Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Jeffrey T. Klenda, the Chairman, CEO and President of Ur-Energy Inc.
("Ur-Energy" or the "Company") has resigned as the Chief Executive Officer of
the Company effective March 1, 2022 and will retire as the Chairman of the
Company, effective after the Annual Shareholders meeting in June 2022. He is not
currently expected to be nominated to serve as a director of the Company at the
upcoming Annual Shareholders meeting. He will also retire as President following
the Annual Shareholders meeting.
On March 1, 2022, the Board of Directors (the "Board") of the Company voted to
expand the size of the Board and appointed John W. Cash to fill the vacancy
created by the increase in the size of the Board. On the same date, he was
appointed Chief Executive Officer of the Company, effective March 1, 2022. Mr.
Cash will assume the title of President immediately after the retirement of Mr.
Klenda from that role. Mr. Cash is also expected to be nominated to serve as a
director of the Company at the upcoming Annual Shareholders meeting.
Mr. Cash, age 49, joined Ur-Energy in 2007 as Manager, Environment Health and
Safety and Regulatory Affairs and has led the permitting and licensure of both
our Lost Creek and Shirley Basin uranium mines, while also managing the EHS and
geology departments. Mr. Cash was appointed as Vice President Regulatory Affairs
of Ur-Energy in 2011.
Mr. Cash has nearly 30 years of diverse experience in the uranium industry, from
which he has acquired broad-reaching expertise in exploration, EHS including
radiation safety, regulatory and legislative affairs, and uranium recovery
operations, as well as extensive management experience. Prior to joining
Ur-Energy, Mr. Cash worked for established uranium mining companies, including
BHP, Rio Algom Mining, and Crow Butte Resources, a subsidiary of Cameco, in
various roles in mineral exploration, as Operations Superintendent and EHS
Manager. As Operations Superintendent, Mr. Cash managed all aspects of wellfield
production and plant processing at the 800,000 lbs. U3O8 per year Crow Butte ISR
facility.
Mr. Cash is a Fellow of the inaugural World Nuclear Summer Institute. Mr. Cash
has developed solutions for industry related to water management, EPA aquifer
exemptions, technical design, and environmental matters. He has served as a past
president of the Uranium Producers of America. Mr. Cash received B.Sc. and M.Sc.
degrees in Geology and Geophysics from the University of Missouri-Rolla in 1994
and 1995, respectively.
Mr. Cash has no family relationships among the Board of Directors or other
members of senior management of the Company.
In making the determination to appoint Mr. Cash to fill the vacancy on the
Board, the Board considered his extensive experience in the uranium industry and
his role as the Chief Executive Officer of the Company.
The Board has set Mr. Cash's annual cash compensation at $400,000 beginning
March 2022. He was also awarded 175,000 stock options pursuant to the Ur-Energy
Amended and Restated Stock Option Plan (2005), as amended. The Board also
approved amendments to the employment agreement of Mr. Cash with respect to the
amount of severance payment that may become payable to him in certain
circumstances, from an amount equal to 24 months of his then-current base salary
to an amount equal to 30 months of his then-current base salary. The
circumstances under which Mr. Cash would be entitled to receive the severance
payment were not modified.
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