules and regulations
of any stock exchanges or other organized market on which Common Shares may from time to time be listed or posted and any applicable
provisions of the Income Tax Act (Canada), as amended or income tax legislation or any other jurisdiction.

 

Article 6

AMENDMENT AND TERMINATION

 

6.1Amendment

 

		(a)	The Board reserves the right, in its sole discretion, to amend, suspend or terminate the Plan or
any portion thereof at any time, in accordance with applicable legislation, without obtaining the approval of shareholders. Notwithstanding
the foregoing, the Corporation will be required to obtain the approval of holders of a majority of shares present and voting in
person or by proxy at a meeting of the shareholders of the Corporation for any amendment related to:

 

		(i)	the percentage of the issued and outstanding Common Shares available to be granted under the Plan;

 

		(ii)	a change in the method of calculation of redemption of Restricted Share Units held by Eligible
Persons; and

 

		(iii)	an extension to the term for redemption of Restricted Share Units held by Eligible Persons.

 

    	 

    	9-

    

		(b)	Unless an Eligible Person otherwise agrees, any amendment to the Plan or Restricted Share Unit
shall apply only in respect of Restricted Share Units granted on or after the date of such amendment.

 

		(c)	Without limiting the generality of the foregoing, the Board may make the following amendments to
the Plan, without obtaining shareholder approval:

 

		(i)	amendments to the terms and conditions of the Plan necessary to ensure that the Plan complies with
the applicable regulatory requirements, including the rules of the TSX, in place from time to time;

 

		(ii)	amendments to the provisions of the Plan respecting administration of the Plan and eligibility
for participation under the Plan;

 

		(iii)	amendments to the provisions of the Plan respecting the terms and conditions on which Restricted
Share Units may be granted pursuant to the Plan, including the provisions relating to the payment of the Restricted Share Units;
and

 

		(iv)	amendments to the Plan that are of a “housekeeping” nature.

 

6.2Termination
of Plan

 

The Board may from time
to time amend or suspend this Plan in whole or in part and may at any time terminate this Plan. No such amendment, suspension or
termination shall adversely affect the rights of any Eligible Person at the time of such amendment, suspension or termination with
respect to outstanding and unredeemed Restricted Share Units credited to such Eligible Person without the consent of the affected
Eligible Person. If the Board terminates the Plan, no new Restricted Share Units will be awarded to any Eligible Person, but outstanding
and unredeemed previously credited Restricted Share Units shall remain outstanding, be entitled to payments as provided under Section
3.4, and be paid in accordance with the terms and conditions of this Plan existing at the time of termination. This Plan will finally
cease to operate for all purposes when the last remaining Eligible Person receives a payment in satisfaction of all outstanding
and unredeemed Restricted Share Units credited to such Eligible Person, or all outstanding and unredeemed Restricted Share Units
credited to such Eligible Person are cancelled pursuant to the provisions thereof.

 

Article 7

GENERAL

 

7.1Rights to
Common Shares

 

This Plan shall not be
interpreted to create any entitlement of any Eligible Person to any Common Shares, or to the dividends payable pursuant thereto,
except as expressly provided herein. A holder of Restricted Share Units shall not have rights as a shareholder of the Corporation
with respect to any Common Shares which may be issuable pursuant to the Restricted Share Units so held, whether voting, right on
liquidation or otherwise.

 

    	 

    	10-

    

7.2No Right
to Employment

 

This Plan shall not be
interpreted as either an employment or trust agreement. Nothing in this Plan nor any Committee guidelines or any agreement referred
to in Section 2.5 nor any action taken hereunder shall be construed as giving any Eligible Person the right to be retained in the
continued employ or service of the Corporation or any of its subsidiaries, or giving any Eligible Person or any other person the
right to receive any benefits not specifically expressly provided in this Plan nor shall it interfere in any way with any other
right of the Corporation to terminate the employment or service of any Eligible Person at any time.

