SEC Contract Filing

Filing Date: 2016-03-15

Document Content:
<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>7
<FILENAME>exhibit10-9.htm
<DESCRIPTION>EXHIBIT 10.9
<TEXT>
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 <TITLE>Energy Fuels Inc.: Exhibit 10.9 - Filed by newsfilecorp.com</TITLE>
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<P align=center><B>EMPLOYMENT AGREEMENT </B></P>
<P align=justify style="text-indent:5%">THIS EMPLOYMENT AGREEMENT (&#147;Agreement&#148;) is effective as of the
1st day of March, 2016 (the &#147;Effective Date&#148;), by and between Energy Fuels
Resources (USA) Inc., a Delaware corporation (&#147;EFRI&#148;), Energy Fuels Inc., an
Ontario corporation (&#147;EFI&#148;) (EFRI and EFI are collectively referred to herein as
&#147;Energy Fuels&#148; or the &#147;Company&#148;) and Daniel G. Zang (&#147;Employee&#148;). </P>
<P align=justify style="text-indent:5%">In consideration of the agreements contained in this Agreement,
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Company and Employee hereby agree as follows: </P>
<P align=center><B>ARTICLE I </B><BR><B>EMPLOYMENT, REPORTING AND DUTIES</B></P>
<P align=justify style="text-indent:5%">1.1&nbsp;&nbsp;&nbsp;&nbsp; <U>Employment</U>. The Company
hereby employs and engages the services of Employee to serve as Chief Financial
Officer and Employee agrees to diligently and competently serve as and perform
the functions of Chief Financial Officer for the compensation and benefits
stated herein. A copy of Employee&#146;s current job description is attached hereto
as Exhibit A, and Company and Employee agree and acknowledge that Company
retains the right to reasonably add to, or remove, duties and responsibilities
set forth in that job description as business or other operating reasons may
arise for changes to occur. It is understood that Employee will be appointed an
officer of EFI and EFRI during the term of this Agreement, but that Employee&#146;s
direct employment relationship will be as an employee of EFRI. </P>
<P align=justify style="text-indent:5%">1.2&nbsp;&nbsp;&nbsp;&nbsp; <U>Fulltime Service</U>. Excluding
any periods of vacation and sick leave to which Employee may be entitled,
Employee agrees to devote Employee&#146;s full time and energies to the
responsibilities with the Company consistent with past practice and shall not,
during the Term of this Agreement, be engaged in any business activity which
would interfere with or prevent Employee from carrying out Employee&#146;s duties
under this Agreement. </P>
<P align=center><B>ARTICLE II </B><BR><B>COMPENSATION AND RELATED ITEMS</B></P>
<P align=justify style="text-indent:5%">2.1&nbsp;&nbsp;&nbsp;&nbsp; <U>Compensation</U>. </P>
<P align=justify style="text-indent:10%;">(a)&nbsp;&nbsp;&nbsp;&nbsp; <U>Base Salary and Benefits</U>. As
compensation and consideration for the services to be rendered by Employee under
this Agreement, the Company agrees to pay Employee and Employee agrees to
accept, a base salary (&#147;Base Salary&#148;) of $246,240 per annum, less required tax
withholding, which shall be paid in accordance with the Company&#146;s standard
payroll practice. Employee&#146;s Base Salary may be increased from time to time, at
the discretion of the Company, and after any such change, Employee&#146;s new level
of Base Salary shall be Employee&#146;s Base Salary for purposes of this Agreement
until the effective date of any subsequent change. Employee shall also receive
benefits such as health insurance, vacation and other benefits consistent with
the then applicable Company benefit plans to the same extent as other employees
of the Company with similar position or level. Employee understands and agrees that Company&#146;s benefit plans may, from time to time, be
modified or eliminated at Company&#146;s discretion.</P>
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<P align=justify style="text-indent:10%;">(b)&nbsp;&nbsp;&nbsp;&nbsp; <U>Bonus</U>. In addition to the
Base Salary, Employee will be eligible for the award of annual cash incentive
compensation, in accordance with the Company&#146;s Short Term Incentive Program, as
such program may be amended from time to time. Such award is totally
discretionary as determined by the Board of Directors of the Company, and it is
understood there is no guarantee of any award, let alone an award in any
particular amount.</P>
<P align=justify style="text-indent:10%;">(c)&nbsp;&nbsp;&nbsp; &nbsp;<U>Equity Incentive Compensation
Plan</U>. You will be eligible to participate in and receive compensation under
EFI&#146;s Omnibus Equity Incentive Compensation Plan, consistent with the terms of
that Plan. Any awards under that Plan are totally discretionary as determined by
the President &amp; CEO of the Company, and it is understood there is no
guarantee of any award, let alone an award in any particular amount. </P>
<P align=justify style="text-indent:5%">2.2&nbsp;&nbsp;&nbsp;&nbsp; <U>Annual Medical</U>. The Company
will reimburse Employee for the cost of a comprehensive annual medical
examination for each year of this Agreement, provided that Employee requests
such reimbursement and such reimbursement is made no later than the last day of
the calendar year following the calendar year in which the examination expense
was incurred. Employee will promptly notify the President &amp; CEO if the
annual medical examination reveals any condition which may interfere with
Employee&#146;s ability to perform the essential requirements of his or her position,
and if requested by the President &amp; CEO, Employee will provide the details
of the condition and the potential impact on his or her ability to perform the
essential requirements of his or her position to enable the President &amp; CEO
to determine how best to accommodate Employee and protect the critical business
interests of the Company.</P>