 

7.3Right to
Funds

 

Neither the establishment
of this Plan nor the granting of Restricted Share Units under this Plan shall be deemed to create a trust. Amounts payable to any
Eligible Person under the Plan shall be a general, unsecured obligation of the Corporation. The right of the Employee to receive
payment pursuant to this Plan shall be no greater than the right of other unsecured creditors of the Corporation.

 

7.4Successors
and Assigns

 

The Plan shall be binding
on all successors and assigns of the Corporation and an Eligible Person, including without limitation, the estate of such Eligible
Person and the legal representative of such estate, or any receiver or trustee in bankruptcy or representative of the Corporation’s
or Eligible Person’s creditors.

 

7.5Severability

 

If any provision of the
Plan or part hereof is determined to be void or unenforceable in whole or in part, such determination shall not affect the validity
or enforcement of any other provision or part thereof.

 

7.6Code Section
409A

 

The payments hereunder
in redemption of the Restricted Share Units are intended to be exempt from the provisions of Section 409A of the Code and all such
payments will be made no later than the 15th day of the third month after the later of the end of (i) the first calendar year in
which the Eligible Person’s right to the payment is no longer subject to a substantial risk of forfeiture or (ii) the first
taxable year of the Corporation in which the Eligible Person’s right to payment is no longer subject to a substantial risk
of forfeiture. Notwithstanding the foregoing, neither the Corporation, nor its subsidiaries or affiliates, not any of their officers,
directors, employees or representatives shall be liable to the Eligible Person for any interest, taxes or penalties resulting from
non-compliance with Section 409A of the Code.

 

    	 

    	11-

    

RESTRICTED
SHARE UNIT GRANT AGREEMENT

 

This Restricted Share Unit Grant Agreement
is made as of the ___ day of __________, 20__ between _______________________, the undersigned “Eligible Person” (the
“Eligible Person”), being an employee or director of Ur-Energy Inc. (the “Corporation”), named or designated
pursuant to the terms of the Restricted Share Unit Plan of Ur-Energy Inc. (which Plan, as the same may from time to time be modified,
supplemented or amended and in effect is herein referred to as the “Plan”), and the Corporation.

 

In consideration of the grant of Restricted
Share Units made to the Eligible Person pursuant to the Plan (the receipt and sufficiency of which are hereby acknowledged), the
Eligible Person hereby agrees and confirms that:

 

		1.	The Eligible Person has received a copy of the Plan and has read,
understands and agrees to be bound by the provisions of the Plan.

 

		2.	The Eligible Person accepts and consents to and shall be deemed conclusively
to have accepted and consented to, and agreed to be bound by, the provisions and all terms of the Plan and all bona fide actions
or decisions made by the Board, the Committee, or any person to whom the Committee may delegate administrative duties and powers
in relation to the Plan, which terms and consent shall also apply to and be binding on the legal representatives, beneficiaries
and successors of the undersigned.

 

		3.	On ________________, 20__, the Eligible Person was granted __________
Restricted Share Units, which grant is evidenced by this Agreement.

 

		4.	This Restricted Share Unit Grant Agreement shall be considered as
part of and an amendment to the employment agreement between the Eligible Person and the Corporation and the Eligible Person hereby
agrees that the Eligible Person will not make any claim under that employment agreement for any rights or entitlement under the
Plan or damages in lieu thereof except as expressly provided in the Plan.

 

This Agreement shall be determined in accordance
with the laws of Ontario and the laws of Canada applicable therein.

 

Words used herein which are defined in
the Plan shall have the respective meanings ascribed to them in the Plan.

 

IN WITNESS WHEREOF, Ur-Energy Inc. has
executed and delivered this Agreement, and the Eligible Person has signed, sealed and delivered this Agreement, as of the date
first above written.

 

	
        UR-ENERGY INC.

         

	Per:	 
	Name:	 

	 
	<Name>

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